Mode Initiates DevDrop Distribution, Allocates ‘Mode Photons’ And ‘Mode Orbs’ NFTs To Ecosystem Projects
In Brief
Mode initiated the DevDrop NFT distribution for the first month and plans to allocate rewards among teams over the upcoming seven days.
Layer 2 network Mode initiated the DevDrop distribution for the first month and plans to allocate DevDrop non-fungible token (NFT) rewards among teams over the upcoming seven days.
Among the projects participating in the distribution are Renzo, StakeStone, IONIC Protocol, Saturday V2, Layerbank, and Ironclad Finance, among various others. Each of them will get a specific amount of NFTs determined by its DevDrop score, encompassing “Mode Photons” and “Mode Orbs,” with the number of former ten times exceeding that of “Mode Orbs.”
The airdrop extends to all projects that have launched mainnet within the Mode ecosystem, qualifying them for eligibility. Meanwhile, the DevDrop evaluation criteria include chain metrics such as Total Value Locked (TVL), transaction fees, trading volume, and user engagement. Moreover, multipliers come into play, considering factors such as native project status and function, incentive mechanism to alleviate liquidity imbalance, and deployment duration, among others.
The DevDrop NFTs are designated to incentivize users within the initial 30-day period following distribution. Notably, projects not allocating DevDrops to users within this timeframe will have their DevDrops nullified, excluded from subsequent allocations, and further participation.
After Mode unveiled its airdrop strategy in March, it elaborated a plan aimed at fulfilling its growth objectives and incentivizing its community members to enhance on-chain impact. For this initiative, Mode has reserved 5% of the total token supply. Future plans include developer-focused strategies and the allocation of additional supply. Over the first month, Mode’s DevDrop allocation will amount to 0.217% of the total token supply, followed by 0.284% next month.
What is Mode?
Mode is a modular decentralized finance (DeFi) Layer 2 network powered by the OP Stack, actively constructing the Superchain in partnership with Optimism. Its primary objective is to enable developers and users to foster an ecosystem of applications while directly receiving rewards for their contributions. Mode has integrated Optimism’s Bedrock upgrade, resulting in a substantial reduction in fees, exceeding 95% less than those on Ethereum.
Mode has built in various mechanisms into its protocol, including Sequencer Fee Sharing and user referral fees, to incentivize individuals contributing to the growth of the ecosystem. Additionally, the project distributes developer airdrops and assists developers and users in applying for Optimism’s RPG funding.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
