May 7, 09:06 AM

Mode Token Drops 60%, $550M FDV, 550M Tokens Distributed in Airdrop

Mode, a layer 2 blockchain network, experienced a significant drop in the price of its native token by over 60% immediately following its first airdrop. The token distribution involved 550 million tokens, representing 5.5% of the total supply of 10 billion tokens, with a fully diluted valuation (FDV) of $550M. The airdrop was scheduled for 11am UTC, with claims going live at that time. The top 2,000 wallets by points received 50% of their tokens at launch and the remaining 50% after 90 days. This event was part of Mode's integration into Optimism's Superchain ecosystem, and the Pyth Network has made the MODE/USD price feed available on over 55 blockchains.

#Mode #Optimism #Superchain #Pyth Network

Written with ChatGPT (GPT-4).