Two under-the-radar, Ethereum-based (ETH) altcoins are surging this week while much of the crypto market tracks sideways.

Mask Network (MASK), a project that aims to bring Web3 features to social media platforms like Twitter and Facebook, is trading at $3.97 at time of writing.

The 119th-ranked crypto asset by market cap is up by more than 47.5% in the past seven days and more than 3% in the past 24 hours.

Ribbon Finance (RBN), a suite of DeFi protocols that aims to help users access crypto-structured products, is trading at 0.265951 at time of writing. The 178th-ranked crypto asset by market cap is up by more than 41% in the past week, but down by nearly 2% in the past 24 hours.

Ribbon Finance, which launched new products this week, also rolled out a new initiative: Ribbon VIP, an “elevated level of service and community” for the project’s largest stakeholders.

This week, Mask Network selected the first round of winners for its Web3 Social Ecosystem Grant. The program will provide $10,000 worth of MASK tokens to each of the winners.

Binance.US also opened deposits for MASK in late November.

Deposits are now open for @realMaskNetwork‘s $MASK on #BinanceUS!#MaskNetwork aims to connect Web2 with Web3, allowing users to interact with Twitter, Facebook and other social media platforms without sacrificing decentralization.

Get started: https://t.co/6twNXmdGBj pic.twitter.com/y6LALMfgGa

— Binance.US ?? (@BinanceUS) November 22, 2022

Despite their gains this week, MASK remains more than 90% down from its all-time high while RBN is more than 95% down from its all-time high.

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Featured Image: Shutterstock/VAlex/Mingirov Yuriy