01 Project Brief
Mask Network was founded by Suji Yan in July 2019 with the vision of creating a portal to a new open internet. Mask Network integrates Web3 functionality into Web2 (such as Facebook and X) platforms, allowing users to access DApps, NFTs, DAOs and other decentralized services without leaving familiar social media sites.
Mask Network also allows users to encrypt their messages and files and send and receive cryptocurrency directly on social media. Only the intended recipient can decrypt and view the content using the correct password or private key. In this way, Mask Network protects the privacy and security of user data from third parties and censorship.
Official website: https://mask.io/
Twitter: https://twitter.com/realMaskNetwork
02 Project Ecology
Since its launch in 2019, Mask Network has made remarkable achievements in the encryption field, not only building multiple products internally, but also investing in high-quality projects externally to build a broader ecosystem. Founder Suji Yan once mentioned in an interview that Mask is like Tencent in the Web world. Investment and construction of the entire ecosystem can give products a broader stage, which is incomparable to pure financial investment funds.
Mask Network's internal products include Mask browser extension, DID social application Firefly, and decentralized identity aggregation protocol Next.ID. In addition, in April 2023, it acquired the social curation protocol RARA as its product.
In addition, Mask Network has established a strong external ecological moat through external investment and incubation.
Web3 Social Grant
Mask Network launched the first round of Web3 Social Grant funding activities in November 2022, and has held three consecutive rounds so far. More than 100 projects have been funded through Mask Network. Well-known projects include:
Soul Wallet: A smart contract wallet that supports ERC-4337 and implements an Ethereum abstract account
Intmax: Rollup that achieves ultra-high scalability and privacy, significantly reducing the gas cost of zkRollup
MetaMail: Free to use Web3 email provider
LensPlay: Decentralized Video Sharing Application
In addition, Mask Network has launched multiple ecological incentive programs, including hackathons, Web3 scholarships, Mask Bounty, etc. Its goal is to provide MASK tokens worth US$1 million to fund approximately 50 Web3 and public utility projects every year.
Foreign investment and acquisitions
On February 19, 2024, Mask Network announced that its venture capital arm, Bonfire Union, would launch a second fund. Since its establishment in 2022, the two funds have raised a total of US$100 million.
Bonfire Union's goal is to strategically invest in decentralized social networks and infrastructure. To date, more than 120 projects have joined the Mask Network ecosystem through Bonfire Union, including a number of well-known and fast-growing Web3 projects, such as RSS3, AltLayer, Lens and Scroll.
In addition, Mask Mask Network Academy, a non-profit entity established by Mask, provides financial and technical support to journalism majors at the world's top universities and aims to promote Web3 research and narrative.
Partner
Mask Network has expanded its partnerships extensively since its inception. In 2021, Mask Network jointly launched the SocialFi Alliance (SocialFi Alliance) with 15 founding partners, whose members include well-known protocols such as Polygon, Sushi, and Gitcoin.
Based on the support of these partners, Mask Network has developed a series of Web3 native social products and DID protocols. These products and protocols can provide users with a secure, rich and decentralized experience, while also assisting and contributing to the vigorous development of the entire Web3 social ecosystem. For example:
Mask Network partners with the Open Network Foundation, joining the foundation as a founding member and board member, and plans to collaborate with other members on various initiatives and projects.
Mask Network has integrated Warashibe into its extension, allowing users to trade NFTs and tokens directly on social media.
Mask Network partners with private mobile browser Puma Browser to provide mobile users with a seamless and secure Web3 experience.
03 Economic Model
MASK is the native governance token of Mask Network, issued on Ethereum, with a fixed total supply of 100 million tokens. At present, MASK is basically in full circulation, and its initial distribution is as follows:
Token utility
Governance: MASK holders can vote on decisions and proposals of the Mask Network protocol, such as adding new features, integrating new DApps, adjusting parameters, etc.
Incentives: MASK tokens are used to incentivize contributors and participants of the Mask Network ecosystem, such as developers, designers, researchers, community managers, DApplet creators and users, to promote various functions and services within the ecosystem. Create and update.
Development: MASK tokens are used to fund the development and maintenance of the Mask Network protocol and extensions, in addition to supporting the Mask Network Ecological Fund, which invests in and incubates Web3 projects compatible with Mask Network.
Advanced features: MASK tokens are used to access advanced features and services on Mask Network, such as exclusive DApplets, advanced encryption options, custom widgets, etc., in addition to allowing users to enjoy discounts and benefits on partner platforms and DApps.
Data on the chain
Currently, approximately 44.92% of the total MASK tokens are stored on CEX, of which Upbit has the largest amount, approximately 18.17 million MASK.
In the deposit/withdrawal data of CEX in the past 90 days, in most cases, withdrawals are greater than deposits.
According to the data in the chart below, a sharp increase in currency withdrawals is often accompanied by a high increase in currency prices. The higher currency withdrawals than deposited currencies, to a certain extent, means that traders are purchasing and accumulating chips.
Both large and medium-sized holders on the chain have increased their holdings in the past week, with large-sized holders increasing their holdings by more than 24.91%.
04 Team/Financing
Suji Yan: Founder/CEO, he dropped out of school to start a business while studying computer engineering at the University of Illinois at Urbana-Champaign. He was previously an independent reporter for Qdaily & Caixin Media, and had conducted in-depth reports on the Fukushima Nuclear Power Plant.
Yisi Liu: CTO, experienced blockchain developer, former Microsoft and Alibaba engineer.
Cecilia Li: Chief Investment Officer, formerly the Investment Director of OK Blockchain Capital.
Zhang Tianran: Head of Ecology, manages all investment matters of Bonfire Union Ventures.
According to data from the RootData platform, Mask Network has completed US$52.7 million in financing, with investors including DCG, Binance Labs, Animoca Brands, Hash Global, HashKey Capital, IOSG Ventures and other top institutions.
05 Project Summary
Mask Network has been committed to building a Web3 social ecosystem for a long time, and has gradually revealed the leading trend of SocialFi. Referring to the development path of Web2 social giant Tencent, social products can be used as traffic portals, and then extend to e-commerce, games, entertainment and other sectors. Mask Network is also actively expanding the ecosystem based on this idea, and has received good market feedback.
At the protocol functional level, Mask Network covers decentralized identity, social graph, information distribution, messaging, notifications, etc. At the product level, Mask Network has built multiple mature social products. A seamless user experience can be achieved through the composability of protocols and products, and it can promote the expansion of the ecosystem and attract more potential users to enter Web3 through Mask Network.
