The MASK token, native to Mask Network, experienced a rapid increase surpassing 30% in value in response to a recent announcement of a staking rewards program. The program offers MASK holders additional benefits from the network’s main partners and projects, aiming to solidify user engagement and promote the use of decentralized technologies.
Initiative to Reward Community
Mask Network has introduced this new staking program to demonstrate its dedication to its community, collaborators, and allied endeavors. Participants holding MASK tokens stand to receive extra tokens as a reward from the key partners and projects connected with Mask Network, thus deepening their involvement with blockchain-based offerings.
The network’s ecosystem has expanded significantly, with over 120 initiatives backed by Bonfire Union. Further accentuating its commitment to the Web3 space, Mask Network has also launched the third phase of its Web3 Social Ecosystem Grant, supporting 33 different projects.
Trading Volume and Price Impact
The MASK token’s value benefited significantly from the staking program announcement, at one point reaching $5.248 amid heightened trading activity, marking an increase in volume by over 400%. However, the subsequent profit-taking by investors looking to capitalize on their gains resulted in a minor retraction of the token’s price.
The slight price correction was further evidenced by a 6% reduction in the altcoin’s futures market open interest, suggesting that some investors are reallocating their investments away from MASK, leading to capital outflow from the token.