Mode Network TVL has fallen 99% from its peak in May last year.

PANews, August 5th news, according to DL News report, DefiLlama data shows that the total lock-up value (TVL) of the Ethereum Layer2 network Mode Network has fallen by 99% from its peak of $582 million in May 2024 to about $4 million. The price of 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 a large amount of liquidity in a short period through an airdrop incentive campaign. However, as the incentives decreased, its more than 50 DeFi projects on-chain are now generating almost no actual revenue. Notably, the official website still shows a TVL of $500 million, which is in serious contradiction with on-chain data.