Mode Network Sunrise - 200,000,000 USD TVL And How To Gather More Points
The Mode Sunrise was announced in January, along the mainnet launch and phase one of the airdrop. The modular DeFi Layer2 powered by Optimism allocated 550 million $MODE (5.5% of total supply) for the first phase of the airdrop, forging new economic systems for growth.
The Mode Network is backed by a 2,000,000 $OP grant, and is striving to become The DeFi Hub of Optimism's Superchain. You can still claim your past crypto activity and secure the points by bridging to Mode, and earn more points by using the chain's protocols.
There are points to be gathered, which will lead to a higher airdrop allocation... but how to enhance efficiency and make sure you tick more boxes towards the eligibility? Take a sit and read my Mode journey!
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!
You steak... you earn! You refer friends ... you earn again! You can earn Mode points based on your past on-chain activity, and you can secure them by bridging to the network. Bridging ETH, USDT and USDC to Mode will add more points, based on how long these assets stay on the network. Don't forget to invite your friends to Mode and earn 16% of the points they collect during the campaign.
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.
Layer3 will also help you get more points on Mode, which is a nice double-dip. You can mint a CUBE on Mode, and interact with those protocols that will boost your chances. Start your journey and hopefully the DeFi summer will come with bounties! I completed all the available Mode quests and leveled up nicely!
Mode Exploration: Diving into KimProtocol, Ionic and SpaceID
Interaction and active participation is the key for unlocking this treasure chest! Use the Mode ecosystem DApps to earn higher points, so start depositing assets and start making transactions The initial ecosystem partners on Mode where KimProtocol, IonicMoney and SpaceID.
You can use Layer3 to bridge to Mode, building up transactions towards both $MODE and $L3 airdrops. Once you have your funds on Mode, interact with the protocols through Layer3 for the full package.
KimProtocol is the native DEX that enabling seamless swaps and liquidity provision on Mode. Ionic is a liquidity protocol for efficient borrowing and lending, backed by Metacartel Ventures!
I went to Kim Exchange first and swapped $ETH in $USDC, and I used the stablecoins for another protocol interaction. Doing a swap or two per week might be a good idea, depending on the gas fees. Building an on-chain history will improve the Mode points and the airdrop size.
The next step was to secure my Mode domain, and the Mode Name Service SpaceIDProtocol is the protocol that allows users to mint their unique a .mode domains that will simplify the future activity on the chain.
I wanted to mint PVM but the three characters domain were not available, so I had to compromise for PVMIH. You think is early but there are already 65,500 domain minted by 61,200 unique users.
Claimed pvmih.mode for a fiver, paid in ETH. Ticked the box and set it as my primary name, and paid the registration for one year. Now I am thinking if I should go back and mint some more domains.
We seen with ENS that domains are quite hyped, so hopefully Mode domains will also bloom! Will think about some degen names and will go mint them ASAP! Let's get ready for the DeFi summer!
If you are a Mode whale and feel like sharing crypto love with strangers... pvmih.mode is available for memecoins and all sorts of assets! Will not say no to NFTs either!
Looking at it... my MNS looks quite boring! Need to go there and update some details, set an avatar and my web3 history! Stay tuned for more updates and more chad tips regarding Mode points!
The time line of the Mode Sunrise extends until April. You can already see your score and earn points as a preparation for Phase 2. The second phase is about ecosystem scale and native yield, and will start "soon", with the launch of DeFi ecosystem applications and native yield on Mode.
Phase three is planned after April, and is the one we all waiting for.... TOKEN LAUNCH! The OGs will be able to convert Mode points into tokens and the Mode DAO will be introduced, giving power to token holders. Until then... I added 10 $USDC on Ionic to farm more points!
Residual Income:
Play2Earn: Upland / Splinterlands / Doctor Who
Cashback Cards: Plutus Card / Crypto.com
Fountains: PipeFlare / GlobalHive ZCash