Mode Network TVL plummets by 99% to $4 million

According to reports from DL News, DefiLlama data shows that the total value locked (TVL) in Ethereum Layer 2 network Mode Network has plummeted by 99% from its peak of $582 million in May 2024 to $4 million. The price of Mode Network's native token MODE has also dropped by about 98% compared to its historical high. In January 2024, Mode Network received a $5.3 million grant from the Optimism Foundation and attracted significant liquidity in a short period through an airdrop incentive program. However, as the incentives decreased, its more than 50 DeFi projects on-chain generated almost no actual revenue. Notably, the official website still shows a TVL of $500 million, which is severely inconsistent with on-chain data.