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What Is Mode Network and How to Trade MODE Tokens?

2024-07-11 01:58:49

In our commitment to broaden our offerings continually, we are introducing a new project addition - Mode Network. A modular decentralized finance (DeFi) layer-2 blockchain building the superchain alongside the Optimism network.

This article explores Mode Network, explaining what it is and how it solves DeFi challenges. You will learn about the Mode Network native token, $MODE, its utilities, tokenomics, staking, and token statistics. The article concludes by discussing some of the key features of Mode Network and providing steps for you to buy and trade the MODE tokens.

What is Mode Network?

Mode Network is a Modular Decentralized Finance (DeFi) Layer-2 blockchain building the superchain alongside the Optimism network. It aims to create a thriving ecosystem of decentralized applications (dApps) by empowering developers and users with innovative tools, incentives, and resources. Mode Network supports DeFi growth with a scalable, low-cost, and developer-friendly platform.

Mode Network

How Mode Network Solves DeFi Challenges?

Mode Network addresses several key challenges faced by developers and users in the current DeFi landscape. Mode solves DeFi challenges by leveraging optimism bedrock upgrade to significantly reduce transaction fees, making it more accessible and cost-effective for users to interact with dApps. Mode also provides developers with a familiar, EVM-compatible environment, allowing them to easily deploy their applications without the need to learn new programming languages or frameworks. Mode Network introduces novel on-chain economic systems that enable developers to scale their applications while providing higher yields for users.

What is MODE Token?

Mode is the native utility token of the Mode ecosystem. It is designed to decentralize the platform and reward users and developers who contribute to its growth. By using Mode tokens, participants can actively engage in the ecosystem's governance and benefit from its success.

Utilities of Mode Token 

The Mode token serves various utilities within the ecosystem, including governance, user and developer incentives, DeFi integration grants, community grants, and overall growth of the Mode ecosystem. Staking Mode tokens provide additional benefits such as points boosters and OP rewards for users during the current Season 2. 

The tokenomics are structured to allocate tokens to users, developers, investors, core contributors, the foundation and on-chain treasury, with vesting periods in place for investor and core contributor allocations.

Mode Tokenomics

The tokenomics of the Mode token is strategically designed to incentivize the growth and development of the Mode ecosystem. Token allocation is divided into four main categories:

  1. User and Developer Airdrops (35%): Tokens reserved for airdrops to users and developers contributing to the Mode ecosystem.
  2. Investors (19%): Past and future investors, with a 12-month cliff from TGE and a 24-month linear vesting period.
  3. Core Contributors (19%): Allocated to core contributors, following the same vesting schedule as investors.
  4. Foundation and On-chain Treasury (27%):
  •   Foundation allocation for growth initiatives
  •   Onchain smart treasury receives tokens from the foundation, as governed, to be streamed to applications as user incentives.
MODE Distribution

MODE Staking

Staking $MODE tokens is now available, providing users with additional benefits for the current Season 2. By staking their $MODE tokens, users can enjoy points boosters and OP rewards. Users have the flexibility to stake as many tokens as they hold in their wallet and can unstake any amount of their staked tokens.

When a user unstakes their $MODE tokens, there is a 7-day cooldown period before the tokens become available for withdrawal. It's important to note that unstaking additional tokens during this cooldown period will reset the timer. 

For example, if a user unstakes 10 tokens on day 1 and then decides to unstake the remaining 10 tokens on day 3, the withdrawal period will reset, and they will need to wait a full 7 days to withdraw the total of 20 $MODE tokens. During the unstaking cooldown period, users cannot manage or move their tokens, and they can only be withdrawn and managed after the cooldown period has ended.

Features of Mode Network

Here are some of the features of Mode Network:

  1. Rewarding Contributions: Mode Network focuses on rewarding developers and users for their contributions to the ecosystem. Developers can earn a share of the network's sequencer profits through Sequencer Fee Sharing, based on the success and adoption of their applications.
  2. Developer Airdrops: Mode plans to conduct developer airdrops, distributing a significant portion of the MODE token to developers who actively contribute to the ecosystem's growth. This incentivizes developers to create innovative and impactful applications on the Mode Network.
  3. RPG Funding Program: Mode Network benefits from Optimism's RPG Funding program, which provides $2 billion in funding for open-source projects built on the network. This funding empowers developers to create groundbreaking dApps that drive the adoption of DeFi.
  4. Optimism Superchain Ecosystem: Mode Network is positioned as a key contributor to the growth of Optimism's Superchain ecosystem. Mode aims to drive the adoption and expansion of DeFi within the Superchain ecosystem.

How to Buy and Trade MODE Tokens?

CoinEx is a global cryptocurrency exchange, trusted by 6+ millions of users worldwide with 100% reserve. Users can now trade easily and seamlessly with over 1000 tokens supported, including $MODE. 

MODE on CoinEx

To purchase MODE tokens on CoinEx, follow the steps below.

  1. Create an Account: Start by signing up for a CoinEx account. 
  2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
  3. Navigate to the MODE Trading Page: Once your account is funded, go to the spot trading page on CoinEx. You can find a search box and enter the term “MODE“ to swiftly locate the trading pair associated with CHAT tokens.
  4. Choose a Trading Pair: Select the trading pair MODE/USDT if you'd like to trade $MODE against USDT (Tether).
  5. Specify the Purchase Amount: Determine the amount of MODE tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade MODE tokens on CoinEx, taking advantage of the available trading pairs.

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