Mask Network Introduces Staking Season 1 for $MASK Token Holders
Alvin Lang Jun 07, 2024 11:19
Mask Network announces the launch of its first staking program.
Mask Network has unveiled the first season of its staking program, offering $MASK token holders the opportunity to stake their tokens for rewards. According to Mask Network's official Medium post, the initiative aims to foster community engagement and support the development of decentralized technology and social media solutions.
Staking Rewards
Participants in the staking program can earn additional tokens from Mask Network’s core partners and promising projects within its ecosystem. Specifically, staking $MASK tokens will allow participants to earn points, which can be exchanged for 700,000 $RSS3 and 40,000 $TON tokens. The staking process will be accessible on Mask Network's Staking Page, available on the Ethereum mainnet.
Points System
The staking model operates on a points-based system, where most users earn 1 point per hour for each staked $MASK. The total rewards are distributed based on the proportion of an individual's points to the total points accumulated during the activity duration. Participants can deposit $MASK at any time during the staking period and withdraw their tokens at the end of the period. During the staking period, assets are locked and cannot be withdrawn.
Staking Guidelines
Restricted Regions and Compliance
Staking is not available in restricted countries including the US, Canada, China, Iran, North Korea, Syria, Netherlands, Crimea, Malaysia, Bangladesh, Bolivia, and Cuba. Participants must ensure that their use of Mask Network's staking services complies with applicable laws, including regulations on anti-money laundering (AML), counter-terrorist financing (CFT), sanctions, and financial regulations.
Eligible Participants
The staking program is exclusively open to individual users. Organizations, companies, or institutions are not permitted to participate.
Security Measures
The staking contract will undergo strict security audits and testing to ensure the safety of user assets. However, users should be aware that staking activities carry certain risks, including market risks and smart contract vulnerabilities. Participants are advised to carefully evaluate these risks before engaging in staking activities.
About Mask Network
Mask Network aims to bridge Web2 and Web3 decentralized applications, evolving into a Web3 social conglomerate that invests in and builds decentralized social apps, developer tools, protocols, and creative content. For more details, visit Mask Network's official Medium post here.
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