A new contender has emerged in the Layer 2 (L2) arena – the Mode network. Officially launched on February 1, 2024, Mode has swiftly captivated the crypto community, amassing over $50 million in Total Value Locked (TVL) and attracting around 30,000 users in just a few days. This groundbreaking L2, built on the Optimism stack, aims to redefine the landscape of Ethereum scaling solutions by fostering a cooperative ecosystem where developers and users are incentivized to contribute and thrive.
Mode Network Airdrop Farming
February 20th, 2024
What Sets Mode Apart?
The Genesis of Mode Mode isn’t just another L2 solution; it’s a vision materialized into a platform that seeks to empower its ecosystem’s growth through direct rewards for contributions. Although its current ecosystem is nascent, featuring DEFI platforms like Kim & Ionic and the Mode Name Service, Mode’s ambition is vast. Its whitepaper outlines a future where developers and users collectively cultivate a world-class suite of applications, particularly focusing on decentralized finance (DeFi).
The Airdrop Strategy A key aspect of Mode’s go-to-market strategy is its airdrop campaign, designed to bootstrap the network by attracting capital and interest. Eligibility for the airdrop involves simple yet strategic steps aimed at fostering early community engagement and capital infusion. This approach mirrors successful campaigns by predecessors like Blast and Manta, yet Mode distinguishes itself with its unique rewards and user-friendly policies, such as allowing fund withdrawals, which positions it as a highly attractive option for potential participants.
Key Highlights of Mode Network
- Modular DeFi L2 Architecture: Mode stands out as a Modular DeFi L2, focusing on building an onchain cooperative alongside Optimism, enhancing the Ethereum ecosystem’s scalability and efficiency.
- Sunrise Campaign Rewards: The Mode Sunrise campaign is a testament to Mode’s commitment to rewarding its community, offering a share of 550,000,000 MODE tokens, sequencer fees from referrals, and additional rewards from ecosystem apps.
- Strategic Reward Allocation: The rewards are thoughtfully distributed, with 400,000,000 MODE allocated to the points airdrop, 50,000,000 MODE for reaching TVL milestones, and 50,000,000 MODE designated for NFT lottery winners among the top 20% of campaign participants.
- Economic Design Excellence: Mode’s points system is the product of collaboration with leading researchers and economic design experts, ensuring optimal rewards for meaningful contributions to the network’s growth.
A Vision for Growth and Empowerment
Mode’s ambition extends beyond its immediate features, aiming to establish itself as a cornerstone of Ethereum’s L2 ecosystem. Through contract-secured revenue, referral incentives, and comprehensive dashboards for project growth, Mode is laying the groundwork for a robust L2 platform. Its long-term vision is to become the primary hub for users and liquidity within the Superchain ecosystem.
Airdrop Step by Step Guide:
Disclaimer: You will need roughly 100-200 dollars worth of $ETH for this to be effective and you need to consider some loss of capital due to gas fees/transactions and market volatility, however the majority of the capital used will be redeemable back to the Ethereum network.
Step 1. The Setup
Head over to the Mode Network Airdrop Farming campaign here > https://ref.mode.network/uPRUST
Connect your twitter account
Connect your metamask wallet to register
On the top right corner next to your wallet address, click on the “Ethereum” and select Mode to add the Mode network to your metamask
Step 2. Bridging
Head over to the native bridge tool > https://app.mode.network/
Type in the amount of ETH you wish to bridge (recommend at least .05-.1 for farming) and confirm the transaction.
Step 3. Mode Name Service
Head over to space ID > https://space.id/tld/6
Connect your wallet and purchase your unique Mode domain
Step 4. Mint a message on chain
Head over to modechat > https://modechat.xyz/
Connect your wallet
Submit a message
Press the “Mint” button, to mint your message
Step 5. Perform some swaps
Head over to https://supswap.xyz/ and purchase $20 worth of USDC
Head over to https://www.kim.exchange/ and purchase $20 worth of USDT
Head over to https://dapp.poolshark.fi/ and purchase $10 worth of USDT
Head over to https://app.symbiosis.finance/swap and purchase $10 worth of USDC
Head over to https://swapmode.fi/swap and purchase 60 SMD tokens
Step 6. Lending
Head over to Iconic Money > https://www.ionic.money/
Connect your wallet and lend $10 USDT
Step 7. Liquidity Provision
Head over to https://dapp.poolshark.fi/range and deposit $10 USDC and $10 USDT to the USDC/USDT pool
Head over to https://swapmode.fi/add/ and deposit 20 SMD tokens (it will match with the required amount of ETH)
Head to https://swapmode.fi/farm and deposit your ETH/SMD LP tokens to farm rewards
Step 8. Staking SMD
Head over to the xSMD locker here > https://swapmode.fi/xsmd and convert 20 SMD to xSMD
Head over to the earn section here > https://swapmode.fi/earn and stake your remaining 20 SMD and 20 xSMD
Step 9. Trading on chain
Head over to Log X platform here > https://app.logx.trade/earn
Purchase some LLP tokens with your remaining USDC and USDT
Stake both balances of LLP tokens into the platform to earn rewards
Head to the trading section here > https://app.logx.trade/#BTC
Open a trade on low leverage with min $10 margin
Step 10. Refer a friend
Head back to the airdrop page here > https://app.mode.network/early/ and grab your referral link to send to others for bonus points.