Proposal: Whitelist MASK with 100K BNT Co-Investment

DAO Archive (SUBMITTED)
1

This proposal is expected to appear on Snapshot for voting on 2021-09-05T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

Proposal to Whitelist MASK

TL;DR

  • Proposal to whitelist MASK.
  • Proposed co-investment is 100,000 BNT.
  • There are no apparent security concerns that would prohibit whitelist status.
  • There is no reason to doubt the legitimacy of the MASK project.
  • The benefit to Bancor is clear.

Token Address: 0x69af81e73a73b40adf4f3d4223cd9b1ece623074

Project Website: https://mask.io/

Token Security

Address the security of the token contract and deployment.
Audit report:

SECBIT (Feb 22, 2021)

-$MASK Token Supply and Distribution
A total of 100,000,000 $MASK tokens was created at genesis. Below is the information of the previous rounds and the distribution of the token before the Initial Twitter Offering of $MASK.

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-3-Year Circulating Supply

Circulating supply is the outstanding balance of token that can be freely traded in the market at any point in time. The majority of $MASK supply is subject to long-term lockups. The initial circulating supply is made up of Public Sale of $MASK, the liquidity pool and airdrop. The chart below shows the gradual increase of the circulating supply as tokens unlock.

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The table below shows the circulating supply for each year.

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The contracts and addresses with the highest concentration of MASK tokens are predominantly the deployer and team reserve.

More information about MASK Token

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Project

Mask Network creates a decentralized application ecosystem that bridges the gap between Web 2.0 and Web 3.0 for users, helping them make a seamless transition. It provides the main function of encrypting and decrypting information transmission and evolves around this function, integrating de-private social, borderless payment network, decentralized file storage and sharing, decentralized finance, and governance (DAO) to help users protect their privacy, data, assets and rights on traditional social networks such as Twitter, Facebook, etc.

Tokenomics

$MASK is the native token of MaskDAO. The DAO is the owner of the Mask Ecosystem. $MASK holders are members of MaskDAO and possess ownership of the Mask Ecosystem through the DAO. As the native token, $MASK serves as incentives to facilitate governance. Each $MASK represents one vote. Overtime, Mask Network team and ecosystem members will develop more products and services that would accrue value to $MASK. Mask Network will continue to actively engage with top Web 3.0 and DeFi projects as we have done with MetaMask, Mirror, UniSwap, Pancakeswap, Transak, Coinmarketcap etc to expand use cases for $MASK.

Community and Communication

Available Audits

SECBIT (Feb 22, 2021)

Market and Trading Data

Benefits for Bancor

  • Single Sided staking and no IL risk for long term LPs can make this MASK’s deepest AMM pool. That should result in impressive volume.

  • As of Sep 1 2021, according to Coingecko $MASK market cap is $115,200,000 and average 24hrs trading volume YTD is $66,719,022 with nearly 66 thousand holders. By adding $MASK as a collateral asset, Bancor will potentially increase TVL and generate more usage.

  • MASK Network has an active community with more than 41 thousand followers on Twitter that will be happy to support Bancor by promoting and marketing the utility of $MASK as a collateral on Bancor on social media.

  • Through Mask Network, users can directly view the price trend of tokens on CoinMarketCap or CoinGecko on Twitter and conduct transactions on Uniswap and Sushiswap by connecting their wallets. It is possible to seek the similar pattern of ecosystem cooperation between Bancor and MASK.

  • MASK Network is also starting a Social Defi Aliance that aims to help Defi get mass adoption from regular social network users. From the Wall Street Bet Revolution to Tik Tok investors to the ultra addictive Crypto Twitter, social and finance has proven to be more than a natural fit as we’ve seen from numerous examples. Mask hopes to do this along with Bancor and the rest of the Defi community.

2 Likes
2

MASK is another great project to onboard, I would honestly be quite alright with a larger co-investment to try and beat the Uniswap pool but we can maybe try to pass that in a latter week once we’ve seen the pool go live. Great volume on this pair already on DEXs.

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1 Like
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Hi @Makima,

Welcome and thanks for posting this proposal. I am curious to know if there is an ongoing LM campaign for Sushiswap or Uniswap LPs?

4

I checked out Mask’s LP and rewards scheme on their site and visited the pools that are running now. They are not aggressive in this area. Their site links to Uniswap, but there’s not anything on the one place they’re actually networked with another group that appears to be a profitable arrangement for both. That is QuickSwap.

I happen to think Quick is doing very well for what it is, and given their audience over on the Matic train-wreck, well, I mean the Polygon Network. But that tie-up looks hopeless to me intermediate term, and the pools there aren’t competition for an LP run with rewards if both groups turbo charged a Bancor LP, and then tag-teamed the pool with added treasury tokens as needed until the pool is a valuable asset for both groups.

The gang seems to be a very focused marketing outfit, which is very interesting. So the ins and outs of finance i’m thinking they might not give a rip, but could be perhaps persuaded that a MASK token absent a future with an adequate LP, will be like a holiday season and a christmas tree without presents underneath: in short it would be depressing and lonely.

Ask them if they want the Mask token to be depressed and lonely. The answer will be no, and so they must offer rewards of their own into a BNT LP.

Go get em.

5

Hello. Yes we do have ones on Sushiswap’s Onsen pool and Quickswap. Pancakeswap’s campaign is over now.

1 Like
6

I see, thanks for letting us know. How long do you think the LM campaign will last on Sushiswap and Quickswap? I am assuming that these pools are being incentivize by mask tokens or are they actually getting sushi/quick tokens as well (or maybe both)? The reason why I ask is because we will be able to support LM incentives on the TKN side as part of V3 and it would be great if MASK LPs can also be incentivize to LP on Bancor when that happens (There is also the possibility of a dual LM campaign as well so that LPs get rewarded with $BNT and $MASK tokens).

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It usually lasts 6 months I think. It’s been long on Sushiswap. I’m not sure exactly when it’s over, probably soon I guess. The reward is paid in $Sushi, 0.09 SUSHI per $1000 per day.

The one on Quickswap has just started.

1 Like