Mask is building a bridge between Web 2.0 social networks and Web 3.0 DApps. We have built a robust decentralized infrastructure that allows almost any dapp to be integrated on top of existing social networks without resorting to their APIs. We have also thought long and hard about what DApps we should bring to Web 2.0 social networks. More than 20 Dapps have gone live on Mask network, including Uniswap, Sushi, Opensea, Snapshot, Arweave, Gitcoin donation, etc.
You can use all of them without ever leaving Twitter as long as you have the Mask Browser extension installed. Mask is even compatible with Metamask and can be used alongside. In fact Mask is even sharing a seat with MetaMask in one of the major standard-setting organizations for the internet, ECMA.
Recently, we started the SocialFi Alliance with 15 founding partners from DeFi Apps, ecosystem partners, and community & media partners. 7 DeFi apps in the alliance, all running on Polygon, including Sushi, Quick, DODO, Pooltogether, Augur, dHEDGE and GoodGhosting, are ready to use since the start of the alliance and have won wild community support. It is worth noting that 4 of the 7 projects were integrated by Gitcoin bounty hackers. Mask is one of the largest donors and sponsors of Gitcoin. We will also expand the SocialFi Alliance to Multi-chain and Multi-apps.
We are also planning to start a Social NFT Alliance with even more features including NFT gallery, Verification for Twitter NFT avatar, NFT primary launch, NFT secondary marketplace, wrapping your social content into NFTs, NFT social games.
We are trying to bring outstanding DeFi/NFT projects or anything Web3.0 of utilities to the Mask extension and to billions of social network users.
With the ecosystem growing, we feel the increasing need to further strengthen partnerships with additional financial incentives, and the opportunity to expand our funding method beyond bounties and corporate venture style investments
Therefore, to further expand mask ecosystem, to increase $MASK’s use, to facilitate governance, and to enhance MASK’s influence within the DeFi, NFT and Web3.0 spaces, we are introducing the Mask ecosystem fund for token swaps, a Venture Capital fund, and Mask Grant. This post will focus on the token swap fund.
The Mask ecosystem fund for token swaps
The MaskDAO currently holds over 39% of the entire Mask token supply that is meant to be utilized to support and expand the MASK ecosystem. We believe an important way to do so is via strategic partnerships with crucial infrastructural protocols in the industry. We would like to pursue token swaps with our current/potential ecosystem partners as a way to accrue our utility of incentives to facilitate governance.
We propose a clear mandate allowing the DAO to pursue strategic swaps. Swaps may occur at par, a discount, or a premium, depending on additional factors involved with each deal. Tokens swapped will be at least subject to mutual lockups of at least a 12-month linear vesting schedule.
The size of the first fund for token swaps is set at x million $Mask, valued at roughly $xx million (30-day TWAP at ~$10, x% of total supply). We expect to support 30-80 listed projects over the next 2-3 years. Follow-on capital allocation from MaskDAO will depend on the performance and net effect on ecosystem growth of the first fund.
All major decisions would be voted upon prior to finalization. Approval here allows DAO members to initiate conversations with other DAOs and entities and structure terms that should be agreeable both to the counterparty and the MASK community. In other words, this provides permission to speak on behalf of the DAO during the legwork of these proposals.
First batch of potential partners could include 3 of our SocialFI Alliance partners: Sushi, dHEDGE, and Gitcoin.
The SushiSwap community is building a comprehensive, decentralized trading platform for the future of finance. Sushi has long been the fan-favorite among the crypto community and has been a long-term partner of Mask. Mask has integrated Sushiswap on Ethereum mainnet, Polygon and BSC, will integrate Shoyu, the Sushi NFT platform at launch, and continue to add support for new Sushi endeavors.
dHEDGE is a social trading Dapp where managers can operate a fund and followers can directly invest into the pool to enjoy the strategy. dHEDGE just launched its brand new V2 on Polygon. Social trading directly on major social networks is a huge upgrade over existing stand alone social trading sites and may as well be the birthplace of next generation Wall Street Bet.
Gitcoin is our Developer Community Partner, a community of builders, creators, and protocols at the center of open web ecosystems. Gitcoin is the easiest way to leverage the open source community to incentivize or monetize work. Mask is one of the largest bounty sponsors of Gitcoin with 44 bounties to date. Mask’s long term vision of a decentralized app ecosystem directly on top of social networks can’t be built without Gitcoin.
Other candidates also include (but are not limited to):
Layer 1/2s: Polygon, Flow, Near, Solana, Avalanche, Fantom, Luna
NFT: Axie Infinity, Ygg, Rarible, Superare, Agld
Web 3.0: The Graph, Arweave, Filecoin, BAT, Radicle, Kp3r, Epns
DeFi: YFI, 0x, Rari Capital, Pooltogether, QuickSwap, AAVE, OlympusDAO, Perpetual.
We thank Polygon, Perpetual and Olympus for being the first few pioneers in the DAO token swap experiment
Concerns: DAO-owned $MASK would be introduced into the market. However, it would remain in the possession of those who are highly likely to remain long-term aligned with us.
For: Approve DAO to pursue strategic swaps with a $xx million first fund
Against: Do not approve DAO to pursue strategic swaps.