DefiLlama data indicates Mode Network’s TVL dropped from a $582M peak in May 2024 to approximately $4M, with its native token collapsing over 98% amid misleading on-chain versus website figures.
Data from DefiLlama shows Mode Network's TVL fell from $582 million in May 2024 to about $4 million—a 99% drop. The native token MODE lost over 98% of its historical high. Despite $5.3 million in funding from the Optimism Foundation and initial airdrop incentives, the network's 50+ on-chain DeFi projects now generate minimal revenue, while its website inaccurately displays a TVL of $500 million.