Proposal to conduct a token swap with MaskDAO

Summary

MaskDAO proposes a token swap between MASK and SUSHI to further diversify both treasuries, promote ecosystem cooperation and deepen interaction between our communities.

Background

Mask is building a bridge between Web 2.0 social networks and Web 3.0 DApps. We have built a robust decentralized infrastructure that allows almost any dapp to be integrated on top of existing social networks without resorting to their APIs. We have also thought long and hard about what DApps we should bring to Web 2.0 social networks. More than 20 Dapps have gone live on Mask network, including Uniswap, Sushi, Opensea, Snapshot, Arweave, Gitcoin donation, etc.

You can use all of them without ever leaving Twitter as long as you have the Mask Browser extension installed. Mask is even compatible with Metamask and can be used alongside. In fact Mask is even sharing a seat with MetaMask in one of the major standard-setting organizations for the internet, ECMA.

$MASK is the native token of MaskDAO. The DAO is the owner of the Mask Ecosystem. $MASK holders are members of MaskDAO and possess ownership of the Mask Ecosystem through the DAO. As the native token, $MASK serves as incentives to facilitate governance. Each $MASK represents one vote. Overtime, Mask Network team and ecosystem members will develop more products and services that would accrue value to $MASK.

Mask & Sushi

SushiSwap has been a long-term partner of Mask Network. $Mask has been listed in the Onsen pool on Ethereum and is on Polygon Sushi as well. The liquidity of $MASK/$USDC pair is well over $2 million.

SushiSwap is a founding member of the SocialFi Alliance. SocialFi Alliance was initiated by Mask Network and aims to bring next-generation finance experience to the mass majority. We handpicked this batch of the social DeFi apps to cover both the core features like swap and swap aggregator and more consumer-level features like social trading, lottery, social savings, and sports/election betting.

We have always valued Sushi as a long-term ecosystem partner. Mask Network has integrated Sushiswap, enabling users to trade assets directly on Twitter with our decentralized applet infrastructure (see demo gif here). We will continue to integrate a series of Sushi’s products including the upcoming Shoyu and Miso, which we think have good synergy with our features of NFT gallery & authentication and Initial Twitter Offering.

It is worth noting that the integration of Shoyu and Miso will be done by Gitcoin hackers in the GR 11. Shoyu integration into Twitter will be ready at launch. Mask is also one of the largest donors and sponsors of Gitcoin.

It is also worth mentioning that there is an active interaction between our communities. Our team had an AMA on Sushi’s Discord channel a few weeks ago and it went very well with over 500 audiences.

In the future, we will launch more social DeFi projects for social network users, promote the connection between Web2.0 and Web3.0, guide more top Internet social platform users to access DeFi, and, for the long term, we are dedicated to promoting the large-scale application of Web3.0 along with our partners.

Benefit

We believe that the token swap enables us to:

  • Deepen bonds between our communities
  • Diversify our treasuries
  • Provide governance power in each other’s protocols

Specification

Execution at current 30-day moving average prices with no discount.
At the time of writing,

$MASK 30-Day MA = $11.5

SUSHI 30-Day MA = $12.13

$ 3 million notional value, paid in $SUSHI and $MASK.

247320.7 $SUSHI <> 260869.6 $MASK

Motion

For:

Execute swap with MaskDAO

Against:

Do not execute swap with MaskDAO

2 Likes

Related proposal:

Approve MaskDAO to pursue strategic swaps with holdings

1 Like
  • For: Execute swap with MaskDAO
  • Against: Do not execute swap with MaskDAO

0 voters

1 Like

Taylor from Mask Team here. Day 1 Sushi miner, love the vibe here as always and look for more long term cooperation!

2 Likes

Drop by the Sushi forum podcast. You’ll get more suggestions from the community members there as well

3 Likes

Cecilia from Mask here, It’s a win-win partnership that can build a stronger bond between the two projects through a treasury swap. Mask bridges users from Web 2.0 to Web 3.0 and values Sushi as a core strategic partner to bring Defi to more audiences.

3 Likes

While I was personally open to a treasury swap with OHM, I find it way to high for MASK.
Olympus has more than 100m$ liquidity on sushiswap, mask has barely 2m$.

The swap is superior than the total liquidity available.
It feels to be a win for the MaskDAO treasury way more than the Sushi one.

I guess i’ll be more open if the amount is reduced + vesting.

