Mode Network TVL has plummeted by 99% compared to its peak in May last year

According to DL News, DefiLlama data shows that the total locked value (TVL) of Ethereum Layer2 Network Mode Network has plummeted by 99% from its peak of $582 million in May 2024 to approximately $4 million. The price of the native token MODE on this network has dropped by over 98% from its historical high. After receiving $5.3 million in funding from the Optimism Foundation in January 2024, Mode Network attracted a large amount of liquidity in the short term through airdrop incentive activities. But with the reduction of incentive measures, its more than 50 DeFi projects on the chain now have almost no actual revenue generated. It is worth noting that the official website of the platform still shows TVL reaching $500 million, which is seriously inconsistent with the on chain data.