We are pleased to announce the availability of DOLA on our latest Ethereum L2, Mode.
What is Mode?
Mode is an Ethereum Layer 2 chain using the Optimism “Superchain” stack with an incentive design that directly compensates users and protocols for using Mode, rather than rely on governance to allocate periodic grants that may or may not trickle down to actual users.
For developers and users on Mode, sequencer revenue is shared via a predetermined formula and it uniquely - for now - implements referral fees for virtually anyone sending new users to the Mode network. Mode does seem to be taking a different approach to compensating its ecosystem.
Mode also emphasizes a practical emphasis on analytics and other transparency features for developers - something required to implement its points system, no doubt - but for developers seeking to focus on core functionality and who don’t want to be distracted with third party support and related applications when bringing a new product up, this at least sounds pretty cool.
Why is Inverse’s expansion to Mode important?
DOLA’s expansion to Base and Optimism mainnet has been a great success for the DAO and Mode represents an additional experiment in cross-chain expansion. However, this is our first expansion leveraging an existing partner - Velodrome - to bring DOLA online quickly and with the ability to rapidly scale.
Today Inverse is the #2 veVELO holder on Velodrome, giving us great ability to bribe anywhere Velodrome deploys, now including on Mode.
Important note: Velodrome has launch support for Fraxtal, Build on Bitcoin, and other Superchain L2’s and will likely continue to support new Superchain L2’s as they appear. All things being equal, this should create additional demand for VELO (and veVELO) and increase the value of the DAO’s veVELO NFT.
As mentioned above, Mode is an Ethereum Layer 2 chain using the Optimism “Superchain” Bedrock stack, making it compatible with existing DOLA Feds on OP Mainnet and Base. While there are no near-term plans to deploy a DOLA Fed on Mode, we have the ability to do so rapidly and, of course, subject to governance.
Lastly, Mode represents a new venue for our yield bearing assets, sDOLA and soon, sINV. Chainlink has announced CCIP bridging and messaging support for Mode and bringing those assets to Mode can occur in a matter of weeks.
Who are our launch partners?
We are initially launching with Velodrome with conversations with third party lending partners and others already underway.
What Incentives Are There On Mode for the Inverse Community?
If you are new to Mode there are multiple streams of incentives:
Mode points. Mode has an automated system for allocating points according to which dapp is being used and how it is being used. You can see a full menu here: https://www.mode.network/about-the-airdrop
Optimism-driven incentives. Similar to users on Base or OP mainnet, as a member of the OP Superchain ecosystem, Mode is eligible for OP grants and incentives that will find their way to users on Mode.
Velodrome incentives. Of course DEX partners are one place to earn points and our partnership with Velodrome allows us to incentivize DOLA liquidity pools on Mode at an aggressive rate.
What Else Do I Need To Know?
At launch DOLA is being supported exclusively on the Mode native bridge, which facilitates fast bridging from Ethereum mainnet to Mode but like other OP superchains, has a 7-day waiting period when bridging from Mode back to Ethereum mainnet.
How Do I Get Started?
More Links
A resource page that dives into the entire enchilada https://mode.mirror.xyz/
DOLA token address on Mode https://explorer.mode.network/token/0x00eA4344e90c741560f08667961A8dE39FF506D7
Your questions and ideas are always welcome at the Inverse Discord here: https://discord.gg/At8M9ekVE2
LGTM.
