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PANews reported on August 5 that according to DL News, DefiLlama data shows that the total lock-up value (TVL) of the Ethereum Layer2 network Mode Network has plummeted by 99% from a peak of $582 million in May 2024 to approximately $4 million. The native token MODE of the network has fallen over 98% from its historical high. After receiving a $5.3 million grant from the Optimism Foundation in January 2024, Mode Network attracted a large amount of liquidity in a short period through airdrop incentive activities. However, as the incentives have decreased, its over 50 on-chain DeFi projects now generate almost no actual revenue. It is worth noting that the official website still shows a TVL of $500 million, which is severely inconsistent with the on-chain data.