Technology
April 24, 2024

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.

Mode Initiates DevDrop Distribution, Allocates ‘Mode Photons’ And ‘Mode Orbs’ NFTs To Ecosystem Projects

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Alisa Davidson
Alisa Davidson

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.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
Business News Report Technology
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
May 17, 2024
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
Digest Markets Software Technology
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
May 17, 2024
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
Business Markets News Report
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
May 17, 2024
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
Opinion Business Markets Software Technology
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
May 17, 2024