PANews reported on August 5th that according to DL News, defillama data shows that the total value locked (TVL) of Ethereum Layer 2 network Mode Network has plummeted 99% from its peak of $582 million in May 2024 to approximately $4 million. The network's native token MODE has dropped over 98% from its historical high.
After receiving a $5.3 million grant from the Optimism foundation in January 2024, Mode Network attracted significant liquidity through airdrop incentive activities. However, as incentives decreased, its over 50 DeFi projects on the chain now generate almost no actual income. Notably, the platform's official website still displays a TVL of $500 million, which severely contradicts on-chain data.




