Nullmask / $MASK: the most underrated privacy coin of the cycle$MASK is currently sitting at around $23.5m market cap ($ | Hanami
Nullmask / $MASK: the most underrated privacy coin of the cycle
$MASK is currently sitting at around $23.5m market cap ($40m FDV, with 40% of supply out of circulation and 2.16% already burnt)
i believe Nullmask is by far the most underrated privacy coin in all of crypto, and i'll explain why in this thread
let's start by looking at the top privacy coins and their market caps:
• ZCash / $ZEC: $21 BILLION market cap • $NEAR: $6.8 BILLION market cap
these two have been by far the biggest gainers in the top 50 cryptocurrencies over the past year, and it's not even close!
if it isn't already obvious, both have run hard (and continue to run) on the PRIVACY narrative
but what's impressive isn't just their gigantic market caps
it's how much they've added in the past year alone:
• ZCash added $18 BILLION to its market cap • NEAR added $4.3 BILLION to its market cap
all before the bull run has properly started
so how does this affect Nullmask / $MASK?
the incredible runs ZEC, NEAR, and other privacy coins have had have established beyond reasonable doubt that this is the privacy cycle
and i believe Nullmask is going to win big because it sits right at the heart of this narrative, with several key advantages that many much bigger privacy coins don't have
let's start with the PRODUCT
Nullmask makes private transactions possible across EVM chains and Solana in the most normie-friendly way imaginable
you can use your existing wallets (MetaMask, Rabby, Phantom, etc.) the same way you normally would, while enabling private transactions across major ecosystems like Ethereum, BNB, Base, Robinhood, and Solana
yes, you read that right
you don't need to learn how to use a new wallet, create a new seed phrase or private key, learn to navigate a complicated new blockchain, or deal with any of that nonsense
you can activate Nullmask's privacy capabilities on your existing crypto setup in just a few clicks
all you need to do is activate Nullmask's custom RPC and let its 'virtual private network' shield your transfers using zero-knowledge proofs
i'm simplifying the technical details to make this as normie-friendly as possible, but that's the gist of it
and this isn't just speculative stuff: Nullmask is already LIVE & WORKING on Ethereum, BNB, Base, and Robinhood
you can actually use the product and verify that it works!
but i'm bullish on $MASK for more than just the product
TOTAL ADDRESSABLE MARKET (TAM)
what makes Nullmask so incredibly bullish and underrated isn't just how impressive the product is, but the size of its total addressable market
i've never used the ZCash or NEAR blockchains, and the same is true for tens of millions of users across Solana, Robinhood, Base, BNB, and Ethereum
yet ZCash and NEAR have market caps of approximately $21 BILLION and $7 BILLION, respectively
the average crypto user may never touch the ZCash or NEAR blockchains, but they're already using Ethereum, Robinhood, BNB, Solana, and Base
and Nullmask caters to those users
this begs the question:
what is fair value for Nullmask when ZCash and NEAR are both trading at multibillion-dollar valuations?
LET'S TALK ABOUT THE TEAM
when a protocol promises something as ambitious as Nullmask does, you obviously want to know who's building it and whether they're capable of delivering
Nullmask is built by several ZCash contributors, led by Tomas Krnak
Tomas Krnak helped build shielded ZCash transactions for hardware wallets. his work was funded by the ZCash Foundation and merged into the main ZCash protocol itself
i should also add that the lead dev is doxxed and regularly participates in live interviews!
PARTNERSHIPS & INTEGRATIONS
we've established that the team has serious credentials in the privacy space and that the product is already live and working
but what about partnerships, integrations, and endorsements?
here's a list of industry players Nullmask has collaborated with in some form since launching:
the team also revealed in a recent AMA that it's in discussions with major wallet providers, including MetaMask, about potentially integrating Nullmask as an additional privacy layer
all of this for a product that isn't even a month old, by the way!
METRICS & REVENUE
Nullmask looks incredibly strong from a fundamentals perspective, but the key question is:
what do the metrics actually look like?
since the protocol launched a little over two weeks ago, Nullmask has generated:
• $37.8 MILLION in total protocol volume, averaging $2.36 million per day • $833k in total revenue, averaging $52k per day
it has also burnt 2.16% of supply and distributed $1.4 MILLION in $ZEC rewards to holders since the token launched approximately three weeks ago (token launched a week before the protocol)
and here's the important part:
all these adoption metrics were recorded before the protocol is live on Solana, which is expected to happen next week, and mostly before it went live on Robinhood and BNB just a few days earlier
the team also has 20% of the token supply allocated to a long-term incentives campaign designed to encourage people to use the protocol and accelerate adoption
i should also add that Nullmask is now ranked #1 among ALL privacy protocols for both 7-day and 30-day revenue, according to DeFiLlama, barely two weeks after its protocol went live, and by a clear margin
this is despite the fact that
-it only went live on Robinhood and BNB a few days earlier - it is yet to launch on Solana - its incentives program aimed at accelerating adoption is yet to launch
the speed of adoption Nullmask has witnessed is impressive for any privacy protocol
TOKENOMICS
20% of the token supply is allocated to the team and locked for two years, meaning these tokens won't start entering circulation until at least two years after token launch
another 20% is reserved for an incentives campaign aimed at accelerating protocol adoption
the remaining 60% of supply is circulating
this means approximately 60% of the supply is currently in circulation, while the bulk of the rest won't enter circulation anytime soon
ROADMAP
• Launch on Ethereum, Robinhood, BNB, and Base (LIVE) • Cross-chain bridge (LIVE) • Unshield directly to ZEC wallets (October 2026) • Launch on Solana (Q4 2026) • NullMask SDK (Q4 2026) • Privacy Perpetuals (Q4 2026)
TO CONCLUDE
i know Nullmask might sound too good to be true right now, and it's crazy to me that it's sitting at such a ridiculously low market cap
but believe it or not, all of the facts in my thesis above can be independently verified
i'm not going to ask you to buy Nullmask
i'm simply laying out my thesis and thought process for this trade, and explaining why i believe it could be a big one
i objectively believe $MASK will become a multibillion-dollar token before the end of the bull run, and i expect it to be yet another kingmaker trade for me
nothing in this thesis is financial advice
it's up to you what you do with the above information