ETH Pool on Mode

Background

Summary

This governance proposal outlines the launching of a Stargate ETH pool on Mode Network. The Mode Foundation will seed $1m with an additional $2m being incentivized by the Mode Foundation. The objective of this proposal is to improve user bridging experience on/off Mode for both Stargate and Mode users and facilitate ETH transfers across the Superchain.

About Mode

Mode is the Modular DeFi L2 building the Superchain alongside Optimism. Mode is an OP stack Optimistic Rollup building the AIFi economy. Mode’s mission is to scale DeFi to billions of users through onchain agents and AI powered financial applications to build a more open, efficient, and inclusive financial future.

With c. $350m in TVL and c. $20m in daily volume, Mode is the third largest Superchain after OP Mainnet and Base. More than 50 protocols are deployed on Mode, including LayerBank, Ionic Protocol, Sturdy and Velodrome. Mode is spearheading the development of the first Superchain Super Apps with the first one launching soon.

Motivation

With the onset of more cross-chain DApps and the growth of the Superchain, integration of an ETH pool on Mode will enable quick, easy and cost effective ETH transfers across the Stargate network and Superchain ecosystem as a whole. This will allow users to seamlessly move ETH between Mode and other chains, leveraging Stargate’s scalability and efficiency.

Enabling ETH bridging for Mode will position Stargate as the primary liquidity hub for fast, low-cost asset transfers. This will increase Mode’s liquidity and establish it as a key player in cross-chain DeFi.

Proposal

We propose for Stargate to deploy an ETH pool on Mode Network. The Mode foundation will:

• seed $1m in ETH TVL
• incentivize for at least 12 months $2m in ETH TVL ($175k)

In addition, The Mode Foundation will also commit to a comprehensive marketing campaign to promote the launch of the ETH pool on Mode Network.

Execution

Upon approval, the ETH pool will be deployed and bridging initiated to Mode. The Mode Foundation will then seed the pool and begin incentives for 12 months.