3 Likes

Maskbook is super cool, and I’ve been following the team shipping for a long time!

@hhk What are previous examples of Sushi token swaps? In the Ops wallet I can only see BitDAO tokens, as significant amount of tokens held from another project.

1 Like

Thx man!

I think OlympusDAO had a proposal for token swap with sushi first, abt 3 weeks ago. Quite well received, has Maki’s endorsement, 20 comments, 90% poll approval rate. But no further development as far as I can see.

link below

1 Like

Until now I don’t think there has been any treasury swap like this (OHM has not been voted yet).
But I can be wrong (I started to be active on the forum/governance only early 2021).

For treasury diversification between 2 protocols, there is the SushiHouse (index) by YAM but its not a token swap.

2 Likes

SocialFi would be a key battlefield for Dexes in the near future
Mask could support sushi reaching new users through existing Web2 social networks
Support for the collaboration, good for the ecosystem in the long term

Mask is a super cool permitless social network. I think it is very decentralized. In fact, it is very similar to sushi community.

1 Like

Love how this looks! Let’s go on and have long term cooperation :slight_smile:

Mask has been building slowly but steadily and has a lot to offer for web3 proponents. While it may look skewed in terms of benefits for Mask, there are several releases planned which will slowly but surely even the scales for both projects.

I think swaps are very important for many aspects:

  • financial, for treasury diversification
  • social, building bridges between community
  • protection, to create a friendly wall between the token and the speculation

Mask.io is growing day by day and building strong and decentralized solutions that will help the ecosystem

Both in the thread and in the Sushiswap call I remember Maki specifically not giving an opinion on the OHM treasury swap.

The OHM swap helps much more in terms of treasury diversification since their token is backed by a multitude of assets. There was also talk in the call about locking liquidity with OHM. I don’t feel the comparison or your highlighting of the details are fair representations even if some of the stats are true.

Also, every time we have an outside platform suggest some sort of partnership or symbiotic relationship we get flooded with new members to the forum. I think that the poll approval rating is not necessarily a good proxy of the general community’s outlook.

4 Likes

Oh I wasnt on the ohm call and turns out Maki’s comment is no longer there in the ohm post.

Yes I was drawing comparison as Olympus was the first one to start an token swap proposal here and looks like we are the second. But this is definitely not 1-to-1 comparison in that Mask as a project is a lot different.

We provide consumer facing product integration that no other projects can provide. Mask allows any social network users the ability to use sushi products without leaving the site in a decentralized manner. The experience is seamless as quite a few of the sushi community members have tried.

More than 100 people claimed red packet (live giveaway) via Mask browser extension during the Mask AMA here last month. In the follow on campaign, more than 150 users used Sushi via Mask as well for trades. We are also going to integrate Shoyu at launch so that people can not only trade tokens without leaving Twitter, but also NFTs, and demo them inside Twitter too.

The core idea is that Mask is unique and provide great synergy to Sushi product line so that it’s worth it to do the swap. Hope the community can feel the same. Try to use Mask browser extension if you haven’t done so already.

As a Sushi token holder, I really like this proposal as social aspects in DeFi will only become stronger going forward. I feel Mask is one of the leaders in bridging socials and DeFi so a perfect fit.

SocialFi is hot, #MASK is doing good on Twitter , e.g. NFT to real instead of JPG.
very bright future for #MASK.

Hi I guess I need to throw in a few more stats

According to Coingecko stats, in the past 30 days, Mask has an average volume of ~ $200 million and median volume of ~$100 mil. We are on almost all major exchanges, Coinbase, Binance, crypto.com, Huobi, Okex, WazirX etc.

As for Dex liquidity, we do only have >$2 mil on sushi, we also have $2 mil on uniswap, $8 mil on pancake and $1.4 mil on quick. So guess that covers most major dexs as well.

Also I thought I put in vesting before but guess I haven’t in the proposal. The vesting schedule I’m thinking about is a mutual 12 month lockup, we are willing to go longer as a gesture for long term relationship.

Hope this answers your concern.

I would still prefer to stress more on the product synergy as explained here. Or this link for a quick gif demo from Sushi Samurai (>300 likes) that shows how you can use sushiswap via Mask to complete a trade without leaving Twitter. IMHO The product synergy should be a more important factor to consider than a single token providing trading volume and tx fees for sushi holders.