Wigwam is the best Mode blockchain crypto wallet

Mode Network Review 

Mode Network is a modular DeFi Layer 2 (L2) blockchain developed in cooperation with Optimism. The Mode Network is a part of the Superchain ecosystem that extends the Optimism Superchain as the main DeFi hub, introducing innovation in economic systems to enable developers to scale their applications and provide users with high yields. Meaning, it is a whole new level of what developers can create: super-fast and easy deployment for people experienced with other EVM chains, a testbed for experimental DeFi opportunities, hands-on application scaling support, and predictable revenue through sequencer fee sharing and developer airdrops. It runs on the OP Stack, utilizing Optimism tech to drop transaction fees by over 95% compared to Ethereum transactions.

Origins and Vision

The Mode Network was founded by James Ross in 2023 with the aim of reinventing decentralized finance. Mode is a modular L2 blockchain that incentivizes users and developers to work together under new incentives for contributing to the network.

The network is laid based on the Cooperative Game Theory foundation that permits the crafting of economic systems. It is totally contradictory to the regular competitive models, where there is a highlight of collaboration to get better payoffs for all sides. The ethos upon which Mode Network is founded lies within the belief that "cooperation leads to greater outcomes for all" as it relates to a more inclusive and collaborative future for the blockchain space.

Key Milestones

Mode has seen its user base soar to over 300K and a TVL of over $488M within just one year. Major milestones have included a launch on the public testnet in August 2023, mainnet in November 2023, and the token generation event during airdrop season 1 in May 2024.

What Consensus Algorithm Does Mode Network Use

Mode Network is a Layer 2 blockchain in the Optimism ecosystem that uses the OP Stack to execute its functionalities. While their documentation is not very elaborate on the consensus mechanisms by which the Mode Network operates, it is assumed to be some variation of the Optimism consensus model, typically composed of Optimistic Rollups and Proof of Stake (PoS).

DeFi Ecosystem on Mode Network

The DeFi ecosystem of the Mode Network is going strong through airdrops and strategic launches. The Mode Network has 95% less gas fees in comparison with Ethereum, which further diversifies the blockchain landscape and lowers the entry barrier. Its TVL exceeds more than $488 million, which is the main measurement for DeFi's success. With DeFi protocols such as ‘Airpuff’, ‘Astaria’, and ‘Atlendis’ all thriving, this could actually be the finest new force in DeFi.

NFTs Marketplaces on Mode Network 

The Mode Network NFT markets democratize access to more digital assets with better liquidity and appreciation of value. The creators receive direct monetization through minting NFTs which is one of the best ways to bypass the intermediaries for higher earnings. It offers lower gas fees, speed, and scalability that combine to capture the attention of both the artists and collectors. ‘NFT Life’ is one of the very popular marketplaces in this ecosystem.

Tokenomics and Gas Usage on Mode

Tokenomics of Mode Network  is focused on decentralization of the network and incentivizing individuals to contribute toward the growth of the network. From the 10 billion of the maximum supply, the MODE token has an initial circulating supply of 1.3 billion. In particular, the token will be used for DeFi integration grants, user and developer campaigns, community grants, and governance features in the Mode ecosystem.

The User and Developer Airdrops account for 35% of the token supply, which are rewards for the people contributing to the growth of Mode. This will include allocations of Airdrop 1, Airdrop 2, and the remaining will be saved for future airdrops.

Investors get 19% of the token supply, with a 12-month cliff and 24-month linear vesting.

Core Contributors are individuals actively involved in building the Mode ecosystem and represent 19% of the supply. Their allocations have a similar vesting schedule to that of investors.

Total token supply is shared by Foundation and Onchain Treasury: 27%.  The Foundation allocation is used to finance initiatives for the expansion of the MODE network, while the Onchain Smart Treasury, under governance control, streams tokens to applications for user incentives.

Conclusion

Mode Network is an Ethereum Layer 2 innovation leader in driving ecosystem growth with speed, cost efficiency, and scalability. Amongst this crowded space of L2s, it stands out with a unique blend of web3 elements and Optimistic Rollups. The approach of Mode Network follows an "Onchain cooperative," thus redistributing sequencing fees to developers and users, while at the same time creating a vibrant community and rewarding network participants. As a game-changer in the decentralized project space, Mode Network is well set to lead the evolution of Ethereum L2 through blockchain innovation and setting the standard in this space.