Mode, a Layer 2 network built on the Stack, is gearing up to kick off its airdrop claims for its governance token today at 7 a.m. ET, marking a significant milestone for the project. In this initial phase, Mode will distribute 550 million Mode tokens, representing 5.5% of its total token supply of 10 billion.

The distribution process is designed to be based on Mode points held by users, which were initially allocated during the "Mode Sunrise" event in January. These points reflect users' past activities across various DeFi applications, NFTs, and other Layer 2 networks, providing a fair and inclusive distribution mechanism.

Following the commencement of the claims process, the Mode token is expected to be listed on various decentralized and centralized exchanges, offering users the opportunity to trade and participate in the token economy.

Looking ahead, Mode plans to continue its token distribution with a second phase spanning from May 5 to September 6, during which an additional 500 million tokens will be allocated to further expand its community and ecosystem.

The project has also unveiled details regarding its tokenomics, with investors and core contributors set to receive 38% of the total Mode tokens, while the foundation treasury will hold 27%. The remaining 35% of the token supply is earmarked for community and developer airdrops, emphasizing Mode's commitment to fostering community participation and engagement.

Since its launch in January, Mode has witnessed rapid growth, with approximately $500 million in total value locked and over 400,000 user wallets onboarded, primarily driven by airdrop farming activities.

Mode is an integral part of the Superchain ecosystem, developed using OP Stack and supported by the Optimism Foundation. As part of the Optimism Superchain ecosystem, Mode will contribute a portion of its sequencer revenue to the Optimism Collective and adhere to the "law of chains," an open neutrality framework governing the Superchain network.

The launch of Mode's token comes amidst a wave of recent token rollouts and distribution plans in the crypto space, underscoring the growing momentum and innovation within the decentralized finance landscape.