2 Project introduction
Mask Network is an infrastructure for decentralized social networks. It aims to build a bridge between Web 2.0 and Web 3.0 and bring the decentralized application ecosystem into social media such as Facebook and Twitter. Users can easily gain the charm of the Web 3.0 world by using Mask Network while maintaining the original social network. Including social information, cryptocurrency payment, decentralized storage, privacy protection, encrypted file sharing, currency transactions and more.
2.1 Display Web3 portrait on Twitter
After installing the Mask Network extension application on the computer browser, a Web3 page can appear on Twitter. After connecting to the wallet, the web3 assets in the wallet can be displayed—including NFTs, POAPs, and donation records. You choose what you want to show.
Mask's plug-in also supports NFTs in the wallet, which can be set as Twitter avatars.
2.2 Encrypted tweets
You can use Mask to publish encrypted tweets, and you can select specific contacts to see them when publishing. You can also choose to see it only for yourself, or for everyone to see it.
2.3 Storing files within a decentralized network
Using Mask, you can easily upload files to Arweave or IPFS (powered by Arweave), and choose to publish encrypted files to tweets. It also supports choosing to be visible to yourself or to specific contacts.
2.4 Trading/Viewing Digital Currencies
Place the mouse on the $ with content, such as $ETH, $MASK, and the desired token page will pop up. The price of digital currencies can be viewed and traded directly. Mask supports ETH, BSC, Polygon, Arbitrum and xDAI. The dex on different chains is:
- Ethereum DEXs: UniSwap, SushiSwap, 0x, DODO, SashimiSwap
- BSC DEXs: PancakeSwap, SushiSwap and DODO
- Polygon DEXs: SushiSwap, QuickSwap and DODO
- Arbitrum DEXs: Uniswap
- xDAI DEXs: SushiSwap
2.5 How to use all functions on the mask
Mask Network already has more than 30 popular functions through fund development, foundation encouragement of ecological development, and third-party cooperation.
You can view https://mask.io/faq
NFT functions
- Set any NFT you own as your Twitter avatar
- Customize your Twitter page: Set up a Web3 tab and create an NFT gallery
- Buy or bid on NFTs via OpenSea or Rarible on Twitter
- View the latest quotes for Tweet NFT via the Valuables plugin
- How to participate in MaskBox sales
Personal Finance/DeFi Features
- Trade cryptocurrencies on Twitter via Uniswap, Sushi, 0x (supports ETH, BSC, Polygon, Arbitrum)
- View cryptocurrency information on Twitter (supports CoinGecko, CoinMarketCap)
- Invest with your favorite fund managers via dHEDGE on Twitter (supports ETH and Polygon)
- Build a weekly saving habit with GoodGhosting on Twitter (Polygon only)
- Participate in lossless lottery via PoolTogether on Twitter (supports ETH and Polygon)
- Release ITO (Twitter's first release) (supports ETH, BSC, Polygon, Arbitrum)
- Participate in ITO (Twitter’s first issuance) (supports ETH, BSC, Polygon, Arbitrum)
Wider Web 3.0 capabilities
- Send an encrypted tweet
- Send tokens/NFT to your friends (supports ETH, BSC and Polygon)
- Cast a Snapshot vote
- Using file services via Arweave (IPFS, SIA, Swarm coming soon)
- Make a quick Gitcoin Grant donation
- Receive tokens (from ITO/Airdrop) (supports ETH and Polygon)
Switch network and cross-chain
- MultiChain — switch networks
- Convert between Ethereum mainnet and Polygon using Polygon Bridge
- Convert $MASK from ERC20 to BEP20
3 Financing situation
In November 2020, Mask Network announced a $2 million round of financing co-led by HashKey and Hash Global. Other participants include Alameda Research, Sino Global and individual investors including Balaji Srinivasan.
In February 2021, Mask Network announced the successful completion of its latest round of financing of US$3 million, with participants including Digital Currency Group, Fundamental Labs, Longling Capital, Animoca Brands and 3Commas. Prominent individual investors were also present, such as Raymond Wang (co-founder of Ele.me) and Chen Qiufan (science fiction author, columnist and screenwriter), Max Webster, Qiao Wang and Imran Khan
In April 2021, Mask Network announced that it had received strategic investment from Binance, the world's leading cryptocurrency exchange. The strategic investment is part of Binance’s $100 million accelerator fund for developers building blockchain projects on Binance Smart Chain.
4 Ecological construction
Bonfire Union is an ecological investment fund under Mask Network that invests in decentralized social networks and infrastructure, aiming to become the Tencent of web3. The initial tranche of $42 million is backed by global investors including Digital Currency Group, Binance, Animoca Brands, Dapper Labs, Protocol Labs, Arweave, FreeS, Y2Z, HashKey Group, Hash Global, SevenX, IOSG Ventures, SNZ and Fundamental Labs et al.
To date, more than 120 projects have joined the Mask Network ecosystem under Bonfire Union, including some of the fastest-growing Web3 projects, such as AltLayer, RSS3, Lens, CyberConnect, etc.
