TLDR: Mode is launching veMODE and becoming the first L2 to implement a vote escrow model for the distribution of incentives to ecosystem protocols. veMODE is an upgrade to the current MODE staking module. Stakers will be rewarded for upgrading their staked MODE balance in order to take part in this new system. OP rewards start accruing immediately upon upgrade, claimable after successful voting participation.

Dear Mode Community,

In just under seven months since Mode Mainnet launched we've experienced remarkable growth, reaching $500M in Total Value Locked (TVL), deploying over 60 DeFi protocols, and engaging more than 400,000 on-chain users. Mode is now the third-largest chain in the Superchain, behind Base and Optimism Mainnet.

This post introduces Mode’s vision to scale DeFi to billions of users globally through AI agents and AI powered financial applications.

At Mode, our focus is on those who are pushing our community forward and contributing to the growth of the ecosystem. As we continue to build and expand our ecosystem, we are forking our community to distinguish between true Mode believers and mercenary airdrop farmers. Today we start the “Mode Community Hard Fork”, creating two new community channels for $MODE Holders only!

We are thrilled to announce the launch of our Perp Trading Competition, a new initiative designed to kickstart the Perps trading ecosystem on Mode and bring the excitement of perpetual trading to our community. Users will be rewarded a share of 5 million points (around 10% of daily point distribution) every day based on their transaction volumes across key pairs on LogX, Print3r, BMX, ModeMax, and soon on Lynx.

TLDR:

As we expand the Mode network, part of our mission is to keep building more utility into the $MODE token beyond governance. This is the first addition to that utility. $MODE has transitioned to an omnichain asset, with the first networks we have expanded to being Ethereum and OP Mainnet. This is all powered by LayerZero's innovative Omnichain Fungible Token (OFT) standard, which enables assets to exist on multiple chains.

Today, we are excited to announce Activity Points Season 2, users will be rewarded a share of 5 million points (around 10% of daily point distribution) every day based on their transaction volumes across key pools (full list here) on Kim, Supswap, SwapMode, IzumiSwap, and Velodrome.