$MODE To Launch May 7th

• MODE token to launch on May 7th.

• Paragraph acquires Mirror.

• EigenLayer Stakedrop updates.

• ENS petitions to challenge a UD patent.

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Mode, an L2 network built on the OP Stack, is set to launch its MODE governance token with an initial airdrop on May 7th at 11:00 AM UTC. The token will have a total supply of 10 billion, with 5.5% dedicated to the first of two user airdrops. Airdrop 2 will run frm May 5th until September 6th, distributing another 500 million tokens. 38% of the MODE supply is allocated to investors and core contributors, with 27% allocated to a foundation treasury, and the remaining 35% for end users and developers. Since its launch in January, Mode has amassed over $500 million TVL from 450,000 wallets. Mode features a sequencer fee-sharing module designed to reward developers.

Onchain publishing platform Paragraph announced its acquisition of Mirror, another onchain publishing platform founded in 2020. Colin Armstrong, the founder of Paragraph, will now serve as CEO of both products, while Denis Nazarov, former founder of Mirror, will continue as an advisor. Both Mirror and Paragraph will operate unchanged as separate platforms in the short term. Paragraph plans to seek feedback from writers before merging into a unified onchain publishing platform. Paragraph also secured a $5 million funding round led by Union Square Ventures, aiming to use the capital to expand its team. The parent company of Mirror also raised a $10 million seed round to launch a new social-media-focused Farcaster client named Kiosk.

The Eigen Foundation has updated its initial EIGEN Stakedrop, set to launch next week. The foundation will now allocate 100 extra EIGEN tokens to users who interacted with EigenLayer before April 29th. The increase aims to address high gas costs and increases the previous minimum of 10 EIGEN tokens per wallet. The lock-up period for investors and contributors will now start once EIGEN becomes transferable. While previously stating that transferability would commence following the activation of certain features like slashing and rewards, the foundation now anticipates enabling transferability as soon as September 30th, 2024. Certain operator testnet participants will now be eligible for allocations in Phase 2.

ENS Labs filed a petition with the United States Patent and Trademark Office (USPTO) to challenge the validity of a patent on blockchain domain resolution that was granted to Unstoppable Domains in 2023. The petition is a formal request for the USPTO to reconsider and potentially revoke the patent. Nick Johnson, the founder of ENS, says that the patent is entirely based on open-source technology developed by ENS. Last year ENS sent an open letter to Unstoppable Domains, requesting a legally binding pledge to freely license their patent.

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