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We have prepared a review for you of the innovative DeFi project Mode Network, which has been frequently appearing with airdrop events and the testnet network recently. What is Mode Network? What is it used for? Here are the details!
What Is Mode Network?
Mode Network is a Modular DeFi L2 platform that allows developers and users to grow the application ecosystem. It collaborates with Optimism to build the Super Chain and offers users a fast experience with lower transaction fees.
Its main goal is to create an ecosystem where developers and users are directly rewarded. In line with this, systems such as Ranker Fee Sharing and User Referral Fees have been integrated into the Mode protocol. Developers are rewarded by these mechanisms as they contribute to the development of the ecosystem.
Mode Network offers developers the opportunity to build new on-chain economic systems to scale their applications. In addition, practical support is provided to developers who want to build DeFi applications and scale their applications by experimenting on Mode.
As a result, Mode Network aims to build a world-class application ecosystem by creating a collaboration between developers and users. With low fees, fast transaction speeds, and various reward mechanisms, Mode Network offers a strong infrastructure to support innovation and growth in the DeFi field.
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What Are The Advantages?
- Scalability: It enhances Ethereum’s scalability and performance because it runs on the Optimism Superchain. The Optimism Superchain maintains Ethereum’s security and compatibility.
- Flexibility: It allows users to create their own customized DeFi experiences by combining different DeFi protocols and applications. Mode Network allows users to select, add, or remove DeFi components according to their needs.
- Reward: Mode Network rewards its users with MODE tokens. The MODE token is the native token of Modular DeFi L2 and is used to participate in the management, revenue sharing, and native returns of the platform. Modular DeFi L2 allows users to earn MODE tokens while using DeFi.
- Low Fees: Mode includes Optimism’s Bedrock update, which allows for fees more than 95% less than Ethereum. This provides a fast and cheap use for user-friendly dApps.
Team Members
Mode Network has a team of approximately 15 people comprised of experienced and knowledgeable individuals in the Web3 sector. The team, founded by James Ross, consisting of experienced software developers and analysts, has an innovative perspective.
Founder Ross, is an experienced name who has previously worked on the growth of the Web3 world at one of the leading organizations, Hype, and has worked on several blockchain projects like BNB Chain, Polygon, Near, Algorand, dYdX, Dfinity, Eigenlayer, Sui.
So far, no information has been shared regarding the native token access of Mode Network. Stay tuned for details!