{"id":648556,"date":"2024-10-19T15:00:50","date_gmt":"2024-10-19T15:00:50","guid":{"rendered":"https:\/\/www.wncen.com\/?p=648556"},"modified":"2024-10-21T20:41:59","modified_gmt":"2024-10-21T20:41:59","slug":"optimism-superchains-l2-mode-network-launches-new-governance-model-heres-why","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/optimism-superchains-l2-mode-network-launches-new-governance-model-heres-why\/","title":{"rendered":"Optimism Superchain\u2019s L2 Mode Network Launches New Governance Model \u2013 Here\u2019s Why"},"content":{"rendered":"

Mode Network, the Layer 2 (L2) chain powered by the Optimism OP stack, announced the launch of its new vote escrow and gauge-based model to \u201cimprove L2 governance.\u201d The new framework, powered by Aragon, will upgrade the MODE staking module to foster network growth and incentive distribution in the ecosystem.<\/p>\n

Related Reading: Polkadot (DOT) Gearing Up For \u2018Massive Breakout\u2019, Will It Skyrocket To $20?<\/a><\/div>\n

Mode Network To Implement New Model For L2 Governance<\/h2>\n

Mode, the modular Decentralized Finance (DeFi) L2 network building on the Optimism Superchain, revealed<\/a> it would implement veMODE for its Season 3, starting October 17. \u00a0veMODE is a vote escrow (ve) model was built by Aragon to upgrade the network\u2019s current staking module.<\/p>\n

Mode’s new framework is a \u201ctokenomics-first design\u201d to foster incentive alignment. Therefore, It will aim to provide governance focused on staking but not locking tokens, protocol voting, and long-term growth.<\/p>\n

The framework will apply \u201cve and gauges to a roll-up ecosystem\u201d to introduce a \u201cdynamic governance model that (\u2026) reduces coordination overhead and drives network growth.\u201d<\/p>\n

Moreover, veMODE will offer stakers rewards for upgrading their staked MODE balance. It will also enable users to continue earning Optimism (OP) and vote for the incentive\u2019s distribution to the ecosystem’s protocols.<\/p>\n

Stakers will gain more voting power with the ve governance model, first introduced by Curve Finance with its veCRV model. As a result, veMODE will allow stakers to have more influence in governance decisions the longer their tokens remain staked.<\/p>\n

The network’s third staking season will run for approximately three months, with six two-week-long epochs. Users can unstake their tokens<\/a> as they are not locked, but their vote power will reset if they choose to stake again.<\/p>\n

Moreover, stakers are subjected to a 3-day warm-up period for voting eligibility. As such, users must stake their tokens at least three days in advance, as voting occurs the first week of each epoch.<\/p>\n

Are L2s Gravitating To Optimism?<\/h2>\n

Per the announcement, Mode worked with seasoned veterans in the sector to \u201cdeliver a new chapter in L2 governance.\u201d The L2 network will bring the vote escrow governance model to the Optimism Superchain with veMODE.<\/p>\n

Mode, powered by OP stack, is working alongside Optimism to build<\/a> the Superchain. The project is a network of several L2 blockchains \u201cthat share security, a communication layer, and an open-source development stack,\u201d aiming to eliminate the necessity of bridging or switching networks.<\/p>\n

Alongside Mode and Optimism mainnet, multiple L2 chains are part of the Superchain project, including Coinbase\u2019s Base network and Blast.<\/p>\n

This year, Sam Altman-backed Worldcoin<\/a>, now rebranded as World Network, announced its upcoming L2 network would also use OP Stack after migrating the protocol to the OP mainnet last year. World\u2019s World Chain is set to \u201cbring all humans on-chain\u201d and work within the Optimism Superchain at launch.<\/p>\n

Related Reading: Ethereum (ETH) About To \u2018Catch Up On BTC\u2019, Is It Ready To Reclaim $3,000?<\/a><\/div>\n

Mode’s co-founder and CEO, James Ross, highlighted OP Stack\u2019s role in the Superchain and securely scaling an L2 ecosystem. Additionally, he noted OP Labs\u2019 feat of bringing together several top teams to contribute and build this project collectively:<\/p>\n

\n

OP Labs has managed to bring together top teams like Base, Sony, Uniswap, and World to collectively contribute to the Superchain which is beginning to have an incredible network effect as more and more top teams are joining the Superchain to build it out together.<\/p>\n<\/blockquote>\n

