What is Mode (MODE)? - Bitfinex blog
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What is Mode (MODE)?

Mode is a Layer 2 Decentralised Finance (DeFi) solution built within the Optimism ecosystem, designed to foster growth in blockchain applications through innovative economic systems and direct rewards for its developers and users. Mode enables rapid deployment of applications compatible with Ethereum Virtual Machine (EVM) chains, offering tools and support to scale applications efficiently. This includes sequencer fee sharing and developer airdrops, incentivising developers to build and scale on Mode, while benefiting from reduced transaction fees due to Optimism’s Bedrock upgrade.

The economic model of Mode revolves around fostering a cooperative environment where contributions to the network are monetarily rewarded. Developers benefit from Sequencer Fee Sharing, which allows them to earn a portion of the transaction fees generated by their deployed contracts. This is facilitated through a unique Fee Sharing Contract that issues NFTs representing claims to these fees, creating a tangible asset that can be traded or transferred. Additionally, developers can receive direct rewards through targeted airdrops, further enhancing the attractiveness of developing on Mode.

Mode also provides significant funding opportunities through partnerships, such as the Optimism $2 billion RPG Funding program, aimed at supporting open-source application development. This funding initiative is crucial for developers seeking financial support to bring their innovative projects to life on the Mode platform. Low operational costs and high transaction throughput are key features that ensure applications are both economical and scalable, addressing two of the major barriers in decentralised application development.

The platform’s commitment to building a robust DeFi ecosystem is evident in its strategic growth initiatives, including airdrops and an upcoming native token launch. The MODE token plays a central role in governance and economic incentives, ensuring that users and developers are deeply integrated into the ecosystem’s growth and success. Mode’s continued expansion and integration of new applications and services demonstrate its potential to become a leading force in the DeFi space, powered by its collaborative and incentivised economic structure.

What is the MODE Token?

The MODE token is the native cryptocurrency of the Mode platform, a Layer 2 decentralised finance (DeFi) ecosystem built on top of the Ethereum blockchain, specifically within the Optimism network. MODE token holders can participate in the governance of the Mode platform, voting on various proposals that affect the development and operational decisions of the network. This includes decisions about protocol upgrades, feature implementations, and the allocation of resources.

The MODE token is used to incentivise both developers and users within the ecosystem. Developers receive MODE tokens through airdrops as rewards for their contributions to the platform, such as building and maintaining applications. Users can earn MODE tokens by participating in various activities that help grow the ecosystem, such as liquidity provision and transaction processing.

MODE tokens are used within the Mode’s fee-sharing mechanism. This system allows developers to earn a portion of the transaction fees generated by the applications they build on the Mode platform. The tokens also facilitate transactions and interactions within the platform, making them integral to its economic operations.

Holders of MODE tokens can stake their tokens to receive various benefits, such as increased voting power in governance decisions and a share in the network’s revenue through fee distributions. The MODE token is designed to decentralise the decision-making process within the Mode platform, reward contributors, and align the incentives of various stakeholders to ensure the long-term health and growth of the ecosystem.

MODE Tokenomics

How to Buy MODE on Bitfinex

How to buy MODE with crypto

1. Log in to your Bitfinex account or sign up to create one.

2. Go to the Deposit page.

3. In the Cryptocurrencies section, choose the crypto you plan to buy MODE with and generate a deposit address on the Exchange wallet.

4. Send the crypto to the generated deposit address.

5. Once the funds arrive in your wallet, you can trade them for MODE. Learn how to trade on Bitfinex here.

How to buy MODE with fiat

1. Log in to your Bitfinex account or sign up to create one.

2. You need to get full verification to be able to deposit fiat to your Bitfinex account. Learn about different verification levels here.

3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.

4. Check your Bitfinex registered email for the wire details.

5. Send the funds.

6. Once the funds arrive in your wallet, you can use them to buy MODE.

Also, we have Bitfinex on mobile, so you can easily buy MODE currency while on-the-go.

[AppStore]  [Google Play]

MODE Community Channels

Website | X (Twitter) | Discord | Telegram | Mirror