Mask Network announced the first season for its staking program. $MASK holders can stake their tokens to earn rewards. According to Mask Network’s official Medium post on the initiative, it aims to encourage community engagement and to support the development and implementation of social media and decentralized technologies.
Staking Rewards
Mask Network and its core partners will offer tokens to participants who stake $MASK. Staking $MASK will earn participants points that can be traded for $RSS3 tokens worth 700,000 and $TON tokens worth 40,000. Staking will be available through the Mask Network Staking Page on Ethereum mainnet.
Points System
The stake model is based on a point-based system. Most users earn one point per hour, for every $MASK they stake. Total rewards are calculated based on a percentage of points earned by each individual compared to the total number of points accrued during the duration. The participants can deposit $MASK any time during the stake period, and then withdraw their tokens after the period. During the staking phase, assets cannot be withdrawn.
Staking Guidelines
Restricted Areas and Compliance
Staking isn't available in certain countries, including the US and Canada. It's also not available in Iran, North Korea (North Korea), Syria, Netherlands, Crimea. Participants must comply with all applicable laws and regulations, including those relating to anti-money-laundering (AML), counterterrorism financing (CFT), financial regulations, sanctions, and regulations.
Eligible Participants
Individual users are the only ones who can participate in this program. Organisations, companies or institutions cannot participate.
Security Measures
To ensure the security of user assets, the staking contract is subject to strict audits and tests. Users should be aware, however, that staking involves certain risks. These include market risks and vulnerabilities in smart contracts. Participants are advised carefully to evaluate these risks prior to engaging in staking.
About Mask Network
Mask Network's goal is to bridge Web2 decentralized applications and Web3 decentralized apps. It will evolve into a Web3 conglomerate which invests and builds decentralized social app, developer tools and protocols, as well as creative content. Visit Mask Network's Medium post for more information.
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