Mode Network logoMode Network

Mode is an Optimistic Rollup based on the OP Stack. The L2 is focused on building new economic systems for financial applications to grow.
Value Locked

$675.27 M

6.25%

Canonically Bridged
$126.46 M
Externally Bridged
$510.55 M
Natively Minted
$38.25 M
  • Tokens
  • Daily TPS
    2.446.54%
  • 30D tx count
    6.21 M
  • Stage
    Stage 0
  • Type
    Optimistic Rollup
  • Purpose
    Universal
  • ...

    Tokens

    Choose token

    Natively Minted Tokens

    Mode (MODE)
    Externally Bridged Tokens

    Merlin BTC (M-BTC)
    Renzo Restaked ETH (ezETH)
    Wrapped eETH (weETH.mode)
    KelpDao Restaked ETH (rsETH)
    StakeStone Ether (STONE)
    Canonically Bridged Tokens (Top 15)

    Ether (ETH)
    USD Coin (USDC)
    Wrapped BTC (WBTC)
    STONE Carnival LP (cSTONE)
    Tether USD (USDT)
    Wrapped eETH (weETH)
    Ankr Staked ETH (ankrETH)
    Dai Stablecoin (DAI)
    Uniswap (UNI)
    ChainLink Token (LINK)
    Aave Token (AAVE)
    Balancer (BAL)

    ...

    ...

    Milestones

    MODE token airdrop

    2024 May 7th

    MODE token launched.

    Learn more

    Mode starts using blobs

    2024 Mar 14th

    Mode starts publishing data to blobs.

    Learn more

    Mode Network Mainnet Launch

    2024 Jan 31st

    Mode Network is live on mainnet.

    Learn more
    Risk summary
    Fraud proof system is currently under development. Users need to trust the block proposer to submit correct L1 state roots.
    Risk analysis
    Fraud proof system is currently under development. Users need to trust the block proposer to submit correct L1 state roots.
    Sequencer failureState validationData availabilityExit windowProposer failure

    State validation

    In development

    Currently the system permits invalid state roots. More details in project overview.

    Data availability

    On chain

    All of the data needed for proof construction is published on Ethereum L1.

    Exit window

    None

    There is no window for users to exit in case of an unwanted regular upgrade since contracts are instantly upgradable.

    Sequencer failure

    Self sequence

    In the event of a sequencer failure, users can force transactions to be included in the project’s chain by sending them to L1. There is a 12h delay on this operation.

    Proposer failure

    Cannot withdraw

    Only the whitelisted proposers can publish state roots on L1, so in the event of failure the withdrawals are frozen.

    Rollup stage
    Mode NetworkMode Network is a
    Stage 0
    Optimistic Rollup.
    Stage 0
    4 requirements met
    Stage 1
    3 issues need fixing
    Stage 2
    1 issue needs fixing
    Learn more about Rollup stages
    Please keep in mind that these stages do not reflect rollup security, this is an opinionated assessment of rollup maturity based on subjective criteria, created with a goal of incentivizing projects to push toward better decentralization. Each team may have taken different paths to achieve this goal.
    Technology

    Fraud proofs are in development

    Ultimately, OP stack chains will use interactive fraud proofs to enforce state correctness. This feature is currently in development and the system permits invalid state roots.

    • Funds can be stolen if an invalid state root is submitted to the system (CRITICAL).

    1. L2OutputOracle.sol - Etherscan source code, deleteL2Outputs function

    All data required for proofs is published on chain

    All the data that is used to construct the system state is published on chain in the form of cheap blobs or calldata. This ensures that it will be available for enough time.

    1. Derivation: Batch submission - OP Mainnet specs
    2. BatchInbox - Etherscan address
    3. OptimismPortal.sol - Etherscan source code, depositTransaction function
    State derivation
    Node software

    The rollup node is composed of two software components: op-node, implementing consensus related logic, and op-geth, implementing execution logic. The configuration file can be found here.

    Compression scheme

    Data batches are compressed using the zlib algorithm with best compression level.

    Genesis state

    The genesis file can be found here.

    Data format

    The format specification of Sequencer’s data batches can be found here.

    Operator

    The system has a centralized operator

    The operator is the only entity that can propose blocks. A live and trustworthy operator is vital to the health of the system.

    • MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.

    1. L2OutputOracle.sol - Etherscan source code, CHALLENGER address
    2. L2OutputOracle.sol - Etherscan source code, PROPOSER address
    3. Decentralizing the sequencer - OP Stack docs

    Users can force any transaction

    Because the state of the system is based on transactions submitted on-chain and anyone can submit their transactions there it allows the users to circumvent censorship by interacting with the smart contract directly.

    1. Sequencing Window - OP Mainnet Specs
    2. OptimismPortal.sol - Etherscan source code, depositTransaction function
    Withdrawals

    Regular exit

    The user initiates the withdrawal by submitting a regular transaction on this chain. When the block containing that transaction is finalized the funds become available for withdrawal on L1. The process of block finalization takes a challenge period of 7d to complete. Finally the user submits an L1 transaction to claim the funds. This transaction requires a merkle proof.

    • Funds can be frozen if the centralized validator goes down. Users cannot produce blocks themselves and exiting the system requires new block production (CRITICAL).

