PANews reported on August 5th that according to DL News, DefiLlama data shows that the total locked value (TVL) of Ethereum's Layer 2 network Mode Network has plummeted 99% from its peak of US$582 million in May 2024 to approximately US$4 million. The price of the network's native token MODE has fallen by more than 98% from its historical high.

After receiving $5.3 million in funding from the Optimism Foundation in January 2024, Mode Network attracted a surge in liquidity through airdrop incentives. However, as incentives were reduced, the 50 or so DeFi projects on its chain now generate almost no revenue. Notably, the platform's official website still displays a TVL of $500 million, a significant discrepancy with on-chain data.