How to Earn Points on Mode
You can earn points – which will be converted to Mode tokens and distributed in April – by bridging to Mode, referring friends, using ecosystem apps, and completing additional quests. You need a Mode invite code to take part in the airdrop; read on to find out how to get one.
Key Takeaways
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Mode is a Layer 2 platform that aims to reward developers and users who contribute to the ecosystem.
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The Mode Sunrise Campaign has allocated 550 Million MODE tokens to reward users based on the points they earn.
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400 Million MODE tokens are allocated to the points airdrop which users can claim from in April 2024.
Mode is a modular Layer 2 (L2) DeFi platform built on the Ethereum blockchain. It aims to provide a cooperative, scalable, and cost-effective infrastructure for DeFi and other applications. It is built using Optimism’s OP Stack to capitalize on rapid application development and deployment of EVM-compatible applications.
The project aims to grow a global ecosystem of applications while rewarding developers and users for their contributions including referrals and contract-secured revenue. Mode is focused on revolutionizing the chain mechanics to create a more rewarding and equitable environment for users and builders.
Part of their efforts to create a cooperative and rewarding environment includes sequencer fee sharing where developers and users work together by sharing a portion of the network sequencer’s profits and a liquidity protocol that enables users to deposit or borrow assets with absolute capital efficiency. As with other L2 DeFi platforms, Mode also offers reduced transaction fees, improved transaction speed, and increased transaction capacity.
In October 2020, the project concluded its funding round with $9.75 million raised. On top of that, the project has received a grant of up to 2 million OP tokens from the Optimism Foundation to support user growth incentives.
One such incentive is the Mode Sunrise Campaign which has allocated 550 million MODE, which is 5.5% of its total supply, for users to claim in April 2024. From this allocation, the tokens will be split as indicated below.
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400,000,000 MODE allocated to the points airdrop
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50,000,000 additional MODE unlocked at $100M TVL
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50,000,000 additional MODE unlocked at $200M TVL
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50,000,000 for 500 NFT lottery winners among the top 20% of campaign participants
With the Mode airdrop scheduled for April, there is no better time than now to start earning points!
Step 1: Join Airdrop
Head to https://app.mode.network/early/ to join the airdrop. You can also read more about the Mode Sunrise Campaign at https://www.mode.network/about-the-airdrop.
To join the airdrop, you will need an invite code which you can get from friends or those in your community. We highly encourage you to be sure that these are trusted sources who are providing the referral codes given by Mode to their accounts.
Otherwise, you can use our code by heading to https://ref.mode.network/Mzkwkl.
Step 2: Connect Twitter/X
Once the invite code is accepted, you will need to connect your X (formerly Twitter) account.
Select Connect Twitter/X and you will be redirected to Twitter.
Authorize Mode Network to access your account.
Step 3: Connect Wallet
After connecting your Twitter/X account, continue to connect your wallet. It is recommended that you use your most active wallet to earn more points.
Select your wallet from the pop-up window. In this example, we are using MetaMask.
Complete the steps prompted by MetaMask to connect your wallet to Mode.
Once your wallet is connected, you will be able to see how many points you are eligible to receive based on past activity across 150 protocols and projects. These include using DeFi apps, Layer 2s, leverage apps, apps that give yield, holding NFTs, and users of OG apps like Maker, Curve, and Yearn.
You will then need to bridge to Mode to secure these points and join the airdrop.
Step 4: Bridge to Mode
Select “Bridge to Secure Points” and input the amount of tokens you want to bridge. The more you can bridge, the more points you will receive. It is also recommended to bridge your assets once a week if possible to increase your points.
Do note that this step only allows for ETH, USDT, USDC, and WBTC on the Ethereum network to be bridged to the Mode. In this example, we are bridging ETH.
Points are distributed every Wednesday at 12:00 UTC. The points earned from bridging are relative to the time these assets remain on Mode and the TVL is checked to determine the amount of points earned.
Click Bridge to continue and confirm the transaction in your wallet.
Step 5: Refer A Friend
On the main airdrop page, you will be able to find your referral code or link to share with others. Referring others will earn you 16% of the points that they collect during the campaign.
Step 6: Use Ecosystem Apps (Optional)
This optional step is recommended to increase your points because you can earn 2x points for depositing assets into Mode’s launch partner ecosystem apps.
Do note that using the ecosystem apps may include risks so only proceed with what you are comfortable with.
You can select Explore more apps to see the list of ecosystem apps available.
Step 7: Complete Quests (Optional)
This is another optional step to earn points by completing quests which are limited in capacity. Head to https://layer3.xyz/communities/mode-network to see the available quests.
At the time of writing, the quests include interacting with launch partners LogX, Kim Exchange, Ionic, and SpaceID (Mode Name Service).
LogX is a decentralized perpetual trading platform, a financial instrument that mimics the price movements of underlying assets. Meanwhile, Kim Exchange is a decentralized exchange for users to swap and provide liquidity for all assets on Mode.
Ionic is a liquidity protocol for the Mode ecosystem that allows users to borrow and lend assets. Lastly, the Mode Name Service is powered by SpaceID and enables users to get a .mode domain name. A quick tip on SpaceID, having a .mode domain with five characters and above is cheaper than four characters and below.
Bridging Assets From Mode
If you would like to bridge your assets back from Mode, do note that on the Mode bridge, it will take approximately seven days to do so.
Instead, you can use https://www.orbiter.finance/ to quickly bridge your assets back from Mode.
Conclusion
Mode is taking a unique approach to DeFi, offering a cooperative, scalable, and cost-effective Layer 2 platform that encourages and rewards both developers and users who contribute to their global ecosystem of applications. The Mode Sunrise Campaign is part of their efforts to prove their commitment to rewarding those who participate in growing the Mode ecosystem.
Stephanie has a keen interest in breaking down complex topics into beginner-friendly pieces. She has been in the crypto space since 2020 and wants to continue contributing to the demystification of the crypto industry to a broader audience.
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