    1. OptimismPortal.sol - Etherscan source code, proveWithdrawalTransaction function
    2. OptimismPortal.sol - Etherscan source code, finalizeWithdrawalTransaction function
    3. L2OutputOracle.sol - Etherscan source code, PROPOSER check

    Forced exit

    If the user experiences censorship from the operator with regular exit they can submit their withdrawal requests directly on L1. The system is then obliged to service this request or halt all withdrawals, including forced withdrawals from L1 and regular withdrawals initiated on L2. Once the force operation is submitted and if the request is serviced, the operation follows the flow of a regular exit.

    1. Forced withdrawal from an OP Stack blockchain
    Other considerations

    EVM compatible smart contracts are supported

    OP stack chains are pursuing the EVM Equivalence model. No changes to smart contracts are required regardless of the language they are written in, i.e. anything deployed on L1 can be deployed on L2.

    1. Introducing EVM Equivalence
    Permissions

    The system uses the following set of permissioned addresses:

    ProxyAdmin 0x470d…6aB7

    Owner of AddressManager. Admin of OptimismPortal, SystemConfig, L2OutputOracle, L1ERC721Bridge, OptimismMintableERC20Factory, L1StandardBridge.

    Sequencer 0x9919…0F2E

    Central actor allowed to commit L2 transactions to L1.

    Proposer 0x674F…0ddB

    Central actor allowed to post new L2 state roots to L1.

    Challenger 0x309F…A14C

    Central actor allowed to delete L2 state roots proposed by a Proposer.

    Guardian 0x09f7…dAf2

    Central actor allowed to pause deposits and withdrawals.

    Used in:

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    ConduitMultisig 0x4a49…A746

    Owner of the ProxyAdmin: it can upgrade the bridge implementation potentially gaining access to all funds, and change any system component. Also designated as the owner of the SystemConfig, meaning it can update the preconfer address, the batch submitter address and the gas configuration of the system. This is a Gnosis Safe with 4 / 7 threshold.

    Used in:

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    Those are the participants of the ConduitMultisig.

    ChallengerMultisig 0x309F…A14C

    This address is the permissioned challenger of the system. It can delete non finalized roots without going through the fault proof process. This is a Gnosis Safe with 4 / 6 threshold.

    Those are the participants of the ChallengerMultisig.

    SuperchainProxyAdmin 0x543b…fB04

    Admin of the shared SuperchainConfig contract.

    Used in:

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    SuperchainProxyAdminOwner 0x5a0A…3d2A

    Owner of the SuperchainProxyAdmin. This is a Gnosis Safe with 2 / 2 threshold.

    Used in:

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    SuperchainProxyAdminOwner participants (2) FoundationMultisig_1SecurityCouncilMultisig

    Those are the participants of the SuperchainProxyAdminOwner.

    GuardianMultisig 0x09f7…dAf2

    Address allowed to pause withdrawals in case of an emergency. It is controlled by the Security Council multisig, but a deputy module allows the Foundation to act through it. The Security Council can disable the module if the Foundation acts maliciously. This is a Gnosis Safe with 1 / 1 threshold.

    Used in:

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    GuardianMultisig participants (1) SecurityCouncilMultisig

    Those are the participants of the GuardianMultisig.

    FoundationMultisig_1 0x847B…9D92

    Member of the ProxyAdminOwner. This is a Gnosis Safe with 5 / 7 threshold.

    Used in:

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    Those are the participants of the FoundationMultisig_1.

    SecurityCouncilMultisig 0xc281…Bd03

    Member of the ProxyAdminOwner. It implements a LivenessModule used to remove inactive (98d) members while making sure that the threshold remains above 75%. If the number of members falls below 8, the Foundation takes ownership of the Security Council. This is a Gnosis Safe with 10 / 13 threshold.

    Used in:

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    FoundationMultisig_2 0x9BA6…6b3A

    Deputy to the GuardianMultisig. This is a Gnosis Safe with 5 / 7 threshold.

    Used in:

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    Those are the participants of the FoundationMultisig_2.

    Smart contracts
    A diagram of the smart contract architecture
    A diagram of the smart contract architecture

    The system consists of the following smart contracts on the host chain (Ethereum):

    The L2OutputOracle contract contains a list of proposed state roots which Proposers assert to be a result of block execution. Currently only the PROPOSER address can submit new state roots.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The OptimismPortal contract is the main entry point to deposit funds from L1 to L2. It also allows to prove and finalize withdrawals. This contract stores the following tokens: ETH.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    It contains configuration parameters such as the Sequencer address, the L2 gas limit and the unsafe block signer address.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The L1CrossDomainMessenger (L1xDM) contract sends messages from L1 to L2, and relays messages from L2 onto L1. In the event that a message sent from L1 to L2 is rejected for exceeding the L2 epoch gas limit, it can be resubmitted via this contract’s replay function.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The L1StandardBridge contract is the main entry point to deposit ERC20 tokens from L1 to L2. This contract can store any token.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The L1ERC721Bridge contract is used to bridge ERC-721 tokens from L1 to L2.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The SuperchainConfig contract is used to manage global configuration values for multiple OP Chains within a single Superchain network. The SuperchainConfig contract manages the PAUSED_SLOT, a boolean value indicating whether the Superchain is paused, and GUARDIAN_SLOT, the address of the guardian which can pause and unpause the system.

    Can be upgraded by: SuperchainProxyAdmin

    Upgrade delay: No delay

    Proxy used in:

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    Value Locked is calculated based on these smart contracts and tokens:

    Main entry point for users depositing ERC20 token that do not require custom gateway.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    Main entry point for users depositing ETH.

    Can be upgraded by: ProxyAdmin

    Upgrade delay: No delay

    Implementation used in:

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    The current deployment carries some associated risks:

    • Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

    Knowledge nuggets