Mode, a newly launched Ethereum layer two crypto, has soared over 5,000% following its release on Tuesday.
The token is being distributed via an airdrop, and its recent hype reflects the market’s insatiable appetite for crypto giveaways amid bullish trading conditions.
Mode Price Soars as Analyst Hails Network Adoption
Mode is the latest in a long line of high-profile crypto projects to bring a token to market via airdrop.
The project follows in the footsteps of recent airdrop sensations like Wormhole, Ethena, Friend.tech, and Jupiter.
However, Mode distinguishes itself from these projects through its unique blockchain use case, establishing modularity in the Ethereum layer 2 circuit with a focus on DeFi.
The Mode ecosystem also introduces “layer 3” blockchains, which are low-cost, high-throughput customizable rollups that settle on the Mode network.
Mode’s efforts have carved new financial incentives for network participants, helping bolster the project’s adoption. These initiatives include its airdrop and sequencer fee sharing.
MODE is the network’s native utility token, and it will be used for governance and as a means of transferring value within the ecosystem.
Well-known analyst The DeFi Investor recently hailed the project, dubbing its momentum as impressive.
“Mode’s TVL grew by 150% in the past 30 days. Its season two airdrop has just started and 25 protocols will deploy in May, such as Velodrome & Balancer. The fact that Mode became a top six L2 by TVL in three months is impressive,” he wrote.
Currently, Mode is trading at $0.05005, up 5,000% since launching. It holds a $64 million market cap and a $38 million 24-hour trading volume. 1.3 billion MODE (13% of its total supply) is currently in circulation.
The token has already been listed on several centralized exchanges, including Bybit, Gate.io, Bitfinex, and MEXC. Some exchanges have also launched Mode giveaways to celebrate its token launch.
The project is also trending on CoinMarketCap today.
3 Other Crypto Aidrops to Watch
Mode’s launch has been successful so far; a repeating phenomenon within the airdrop sector.
As such, let’s explore three other ongoing airdrops to watch this month.
99Bitcoins Token
Based on our analysis, one of the top airdrop projects to watch right now is the 99Bitcoins token.
99Bitcoins is a prestigious media outlet that launched in 2013 and boasts over 700K YouTube subscribers and 2.8 million email subscribers. The project recently launched a Learn-to-Earn layer, which also introduced the 99Bitcoins token to the market.
It is currently undergoing a presale, having raised $1.1 million so far. The price is $0.00104, but this will rise throughout the campaign. The next uptick will be in six days or when the total raise hits $1.8 million.
The new $99BTC token will provide numerous utilities, including BRC20 tools and education, crypto trading signals, a VIP group, staking, and more.
In celebration of the presale, 99Bitcoins has launched an airdrop, giving away $99K worth of Bitcoin to be split between 99 winners.
There are 11 ways to enter, each of which is explained on the 99Bitcoins presale website.
Visit 99Bitcoins Token Website
Ethena
Ethena is a DeFi protocol whose main offering is a yield-generating stablecoin. The project launched ENA, its native governance token, via an airdrop in April.
However, with just 10% of the token’s total supply in circulation, there are more airdrop giveaways in the pipeline.
Ethena’s synthetic dollar currently offers an impressive 15.3% APY, but holders can generate even higher annual rewards through DeFi protocols like Pendle.
The ENA governance token enables holders to make decisions on the project’s future.
Analyst and airdrop farmer Sezo.eth recently explained that the Ethena airdrop season two is ongoing, and users can bolster their chances of eligibility by locking ENA tokens in the project’s staking layer.
In addition to boosting community engagement, the move will also stoke token demand and alleviate selling pressure.
ENA has a total supply of 15 billion tokens. The current price is $0.904, up 4.3% today, 18.9% this week, and down 20% this month.
ZkSync
ZkSync is another cutting-edge Ethereum layer 2 network. The project is laser-focused on bolstering scalability while maintaining decentralization and security.
To achieve this feat, the project has introduced “ZkRollups.” These rollups compute transactions off the main Ethereum L1 chain and then supply compressed data to Ethereum Mainnet as proof of their validity, called ZK-Proofs.
This is a huge breakthrough in the L2 circuit. Previous renditions, such as optimistic rollups, sidechains, and plasma chains, were all unable to match the balance of scalability, decentralization, and security that ZkRollups offer.
ZkSync is one of the first chains to implement the technology and has an ongoing airdrop for its native token.
Users can gain eligibility by adding the ZkSync network to their MetaMask wallet, bridging funds using Rhino.fi, and then interacting with ecosystem dApps like SyncSwap, zkSync id, and zkSync Name Service.
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