The most topical project at the moment is none other than Mask Network.

Source: Twitter

Source: Twitter

On February 24th, Mask Network completed the ITO (Twitter's first issuance), which attracted many users in the currency circle to participate. Prior to this, the project has completed a new round of financing led by DCG. Participating institutions include Fundamental Labs, Longling Investment, Animoca Brands, Moonwhale Ventures, Block0, 3Commas, AHP Investments, etc., which can be called luxurious.

For such a project with its own traffic, no leading trading platform will turn a blind eye to it. The two giants in the Chinese market, Ouyi OKEx and Huobi, have also set off an arms race for listing coins.

Although the two are comparable in terms of response speed and marketing efforts, according to insiders, during the listing period of MASK, Ouyi OKEx's MASK asset accumulation volume is 8 times that of Huobi.

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Comparison 1: Listing speed

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Data source: OKEx, Huobi official website

As shown in the figure, Huobi is the first to open the deposit and withdrawal of MASK, but the opening trading time is an hour behind OKEx.

Considering that both are open for trading on the premise of satisfying the recharge amount, we can roughly infer that more users choose to recharge their MASK to OKEx.

The reason is probably related to the performance of the two trading platforms in the recent extreme market conditions.

On the evening of the 19th, due to the failure of the AWS node in Tokyo, Huobi experienced a serious downtime, and it was fully restored in the morning of the next day; on the 22nd, affected by the extreme market conditions, Huobi experienced another network failure.

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Comparison 2: Opening Performance

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Data source: OKEx, Huobi

According to the market, the opening price of MASK on the OKEx platform was 0.95U on the evening of the 24th, and the highest price rose to 40U, an increase of 4110.53%. The opening price of MASK on the Huobi platform was also 0.95U in the early morning of the 25th, and the highest price rose to 32.5U, with the highest increase of 2826.34%.

Overall, the opening performance of the two platforms is perfect, but because Ouyi OKEx has the first-mover advantage, it has attracted most of the traffic in advance, and investors are more enthusiastic about trading.

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Contrast 3: Activity Threshold

In order to encourage users to trade, the two platforms launched corresponding marketing activities respectively.

Huobi is quite satisfactory, and users who participate in recharge, trading and holding positions can share MASK rewards; in contrast, Ouyi OKEx is more creative, and cooperates with Mask Network to launch a limited-time IFO of 50,000 MASK (initial free issuance), new and old users can participate in recharge Draw lots, the highest reward is 500 MASK.

From the perspective of participation threshold, Ouyi OKEx is obviously more friendly to new and old users.

Let’s take a look at Huobi first. Users can share rewards in three ways: recharging, trading, and holding positions. Both recharge and holding rewards depend on the proportion of the user's funds, which means that most of the rewards will be concentrated in the hands of large users. If you trade MASK spot, you need more than 100. According to the current price of MASK, you need to invest about 2000U.

Let’s take a look at OKEx again. The platform and the project team launched a limited-time IFO event. Old users recharge 20 MASK, and new users recharge USDT or ETH 500U to participate in the lottery. The threshold is much lower than that of Huobi. In addition, IFO has set up 5 types of lottery, each corresponding to a clear reward amount, which can avoid the phenomenon of "big households eating meat and retail investors drinking soup" to a certain extent.

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Comparison 4: Incentive Strength

In terms of the total amount of rewards, Huobi is slightly better, with a total of more than 60,000 MASK rewards, which is higher than the 50,000 of OKEx.

How much reward can each participant get if averaged? We might as well take 10,000 people as an example.

Divide the number of rewards by the number of participants, and Huobi rewards 6.5 MASKs per capita. However, due to the mechanism setting problem, large investors have an advantage in the participation process, which means that most participants may not even get 1 MASK in the end. .

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Data source: OKEx official website

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Follow-up point: Who can lead in MASK derivatives trading?

Combining the comparison of the previous major dimensions, we can actually find that Ouyi OKEx has a first-mover advantage at the level of MASK spot trading, attracting most of the traffic in the currency circle.

Next, who can be the first to meet the needs of contract users and open MASK derivatives trading is a major industry point of view. After all, the current competition for derivatives is intensifying, and I believe that no platform will give up.

In addition, when DeFi is still hot, which platform can be the first to launch products such as MASK pledge mining may also become an important measure to attract users' attention.

In any case, Ouyi OKEx and Huobi, as the two giants in the Chinese market, are working hard to introduce high-quality targets for investors. In an environment where the bull market continues, their every move is expected to introduce more incremental users to the blockchain world, and look forward to the follow-up innovation and leap forward of the two companies.