Mode Network New Voting System And Crypto Opportunities

3 days ago

Mode is the Modular DeFi L2 building the Superchain alongside Optimism. The goal of Mode is to empower developers and users to grow an ecosystem of world-class applications and be directly rewarded for their contribution.

Why Mode? Because they created a better airdrop system, by collaborating with top data scientists to create a rewards system that's both transparent and fair. The clarity and consistency is prioritized, and the users will be rewarded for meaningful contributions to ecosystem growth.

I think the point system for the airdrop was a fiasco and I am glad they moved to a voting and earning system that requires locked $MODE tokens. My past activity on chains like Ethereum, bridging to Mode, referrals, and app usage within the ecosystem were transformed into points. This was great for whales!

I received a small bag of $MODE after Season One, and a better one after Season Two. However, both were probably fractions of my involvement and interaction. Received 154 $MODE in the latest airdrop, and decided to embrace the change!

The Mode Network implemented a governance and voting system powered by its native token, $MODE, which is designed to ensure a decentralized and transparent decision-making process. Not something totally new, as most DeFi protocols are now using tokens locked in an NFT for voting.

This system allows stakeholders to actively participate in the network’s evolution while aligning their incentives with its long-term success. A key feature of the governance mechanism is the requirement to lock $MODE tokens for voting eligibility. Let's go!

I staked the initial airdrop, then what I farmed on Velodrome, and the second airdrop. The three batches I added required a "warmup" period until were eligible for voting. The unstake cooldown period is also set at seven days, to make the voting process as fair as possible.

What's new? The Mode voting system with locked $MODE invites the participants to lock their tokens in the network to gain voting power. The longer the locking duration, the greater the voting weight assigned to the locked tokens. This incentivizes users to take a long-term perspective when making governance decisions, fostering stability and accountability within the ecosystem.

Any participant with a sufficient amount of locked $MODE can propose changes or upgrades to the network. These proposals might include adjustments to fees, feature implementations, or treasury fund allocations. Proposals are submitted through the governance interface and must meet predefined criteria before being considered for a vote.

Once a proposal is approved for voting, participants with locked $MODE can cast their votes. Voting is typically open for a fixed period, ensuring ample time for community members to deliberate and make informed decisions. Votes are weighted based on the amount and duration of $MODE locked. If a proposal receives the required majority of votes, it moves into execution. Smart contracts handle the implementation, ensuring a trustless and transparent process.

There are also epochs where the users can boost the rewards of other protocols on Mode by voting. I shared my votes equally to Ionic, Kim Exchange and Velodrome, giving a boost to the three tools I am using on this chain. My voting power will improve with time, so will the rewards.

The benefits of locked $MODE voting? The Mode network's voting system ensures that governance power is distributed among committed participants who have a vested interest in the network's success. By tying voting power to locked $MODE tokens, the system discourages short-term speculation and promotes thoughtful, long-term contributions to the ecosystem. Additionally, the locking mechanism aligns the economic incentives of participants with the health and sustainability of the network.

This governance framework empowers the community, fostering active participation and collaboration while maintaining transparency and decentralization. The locked $MODE voting system is a cornerstone of Mode Network's vision for a truly community-driven blockchain ecosystem.

Meanwhile, my rewards on Kim Exchange kept stacking! The staked xKIM generated a good amount of wETH-USDC combo and extra xKIM tokens as bonus rewards. I claimed the bounty and used it to consolidate my Mode holdings.

Kim Exchange is a decentralized trading platform built on the Mode Network, offering fast, secure, and low-cost transactions for users worldwide. Leveraging the high-speed and scalable infrastructure of Mode, Kim Exchange enables seamless trading of digital assets with a user-friendly interface and robust security measures.

Ionic is a decentralized money market platform built on the Mode Network, enabling users to lend, borrow, and earn interest on digital assets with speed and efficiency. I used it to generate points during the first two season, and added some LP to farm $MODe.

Powered by Mode’s scalable infrastructure, Ionic offers low-cost transactions and enhanced security, creating a seamless DeFi experience. By integrating with the broader Mode ecosystem, Ionic empowers users with greater financial flexibility while supporting the growth of decentralized finance on a high-performance blockchain.

My past interaction with Ionic added me on the list for the second airdrop. Wasn't much but was honest work! I received 378.253 tokens, which was shared in two different ways: some directly to my wallet and the bigger share vested for three months. Mode still had crypto opportunities!