Mode Network (MODE)
OP Stack L2 focused on DeFi yield aggregation; lost relevance post-airdrop with no unique differentiation from Base/Optimism
Ranked 234th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
MODE scores 72 of 250 across the 25-variable framework, which places it 234th of 251 rated tokens and inside the bottom 10% of the set. The framework verdict is PASS.
The score rests on P/S Multiple 5/10, 38th of 251 and Exchange Depth 5/10, 73rd of 251.
Against the same universe, MODE sits in the bottom third on Vesting Schedule 2/10, 223rd of 251, Competitive Moat 2/10, 223rd of 251, Protocol Revenue 1/10, 221st of 251 and Active Users 2/10, 220th of 251. These are the variables that would have to move for the verdict to change.
Only 83% of MODE's maximum supply is in circulation, so 1.2x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 17% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
MODE trades 99.946% below its all-time high of $0.1477. Recovering that level is a 1,852x move, not a 99.946% one, which is the arithmetic most drawdown charts hide.
$35.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
MODE clears 7 of 10 on none of the 25 variables. Its best three are P/S Multiple at 5, Exchange Depth at 5, Regulatory Safety at 5. That is a thin hand whichever way the market prices it, and the ranking is the honest reading. It is weak on Active Users, Market Share, Institutional Adoption and Social Mindshare, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 2 | 223rd of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 2 | 220th of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 3 | 208th of 251 | |
| Treasury Runway | 4 | 181st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
AI agent integration on Mode as a DeFi coordination layer for autonomous financial agents
Principal risk
91% down from ATH; TVL declining; undifferentiated L2 in a crowded OP Stack network; heavy vesting schedule
Market and supply
| Price | $0.000080 |
| Market cap | $666.9Krank 3446 |
| All-time high | $0.14777 May 2024 |
| Circulating supply | 8,300,000,000 |
| Eventual supply (max supply) | 10,000,000,000 |
| Dilution to full supply | 1.2x |
| Total value locked | $35.0M |
| Listed on | Bybit, Gate.io, Velodrome |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to MODE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
MODE compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [DefiLlama] Mode Network TVL peaked near $500M during points farming season, collapsed to ~$35M by 2026
- [CoinGecko] MODE down 91% from $0.124 ATH; listed on Bybit and Gate.io with thin liquidity
- [Mode Network Blog] Mode pivoting to AI agent use cases in 2025-2026 as DeFi yield farming narrative fadedlink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 5 Oct 2026.
Common questions
- What is the Early Thunder score for Mode Network (MODE)?
- MODE scores 72 out of 250 on the 25-variable framework, ranking 234th of 251 rated tokens (bottom 10%). The framework verdict is PASS.
- What are MODE's strongest fundamentals?
- MODE ranks highest on P/S Multiple 5/10, 38th of 251 and Exchange Depth 5/10, 73rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the MODE thesis?
- MODE scores in the bottom third of the universe on Vesting Schedule 2/10, 223rd of 251, Competitive Moat 2/10, 223rd of 251, Protocol Revenue 1/10, 221st of 251 and Active Users 2/10, 220th of 251. The single risk carried on the scorecard is: 91% down from ATH; TVL declining; undifferentiated L2 in a crowded OP Stack network; heavy vesting schedule
- How much MODE supply is still to enter circulation?
- 83% of eventual MODE supply is circulating today, leaving 1.2x the current float still to arrive. At a flat price per token that is 17% of fully diluted value ahead of current holders.
- How far is MODE from its all-time high?
- MODE trades 99.946% below its all-time high of $0.1477. Returning to that high requires a 1,852x move from the level used in this scoring pass.
- Which tokens have a similar profile to MODE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MODE are MANTA (76), BLAST (87), MOVE (67) and CELO (94). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MODE?
- AI agent integration on Mode as a DeFi coordination layer for autonomous financial agents
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.