On February 20 this year, Bonfire Union announced the launch of the second phase of the fund, with the capital scale exceeding US$100 million.
5 Token Economy
The total number of Mask tokens is 100 million, TGE time: February 24, 2021
- Foundation reserve 39.55%
Used to provide community funding, develop developer communities, build ecosystems, provide operational funding, build partnerships and collaboration.
- Core team 23%
6-month lock-up period, followed by 36-month linear unlocking every month.
- investor:
Mask Network has raised funds from investors at 5 different price levels over the years, details of which are shown below.
-
Airdrop: 1%
To thank those who participated in our experiments and activities, and those who have been supporting the development of DeFi and Web 3.0. Airdrop tokens are not locked.
- Community public fundraising: 7%
No lockup
- Initial liquidity pool: 1%
Governance — MaskDAO
The governance of the Mask network ecosystem is performed by MaskDAO, consisting of $MASK token holders. It is the final decision-maker on all matters relating to $MASK and the parameters and uses of the funds in the Reserve. $MASK token holders vote by staking their tokens on the proposal contract during the voting period. Voting periods usually last from 1 hour to 3 days. Only $MASK that has been locked in governance for the past 7 days before the proposal vote can vote during the vote.
6 On-chain data analysis March 2, 24
Ranking address 1: Unlocked foundation chips
Ranked Address 2: Binance Cold Wallet
Ranking address 3: Upbit cold wallet
Ranking Address 4: OKX Exchange
Ranked address 5: The unlocked team mask is transferred to this address and then to each wallet
Ranked Address 6: Transfer after the team is unlocked
Ranked Address 7: Binance Hot Wallet
Ranking Address 8: Bybit Exchange
Ranking Address 9: Unlocked Foundation Chips
Ranked Address 10: Team Unlocked Shares
Ranking Address 11: Officially controlled, transferred from the wallet previously used for market making
Ranking address 13: It has not been touched since the withdrawal from coinbse in November 2022. It may be the coinbase cluster wallet.
Ranked Address 14: BtcTurk Exchange
Ranked Address 15: GSR Market Maker
6.2 Analysis of foundation chips
The Mask Foundation has a share of 39.55%, which is used to provide community funding, develop developer communities, build ecosystems, provide operational funding, establish partnerships and collaboration. There are two addresses for the Mask Foundation's tokens. The address with tail number E962 is the unlocked Mask, which currently has 34.12 million pieces, and the address with tail number 2163 is the unlocked Mask, with a number of 1.09 million pieces. The total number of the two addresses is 35.21 million. In other words, the **Mask Foundation has spent a total of 4.3 million masks in more than three years, and the expenditure has been relatively controlled. **And this amount can also rule out the suspicion that the foundation secretly sells coins.
The foundation's expenditures were calculated on a monthly basis. The expenditures in 2022 were very small, and the expenditures began to increase in 2023, especially in February and March of 2023, reaching 1.05 million and 1.35 million.
6.3 Chip distribution
According to data from ScopeChat, the main chips of Mask are circulated in exchanges, and the proportion in exchanges is as high as 45.57%. The proportion of Mask in project parties and smart contracts is 38.71%. According to the analysis in the previous section, most of them are held by the Mask Foundation. Whale hold 5.77% of the accounts.
Among the wallets of exchanges, they are mainly concentrated in three exchanges: Binance, Upbit, and Okx. Binance has 19 million Masks, Upbit has 15 million, and Okx has 6 million. According to on-chain data query, the total number of Masks on these three exchanges on July 1, 2023 was 34.03 million. This means that so far, a total of 6 million Masks have been added to the exchange.
6.3 Team chips analysis
The following are statistics made in June 2023.
According to the token economic model, the team owns 23% of the Mask, has a 6-month lock-up period, and then linearly unlocks it within 36 months. According to on-chain queries, 638,800 are unlocked every month , and 6 months’ worth of shares were unlocked in the sixth month after TGE. There are two wallets for team chips: Ranking address 5: The team’s ununlocked mask and Ranking address 14: The unlocked team mask is transferred to this address.
The unlocked Mask will be transferred to some addresses. I made statistics on wallets with relatively large transfer amounts. There are many Masks in wallets with 12 addresses, and the cumulative number ranges from 500,000 to 1.28 million Masks. These 12 wallet addresses transferred a total of 13.78 million, and now there is 1.8 million left, most of which were transferred to Binance. The largest address currently holding positions is the address ending in 297c, with 1.8 million addresses. It was just transferred in on May 9th and 11th, and it may not be time to sell it yet.
It can be clearly seen that after the team's Mask is unlocked, they will choose to sell it (not immediately, maybe at a good price), and it is almost a clearance sale . It means that the team does not have too much confidence in the future, or has too much confidence in the currency price. And the team’s mask has not been fully unlocked.
According to on-chain statistics, from July 1, 2023 to the present, a total of more than 6 million Masks have been added to the exchange, and 5 million have been unlocked during this period, most of which have flowed into the exchange.
