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Home»DeFi»Mode to receive up to 2 million OP grant from the Optimism Foundation
DeFi

Mode to receive up to 2 million OP grant from the Optimism Foundation

2024-01-23No Comments2 Mins Read
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Modular DeFi Layer 2 network Mode is set to receive up to 2 million OP -10.89% tokens — worth approximately $5.3 million at current prices — as a grant from the Optimism Foundation to support user growth incentives on the platform.

Mode, built using Optimism’s OP Stack, will commit a portion of its sequencer revenue to the Optimism Collective and opt into the Law of Chains — an open neutrality framework designed to govern the Superchain network — as part of the initiative.

In Layer 2 networks, sequencers are responsible for ordering transactions before they are batched and submitted to the main chain, in this case, Ethereum. The Optimism Collective is a community designed to reward public goods for Ethereum, according to its website.

The Superchain is Optimism’s network of multiple Layer 2 blockchains, designed to scale Ethereum. Other chains that are part of the Superchain ecosystem include OP Mainnet itself, the Coinbase-incubated Base network, Zora Network and Manta Pacific.

Mode’s objective is to become a DeFi hub for the Superchain, founder James Ross said in a statement — focusing on growing interoperable DeFi applications and infrastructure.

Mode said it will continue to develop open-source tools for the Superchain ecosystem, focusing on bringing native yield, smart treasuries and on-chain AI agents to the network, as well as committing resources to public goods.

Mode plans to launch its mainnet at the end of January.

See also  DEXs must shift their focus toward revenue generation
Foundation Grant Million Mode Optimism Receive
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dogecoin
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tron
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staked-ether
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bitcoin
Bitcoin (BTC) $ 117,427.46
ethereum
Ethereum (ETH) $ 2,947.16
xrp
XRP (XRP) $ 2.74
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 686.45
solana
Solana (SOL) $ 161.25
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.197847
tron
TRON (TRX) $ 0.302463
staked-ether
Lido Staked Ether (STETH) $ 2,946.61