【Mode】ETH L2 chain dedicated to DeFAI in Optimism Superchain / 25% of sequencing fees to developers / @modenetwork

Mode is an L2 chain dedicated to AIFi and DeFAI.

Good morning.
Mitsui from web3 researcher.

Today we researched "Mode".

🟡What is Mode?
💧Token Economics and Airdrop Transition
💬Super Apps toBlockchain

🟡What is Mode?

"Mode" is an DeFAI-focused ETH L2 chain built leveraging the OP Stackand is part of the Optimism Superchain.

Although the word DeFAI was only recently coined, Mode has had its main net open to the public for over a year now, so we will start by explaining what happened to get to its current positioning and how it has evolved.

First, the test net was opened to the public in August 2023, unveiling the Mode project.From the beginning, it was still an L2 that leveraged the OP Stack, but the initial concept was "an L2 designed for growth, with incentives and direct rewards for developers, users, and protocols to grow the ecosystem".(This thought itself remains unchanged today)

For this purpose, sequencer fee sharing is provided to developers.

This is called the Sequencer Fee Sharing (SFS / Sequencer Fee Sharing) module, which allows developers to receive a portion of Mode's sequencing revenue based on the transaction fees of the smart contracts they deploy.This mechanism was released to the testnet in September 2023, one month after the testnet was opened to the public.

The main net was released at the end of January 2024.One week before the mainnet was opened to the public, we received a large grant of up to 2,000,000 OP from the Optimism Foundation.At that time, our vision was to establish ourselves as a DeFi hub within Superchain.

Season 1 of the airdrop began at the same time as the mainnet was opened to the public.Three airdrop campaigns have been held to date, and Season 4 is currently underway.Details of this airdrop transition and token economics are described below.

And two months after the mainnet release, the Sequencer Fee Sharing (SFS / Sequencer Fee Sharing) module was also released on the mainnet.

With SFS, Mode offers developers 25% of the sequencer fee profit generated by a smart contract transaction.

Specifically, developers register their contracts with SFS to create an NFT that accumulates ETH fees that can be claimed once a month.Multiple contracts can also be assigned to a single SFS NFT, allowing developers to earn revenue from a series of contracts with only one NFT.

Through this mechanism, Mode also provides sustainable revenue to developers, aligning the interests of the ecosystem (chain) with those of the developers.

Incidentally, since Mode is a member of Superchain, 15% of sequencing fees are shared with the Optimism Collective.

So, 25% of Mode's sequencing fee is distributed to the developer, 15% to Optimism Collective, and 60% to Mode.