NOTE：$MASK is not launched yet and not traded anywhere.
In our last post, we explained why $MASK token is created, what $MASK is used for, and how $MASK is distributed.
Users need to install the Mask browser extension (navigate to https://mask.io for more information) to participate in ITO and claim the airdrop. You’ll find a small Mask icon right next to your Twitter display name. Exciting gadgets including hovering on $ cashtags to easily view price charts and trade (by Uniswap & 0x & SushiSwap), Initial Twitter Offering, NFT displaying & purchasing, encrypted messaging, file service(by Arweave), fiat on ramp, are all at the tip of the finger on Twitter!
Now, let’s dive into the details on $MASK’s public Twitter Offering.
Mask Public Twitter Offering Distribution: 8% (1– 4 days lockups)
3% of Initial Twitter Offering (ITO)
4% of Liquidity Bootstrapping Pool (LBP)
1% of Airdrop
Initial Twitter Offering (ITO) Fixed Price: 3%
Our public offering will be carried out using Mask Network’s proprietary IDO mechanism, Initial Twitter Offering (ITO), which allows any Twitter user to buy $MASK without leaving Twitter.
Two successful ITOs has been conducted on Mask Network, including Loopring’s LRC (sold out in less than 3 minutes) and Mirror’s synthetic asset $mTSLA, The two cases has thoroughly demonstrated the capability of Mask Network to connect social media with the decentralized finance, as well as the demand of existing social media users for a user-friendly way to access the world of DeFi and Web 3.0.
In addition, it reveals the potential of Mask Network to bridge Web 2.0 and Web 3.0, because there is no easier entry than the social network platforms that people use on a daily basis.
To promote a fair initial distribution of token, the ITO is going to proceed in 3 consecutive rounds with tiered pricing.
$MASK can be bought with $USDT, $USDC, $DAI, $BUSD, $HUSD and $ETH. Each address will only be allowed to purchase a maximum of 2000 $MASK token each round.
$MASK token bought during the ITO will all be locked until 02/27/2021, 3:00am UTC+0.
ITO Rounds Breakdown (A total of 36 hours）
Liquidity Bootstrapping Pool (LBP): 4%
We will use Balancer’s LBP for the subscription of the remaining tokens before normal trading commences. As we need a mechanism to catch the true value of $MASK, we plan to allocate more than half of $MASK’s initial offering to the LBP.
We are dedicated to following the principles of fairness and user friendliness in the design of the public offering, which can be translated into the following points:
$MASK LBP Details （A total of 36 hours）
Start Time: 02/24/2021, 15:00pm UTC+0
End Time: 02/26/2021, 3:00am UTC+0
Token supply: 4 million
Accepted currency: $USDC
The Key LBP parameters will be released before it starts.
Inspired by Uniswap, Badger, Tornado.cash and other DeFi and Web 3.0 projects, we will not only give rewards to $MASK to our early supporters. Ecosystem participants like Gitcoin donors and active voters in DeFi governance will also be rewarded to show our appreciation of their efforts. We hope this can promote more meaningful contributions to the ecosystem.
A total of 1% of the total $MASK supply is allocated to the airdrop. We estimate that the airdrop will cover ~20,000 unique addresses. Normal users would receive 50 $MASK, while Power users could get over 400 $MASK in total. The reward decreases linearly by 20% everyday if unclaimed and the reduction will go back to the MaskDAO.
The unclaimed portion will be airdropped again to new qualified Mask Network users in the next 3 to 12 months. Please see future incentive plans at the end of the article.
The reward will be given to all addresses that have donated in two different rounds of Gitcoin grants or more (8 rounds completed to date). Mask initiated several grants on Gitcoin. Donors who have donated to our own Gitcoin bounty project will be deemed power donors.(before 01/01/2021)
We’d like to reward most snapshot voters and voters of other top projects like Maker, Compound, AAVE and Curve, whose governance system is not hosted on Snapshot (before 01/01/2021) because they are the core participants driving the Web 3.0/DeFi growth. Anyone who voted 2 or more times will be rewarded. Voters who voted more than 10 times will be considered power voters and be rewarded more.
Any ENS address that has been linked to a Twitter account (before 02/16/2021) will be rewarded.
Since Mask Network is decentralized and privacy protected, we do not know which address used our trading widgets to trade on Twitter (with third party apps like Uniswap and 0x). However, we do know who tried our smart contract Dapplets, i.e. Red Packet, NFT and ITO. We would like to thank you for your early support. Users who have used these Dapplets (before 02/16/2021) will be rewarded.
Time to Check and Claim Your Rewards
You’ll be able to check your reward on 02/21/2021 UTC+0, one day before the first day of ITO, but the reward will only become available to claim 24 hours after the LBP is concluded.
Future Incentive Plans
The core theme of the airdrop is to give back to our early adopters and key participants of the Web 3.0 ecosystem. In the future, we are going to incentivize more normal Internet users to enter the Web 3.0 ecosystem when the time is ripe, i.e. more DApplets within Mask Network, smart wallet, layer-2 solutions ready, and etc. The leftover part from the current airdrop will be added back to the pool for future airdrops. The details will be decided by the MaskDAO.
Start of Trading
We will put $2 million USD equivalent of $MASK and $ETH （$1 million each) at the ratio determined by LBP in the Uniswap pool before 02/27/2021 3:00am UTC+0, less than 24 hours after the conclusion of LBP.
Any $MASK token pair voluntarily created before our official one will likely have very thin liquidity and we do not advise acquiring $MASK token from it.
For detailed ITO and Airdrop collection tutorials, please click here：
Follow us on Twitter or join our chat groups on Telegram __and Discord!
Telegram (English) https://t.me/maskbook_group
Telegram （中文） https://t.me/masknetwork_cn