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

Modular DeFi Layer 2 network mode is set to receive up to 2 million ON

-8.98%
tokens – worth approximately $5.3 million at current prices – as a grant from the Optimism Foundation to support user growth incentives on the platform.

Built using Optimism’s OP Stack, Mode will dedicate a portion of its sequencer revenue to the Optimism Collective and opt for 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 merged and submitted to the main chain, in this case Ethereum. According to the website, the Optimism Collective is a community designed to reward public goods for Ethereum.

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 goal is to become a DeFi hub for the Superchain, founder James Ross said in a statement – ​​with a focus 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 government bonds and on-chain AI agents to the network, and deploying resources for public goods.

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