OP is trading at $1.7, a 1.8% decrease in the past 24 hours as of this writing.<\/p>\n

\"Optimism,
Optimism (OP) performance in the weekly chart. Source: OPUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Mode Network, the Layer 2 (L2) chain powered by the Optimism OP stack, announced the launch of its new vote escrow and gauge-based model to \u201cimprove L2 governance.\u201d The new framework, powered by Aragon, will upgrade the MODE staking module to foster network growth and incentive distribution in the ecosystem. Related Reading: Polkadot (DOT) Gearing Up For \u2018Massive Breakout\u2019, Will It Skyrocket To $20? Mode Network To Implement New Model For L2 Governance Mode, the modular Decentralized Finance (DeFi) L2 network building on the Optimism Superchain, revealed it would implement veMODE for its Season 3, starting October 17. \u00a0veMODE is a vote escrow (ve) model was built by Aragon to upgrade the network\u2019s current staking module. Mode’s new framework is a \u201ctokenomics-first design\u201d to foster incentive alignment. Therefore, It will aim to provide governance focused on staking but not locking tokens, protocol voting, and long-term growth. The framework will apply \u201cve and gauges to a roll-up ecosystem\u201d to introduce a \u201cdynamic governance model that (\u2026) reduces coordination overhead and drives network growth.\u201d Moreover, veMODE will offer stakers rewards for upgrading their staked MODE balance. It will also enable users to continue earning Optimism (OP) and vote for the incentive\u2019s distribution to the ecosystem’s protocols. Stakers will gain more voting power with the ve governance model, first introduced by Curve Finance with its veCRV model. As a result, veMODE will allow stakers to have more influence in governance decisions the longer their tokens remain staked. The network’s third staking season will run for approximately three months, with six two-week-long epochs. Users can unstake their tokens as they are not locked, but their vote power will reset if they choose to stake again. Moreover, stakers are subjected to a 3-day warm-up period for voting eligibility. As such, users must stake their tokens at least three days in advance, as voting occurs the first week of each epoch. Are L2s Gravitating To Optimism? Per the announcement, Mode worked with seasoned veterans in the sector to \u201cdeliver a new chapter in L2 governance.\u201d The L2 network will bring the vote escrow governance model to the Optimism Superchain with veMODE. Mode, powered by OP stack, is working alongside Optimism to build the Superchain. The project is a network of several L2 blockchains \u201cthat share security, a communication layer, and an open-source development stack,\u201d aiming to eliminate the necessity of bridging or switching networks. Alongside Mode and Optimism mainnet, multiple L2 chains are part of the Superchain project, including Coinbase\u2019s Base network and Blast. This year, Sam Altman-backed Worldcoin, now rebranded as World Network, announced its upcoming L2 network would also use OP Stack after migrating the protocol to the OP mainnet last year. World\u2019s World Chain is set to \u201cbring all humans on-chain\u201d and work within the Optimism Superchain at launch. Related Reading: Ethereum (ETH) About To \u2018Catch Up On BTC\u2019, Is It Ready To Reclaim $3,000? Mode’s co-founder and CEO, James Ross, highlighted OP Stack\u2019s role in the Superchain and securely scaling an L2 ecosystem. Additionally, he noted OP Labs\u2019 feat of bringing together several top teams to contribute and build this project collectively: OP Labs has managed to bring together top teams like Base, Sony, Uniswap, and World to collectively contribute to the Superchain which is beginning to have an incredible network effect as more and more top teams are joining the Superchain to build it out together. OP is trading at $1.7, a 1.8% decrease in the past 24 hours as of this writing. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":648570,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[91312,10923,90325,93226,93224,86072,11738,93223,86141,66697,93225,83778],"class_list":["post-648556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-base-layer-2-network","tag-crypto-market","tag-ethereum-l2","tag-governance-model","tag-mode-network","tag-op","tag-optimism","tag-optimism-superchain","tag-opusdt","tag-superchain","tag-world-chain","tag-worldcoin"],"acf":[],"yoast_head":"\nOptimism Superchain L2 Network Launches Ve Governance Model<\/title>\n<meta name=\"description\" content=\"L2 Network Mode brought a new ve governance model to the Optimism Superchain for network growth and 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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