Mask Network Will Airdrop $30 Million Worth Of Tokens: Report

Mask Network will airdrop $30 million worth of tokens after the successful initial Twitter Offering as we are reading more in our latest cryptocurrency news.

Mask Network had a first-of-a-kind Initial Twitter offering a week ago to launch its MASK token and now it is giving away about $30 million to qualified users. The Mask Network will airdrop the tokens after the Initial Twitter Offering and the network is a browser extension that creates an easy-to-use bridge between Web 3 Technologies and social media.

https://t.co/PZOfPCHmkP

— Mask Network(Mask.io) (@realmaskbook) February 27, 2021

Airdropping free tokens is a phenomenon of the bull market as many projects use token drops to reward the early adopters while defending the market share. The biggest token drop was Uniswap’s airdrop that distributed around 100 million tokens back in 2020 after SushiSwap started challenging the DEX market position. The record is now challenged as Mask, a web 3.0 protocol that allows users to send encrypted messages and trade tokens on social media. The so-called ITO rolled out in three rounds to accommodate the investors from all timezones and managed to sell 3% of the coins that it holds in reserve. Suji Yan, the founder of the network said that the ITO raised nearly $3 million.

Don’t forget to check your airdrop!! https://t.co/xWUhCf4Hly

— Mask Network(Mask.io) (@realmaskbook) February 27, 2021

The run-up to the token launch generated an unusual amount of buzz as the telegram account of the company exploded with the torrent of new participants entering. Many investors rushed to buy their tokens on Twitter and it even crashed the ETH RPC provider QuikNode. Mask’s Medium account also got disabled due to the huge amounts of traffic. The token-drop program will reward early adopters of the decentralized web as Yan said that a total of 1.86 million coins will be dropped to 16,800 addresses. Mask also noted that for the users that won’t claim their airdropped token in the next 24hours, the claimable amount will decrease 20% every day:

 “We are seeing not just crypto folks who want to participate in Mask’s ITO but regular users of Twitter who are curious about our product and cool things they can do.”

Yan noted that Mask hopes to use the token and to teach newbies how to participate in the web 3.0 economy without being uncomfortable. Previously, XRP was the one that made an airdrop. In December, the Ripple-based crypto startup Flare executed a snapshot of XRP holders and distributed the Spark token to them at a 1.0073 Spark per XRP rate.