The Mode Network TGE was poorly handled.
Bybit acted as a makeshift market maker by delaying token deposits, which held back a lot of sales. Now, with most big sellers done, let's see where we stand.
Comparing Market Cap & TVL of Mode Network with competitors:
$MODE: $65M MC, $460M TVL
$MANTA: $425M MC, $173M TVL
$APTOS: $3768M MC, $346M TVL
$NEAR: $7997M MC, $327M TVL
$MANTLE: $3393M MC, $277M TVL
$TON: $21984M MC, $233M TVL
Despite a bad TGE, Mode is undervalued. It's notable that MODE already has utility - using chain projects and staking MODE gives a multiplier for season two drops.
Projects on Mode Network may also give airdrops to MODE stakers. Soon, staking MODE will let you earn a share of blockchain fees.
In conclusion, the poorly executed TGE has led to Mode being significantly undervalued.
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