Achieving $100 Million Milestone: Mask Network's (MASK) Bonfire Union

Mask Network Launches $100 Million Fund under Bonfire Union

Mask Network (Mask), a decentralized social networking pioneer, has announced the launch of its second fund under the Bonfire Union venture. This move brings the total funds raised to an impressive $100 million since its establishment in 2022. The primary goal of this strategic initiative is to drive the growth and innovation of decentralized social networks and infrastructure.

Bonfire Union: Nurturing the Decentralized Social Network Community

With over 120 projects already welcomed into the Mask Network ecosystem, Bonfire Union has played a crucial role in promoting dynamic Web3 initiatives like RSS3, Lens, and Scroll. The founder of Mask Network, Suji Yan, emphasized their commitment to supporting the decentralized social network community through grants and donations. This new fund will extend support to an even wider range of initiatives.

Mask Network: Bridging Web 2.0 to Web 3.0

Established in 2017, Mask Network’s vision has been to create a seamless bridge from Web 2.0 to Web 3.0 by developing user-friendly and innovative decentralized apps. It has evolved into a Web3 social conglomerate, focusing on decentralized social apps, developer tools, protocols, and creative content. Mask operates the largest collection of Mastodon instances, engaging over two million users.

Fostering Web3 Innovation and Education

Mask Network has been instrumental in fostering Web3 innovation through its Web3 Social Ecosystem Grant, supporting approximately 100 projects since 2021. Furthermore, the launch of the Mask Network Academy in December 2023 aims to promote Web3 research and storytelling in universities and journalism programs.

The Builder Initiative: Accelerating Decentralized Social Protocols

In collaboration with its social aggregator app, Mask X-Firefly App (Firefly), Mask Network has initiated a $10 million builder initiative to expedite the development of decentralized social protocols. This initiative brings together innovators to contribute to a free and open internet. The acquisition of the team behind RARA, a social curation protocol for NFTs, further demonstrates Mask Network’s investment in the future of Web3.

Mask Network: Leading the Decentralized Social Network Space

Through strategic investments and initiatives, Mask Network solidifies its leadership in the decentralized social network space. It paves the way for a more accessible and innovative Web3 ecosystem.