Mode TVL soars 140% as users hunt for airdrops

Mode surpassed $344 million in total value locked (TVL) and shows the largest growth among Ethereum layer-2 blockchains over the past 7 and 30 days, according to data aggregator DefiLlama. This huge leap in TVL could be related to users rushing to farm Modes native token airdropped, rumored to have a snapshot at the beginning of May.

For the past seven days, Mode leaped 40.4% in TVL, with an even more significant growth of 138% in the last month. Liquid restaking protocol Renzo leads in TVL dominance, nearing $140 million in funds locked and boasting an 85% rise during the last 30 days.

Mode TVL growth. Image: DefiLlama

The reason behind Renzos jump in TVL on Mode could be tied to the “Turbo Points” campaign that started on April 23, which benefits users looking to be eligible for airdrops of Mode and Renzo native tokens.

Users that restake Ether (ETH) on Renzo using Mode got double Mode points, criteria considered for airdrop eligibility, on top of the usual amount. Moreover, the campaign also includes other decentralized applications (dApps), which explains the growth in TVL on other platforms, such as Kim Exchange.

The Turbo Points campaign multiplies by three times Renzos points and by four times Mode points for users who provide liquidity in ezETH/WETH pools on Kim Exchange. As a result, Kim has shown the most significant growth in TVL for the past seven days at almost 30%.

Lending protocol Ionic also showed significant growth in value locked, with a 5.3% jump in the past week and 26% over the past month. Ionic is also included in the Turbo Points campaign, giving two times more Renzo and Mode points to users offering ezETH as collateral for loans.