The New MASK of Farcaster!
No, I am not talking about the Halloween face masks, but instead I am referring to a super fun token called $MASKS
$MASKS has a super clear fundamental ideology: Tokenize your engagement!!!
The idea stems from an existing social media problem: Engagement is not valued correctly. Social media holds zero-value if there is no engagement, irrespective of the platform or format (video/written).
To truly value engagement, there has to be an equal transaction and execution layer. Currently, Engagement across social platforms is a 1-way street, where creators put out content and users engage with content through likes, recasts or comments.
$MASKS as a tipping powerhouse aims to shift that balance by closing the engagement loop on the Optimism Superchain.
Why Optimism as a chain of choice?
Simply because of the ability of Optimism to process transactions quickly at a low cost. This is super crucial, because social media actions happen at a speed of light and number of interactions can cross the thousand mark in a blink-of-an-eye.
Optimism Superchain also facilitates integration with a wide range of services, while being super scalable for managing community engagement on a large scale.
$MASKS Tokenomics:
Total Issued initially: $21 billions of $MASKS
Distribution:
60% for the community,
15% to support the development team and the overall ecosystem
10% to build a liquidity reserve
15% to Liquidity Providers
Inflation:
A 1% inflation rate is planned from 2026 to encourage ongoing engagement and support project development
Airdrops:
Partner communities (10%): 2,100,000,000 $MASKS allocated to specific communities to be announced soon.
Airdrop 1 (15%):
3,150,000,000 $MASKS distributed over 2 months (50% each month).
Airdrop 2 (15%):
3,150,000,000 $MASKS distributed over 6 months (33.3% the first month, 33.3% spread over the following two months, 33.3% over the final three months).
Airdrop 3 (20%):
4,200,000,000 $MASKS distributed over 16 months (25% in the first three months, 25% spread over the next four months, 25% spread over the following four months, 25% in the final five months).
$MASKS can be currently used for tipping on Farcaster and is also designed to adapt to various uses.
The primary one being to enhance interactions and bringing value proposition to community participation.
The Whys & Hows of $MASKS:
Allocation is given on Mondays by simply following, posting and/or commenting in the /masks channel
Users require to add the action: TIP $MASKS to get started
Tipping can be done by simply adding the Mask emoji under a post and validating your action.
Validating action happens once the TIP $MASKS action is installed and press the 4 squares by pressing “TIP $MASKS”
Currently 1 MASK emoji tip = 460 $MASKS
Starting August 1, users will need to hold a minimum of 100,000 $MASKS in their Farcaster connected wallet to enable tipping.
Alternatively, users can use the MASK/ETH liquidity pool by holding a minimum of 50,000 $MASKS in the Uniswap 0.3% full range pool.
Participation in the liquidity pool also rewards users with incentives (15% of the total supply) from the liquidity pool.
An absolute win-win for active community backers which in turn will push for organic engagement!
The Allocation Playground:
Initially, $MASKS began with an equal distribution of allocation across the boards. Currently, a more advanced allocation system has been implemented.
Currently, the system of allocation takes into account: Likes, Reposts, Comments, Mentions and user Behaviour on Farcaster,.
The system is ever-evolving and will adjust over time based on community feedback!
Allocations are provided every Monday and takes into account the actions of the previous week to determine the number.
From August 1st, the beginning of the Airdrop Campaign 2, users will need to hold a minimum amount of $MASKS to be able to send tips.
Currently, user participation is also required to participate in liquidity pools to send tips.
In my personal view, this is a form of soft staking and actually brings a sense of conviction towards the token, project and community. The sense of belonging through a certain holding will always be beneficial when viewed from a macro lens.
As the team have previously said, their view towards the community is ever evolving and dynamic. Nothing is set in stone and $MASKS will always evolve for the better of the community in the long run while being sustainable.
The $MASKS Roadmap
Public API: The database is now available via public API. Users can monitor their stats in real-time and navigate through the leaderboard. For developers, they can seamlessly integrate the data into their respective apps and frames.
Token Generation Event: $MASKS was listed on June 30th, 2024 at $0.00002.
With 21 billion tokens issued, this brings in less than 5% of the total supply into circulation. While going live, $MASKS had a little over 8500 holders and a market cap of $3 million
Discord Tipping: If there are Web3 degens lurking around in numbers on any Web2 platform, it has to be on Discord.
$MASKS can now be tipped on Discord using the tip.cc bot! Without leaving the platform, people can sen and recieve real tips in $MASKS all without the hassle of connecting a native crypto wallet.
At present, some significant milestones for $MASKS are:
/masks channel has crossed 36000 subscribers
50k+ tips sent per day
16,000 average active users (5% bots whose allocations are removed weekly)
1.5 million+ tips sent since inception, hitting a whooping 650 million $MASKS
In Closing ✍🏻
$MASKS aims to redefine social media engagement, making it a two-way street where both creators and users benefit, thus paving the way for a more interactive and rewarding online experience.
With the perfect mix of Token Utility, Tokenomics & Use Case: Masks has the potential to become a very popular tipping token on Farcaster and go beyond that realm as well...
