Mode Network Season Two Points Update And How To Enhance The Hustle

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Written by

#Club1BCH

5 months ago

In community: Everything Crypto(f12e)

Feels like a lifetime ago, but the Mode Sunrise started only half year ago. The mainnet launch and phase one of the airdrop sparked a new era for the modular DeFi Layer2 powered by Optimism. The fuel for growth was the allocation of 550 million $MODE tokens (5.5% of total supply) for the first phase of the airdrop, forging new economic systems for growth.

Mode collaborated with top data scientists to create a rewards system that's both transparent and fair. The clarity and consistency is prioritized, and the users will be rewarded for meaningful contributions to ecosystem growth. Your past activity on chains like Ethereum, bridging to Mode, referrals, and app usage within the ecosystem are all valued and rewarded.

The point system is far more efficient than an airdrop based on volume, transactions or period of time. Each interaction with Mode protocols will help users to earn points, and the farming can be accelerated through active participation in decentralized finance!

Was simple so far... as everything was based on chain activity. You steak... you earn! You refer friends ... you earn again! The first season concluded and Mode Season 2 will have different dynamics, as the 2 points mechanisms have been built to reward users that contribute to network growth.

It's all about numbers and volume, with all users getting 70.5 points per ETH or dollar equivalent indexed token per week. Users can see which tokens are indexed on their Mode dashboard. Interacting with DEXs and Lending Protocols will generate between 2x and 5x Mode Points.

This is my favorite part! Users can can earn multipliers on base asset points when they add those assets to the DApps highlighted on the Mode Dashboard. Also, the users will be able to stake their $MODE tokens to earn a Global Multiplier on all of their activities for Season 2.

In addition, users that stake $MODE can earn airdrops from ecosystem teams and in the future staking $MODE will earn revenue via restaking to secure Mode’s L3 ecosystem.

If users stake $MODE greater than 50% of the value of their total Assets on Mode (updated daily) – they will receive a 1.5x multiplier on all Mode Points
If users stake $MODE greater than 25% of the value of their total Assets on Mode (updated daily) – they will receive a 1.25x multiplier on all Mode Points
e.g. if the user had a portfolio value of $100k on Mode today, they would need to stake $25k or more of $MODE to be eligible for the 1.25x multiplier.

Welcome to Season 2! The claim for season one points is live, and a new chapter has started! It looks like my current performance for this season is low, with only 116 points. What to expect from $20 lended on Ionic?

Across supported chains goine plus one with Linea and then another big expantion! Not just any chain... but a Superchain! The Mode Snapshot proposal has successfully passed quorum and now you can use Across for cross-chain transfers!

This is big for me, as I can bridge my assets worry-free with Across! It's time to embrace Season Two and start earning some points!

The first stop was on ModeChat, the Web3-based SocialFi platform that enables users to connect and communicate. The interface is user friendly and has many tools integrated in the UI. It's interesting that they have a points system and no token, which for me brings airdrop vibes.

Join ModeChat and start leaving blockchian footprints on Mode. You can use it for socializing, making new friends, and even as a DEX. My favorite part is the integrated NFT minting tool, where you can create your own Non-Fungible tokens.

I created The UMfluencer for fun, so here's something for you if you're looking for extra transactions! Minting the NFT grants you access to a private chat channel, available only for holders! Mint The UMfluencer NFT on ModeChat!

Told you I have 20 USDC on Ionic? Added a first batch in the early days, when I first bridged some ETH to Mode. left them in there even if the supply APR was only 2%, hoping to farm some points.

Ionic contributed to my mode points tally, and also calculated my own points on their platform. This also had airdrop vibes and I was right! Let's hustle more efficiently!

I added another bath of USDC after I bridged some ETH with Across, and doubled my holdings. This was too little and too late as IONIC announced their token launch. Checked the claim page and unfortunately I wasn't eligible!

However, there's still hope for other drops. I use Layer3 to earn more points on Mode, and interact with other protocols. You can mint CUBEs on Mode, and interact with those protocols that will boost your chances. Start your journey and hopefully the DeFi summer will come with bounties

What if it's away to tick boxes for two airdrops? Layer3 recently announced the $L3 token, and it was suggested that the airdrop will use the CUBEs minted from quests as a criteria. My advice is to start grinding on Layer3 ASAP, in any way possible. Claim the daily off-chain GM and increase your streak for achievements, complete quests and mint CUBEs, and obviously spread the on-chain interaction across many days.