Web3 Project Spotlight: Mask Network, Shiba Inu, Dodo
Time for another installment in our ‘Crypto Spotlight’ series! The web3 space has a ton of great projects being built right now — spanning across DeFi, the metaverse, NFT’s and GameFi — & the team here at Velvet.Capital thinks some shoutouts are in order to our fellow builders!
Today we are going to cover Mask Network, Shiba Inu, and Dodo! This will be a reoccurring spotlight so comment your favorite projects below & we’ll get to them ASAP!
All the projects we cover are available for investment on Velvet.Capital.
Mask Network: MASK (Governance)
Mask Network is a bridge between Web2 apps and the web3 world.
By using the protocol extension, Mask Network gives its users a glimpse of web3 technology without having to leave the apps they love. Users of Mask Network enjoy secure, decentralized social messaging, payment networks, file storage, and file sharing without leaving mainstream social media networks such as Twitter and Facebook.
Without the proper encryption, anyone can view your social media messages. However, with Mask Network’s encryption, users can send messages only the proper recipient can view.
Recently, $MASK has been making price movements with the recent news of Elon Musk buying Twitter. Especially since it came out that Binance would be helping in the funding of the Twitter acquisition and would be working on implementing web3 further on platform.
Features of Mask Network:
Chain Agnostic: The project is chain agnostic and supports Binance Smart Chain, Ethereum, Polygon, and others.
$MASK is the native governance token of the MaskDAO. The MaskDAO controls the Mask Network, so holders also are in control of the Network. $MASK was released in February of 2021 via one of Mask’s ITO (Initial Twitter Offering) features.
An ITO is a decentralized asset offering feature that lets users participate in token launches directly on Twitter.
With $MASK tokens, each token is the equivalent to one vote for MaskDAO-related events. To actively vote on a proposal, holders have to be actively staking $MASK for at least 7 days prior.
Over time, MaskDAO has and is going to continue to develop products and services relating to the Mask Network. In August of 2022, MaskDAO announced the Mask Grant Program, which supports and helps finance projects that are enriching the value of web3 and/or the Mask Ecosystem.
$MASK has a total supply of 100 Million tokens and distributed the tokens as seen above. Currently, about 29 Million are in circulation. In governance, 1 $MASK equals one vote in MaskDAO events.
Currently, $MASK is trading at $3.30 with a market cap of $96 Million. The all-time high for $MASK was $30.30 in February 2021 shortly after the token was released. Therefore, from all-time highs, $MASK is down 90%.
The rapid price depreciation isn’t necessarily a reason to freak out. Some of the depreciation in the token could have been due to the release schedule of the tokens - with 100 Million releasing after 36 months.
Following the stoppage of the token releases, the price appreciation of $MASK will depend on the normal market factors.
Shiba Inu: SHIB (Memecoin)
Shiba Inu… the second most famous dog in the crypto universe and many people’s beloved token… then it went down.
Can a Memecoin like Shiba Inu have a purpose? Is it’s only purpose an eventual rug pull?
Here’s the thing, Shiba Inu did have a purpose for being built. It was built as a social experiment on spontaneous community building.
The founders believed that building on top of a community is the future, so they set out to try it. To do it they decided to follow suit of Dogecoin and add their own Dog.
So could it be a rug pull? Yes, but probably not from who you would expect. In the case of Shiba Inu, the founder is known as Ryoshi (anonymous like Satoshi in bitcoin), so he must be the one who could rug pull, right? No, in this case a different Crypto Founder, Vitalik Buterin was sent 50% of Shiba Inu Total supply from Ryoshi and is the one who could rug pull. Because Vitalik received all these tokens lead to the belief he was the founder. However, Vitalik has denied rumors that he was the creator of Shiba Inu, the founders of the token decided to send him 50% of the total supply.
But, in the case of Shiba Inu, Vitalik burned his entire supply of Shiba Inu tokens, which lead many to hop on the train of Shiba Inu in 2021.
Shiba Inu holders strongly believe that Vitalik won’t sell his Shiba Inu and make the coin sink in value.
Shiba Inu is Dogecoin’s largest memecoin competitor with a market cap of $6 Billion. But it isn’t alone - as there are other dog themed cryptocurrencies that have been released throughout the years aiming to compete with Dogecoin.
From being memed all over the internet to being talked about by Vitalik and Elon Musk, Shiba Inu has taken on a similar path as Dogecoin. And in October of 2021, Shiba Inu briefly passed Dogecoin in market cap.
After the hype, Shiba Inu pumped to high’s of $0.000079, which was up 1,014% in four months from $0.00000708 when Elon made the tweet above about Shiba Inu. That’s the return’s memecoins can give investors in a short period of time.
With memecoins, they go up fast in value, but they also decrease in value quickly. Since hitting all time highs in late October of 2021, Shiba Inu has dropped to a current price of $0.00001185 (down 85%).
Shiba Inu has a current market cap of $6.5 Billion.
Memecoin investing can give large returns, however be careful when investing in them as most of their value is entirely dependent on social sentiment.
Dodo: DODO (DeFi)
DODO is a decentralized exchange platform powered by the Proactive Market Maker (PMM) algorithm.
Dodo’s unique proactive market maker (PMM) algorithm aims to offer better liquidity and price stability than automated market makers (AMM).
The DEX is built on the Ethereum and Binance Smart Chain.
SmartTrade trading and aggregation: DODO enables the trading between any two tokens that are on the same network. SmartTrade is used to find the best order from many liquidity sources to give traders the cheapest prices.
Crowdpooling: An equal opportunity way to distribute tokens and kick-off liquidity markets. Crowdpooling ensures that there is no front-running or bot interference.
Pools: Liquidity providers get the flexibility to create and manage their own market making strategies through the DODO Vending Machine and DODO Private Pool. This is a fully permissionless, non-custodial process and users are empowered to configure pools with various parameters in order to establish liquidity markets with the ideal pricing curves that suit their needs.
Mining of New Projects: In addition to trade mining and traditional liquidity mining, pool creators and liquidity providers can also get involved by participating in combiner harvest mining. Combiner harvest mining gives DODO platform users readily available exposure to trending, promising projects that are willing to collaborate with DODO. Vetted projects can create liquidity pools on DODO and liquidity providers of these pools will receive DODO reward tokens.
Proactive Market Maker (PMM): A new blockchain market making model. It is different from the non-constant function market maker model, which separates the transaction-to-asset relationship. Parameters such as asset ratio and curve slope can be flexibly set. At the same time, an oracle machine can be introduced to guide prices or price discovery by the market on the chain. This oracle also gathers more funds near the market price and provides sufficient liquidity.
DODO is the platform’s native governance token.
The use cases of DODO are governance rights, Crowdpooling and IDO Allocations, Staking, Trading-fee Discounts, and vDODO tokens. vDODO tokens are non transferable tokens that were introduced to be proof of membership for DODO’s loyalty program.
The current price of DODO is $0.1331, equal to a market cap of $14.7 Million.
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