Is MetaMask Finally Launching a Token?
Ethereum co-founder and Consensys CEO Joe Lubin stated this week that the long-anticipated token associated with the popular crypto wallet MetaMask is indeed “on the way” and “may come sooner than you expect.” Traders on Myriad Markets are now speculating just how imminent that might be.
Currently, a prediction market on Myriad Markets places the odds of an official MetaMask token being launched before November 1 at around 32% Yes. While no specific timeline has been provided, it seems that traders do not believe Consensys is poised to introduce the token in just a few weeks.
On the other hand, users on Polymarket are estimating a 46% likelihood that the token will debut by the end of the year.
Details from Joe Lubin
In an interview with The Block, Lubin elaborated that a native token (dubbed MASK) is intended to be a part of MetaMask’s decentralization roadmap.
MetaMask was developed by Consensys in 2016 and has remained among its fully owned products ever since as part of its network of Ethereum-centered projects. When Consensys completed its Series D funding round in 2022, achieving a valuation of $7 billion, MetaMask and Infura were highlighted as central revenue contributors for the company, rather than mere portfolio investments.
Since 2021, there have been hints about a token, with Lubin initially confirming that it would be part of a comprehensive strategy to decentralize the wallet’s governance. Over the ensuing years, he reiterated that a token was forthcoming, emphasizing a commitment to avoiding a quick cash-grab, and instead focusing on “progressive decentralization.”
In the meantime, MetaMask’s official channels have cautioned users concerning scam airdrops, confirming that no launch date has been established. Throughout the years, MetaMask introduced staking and bridging functionalities, while Consensys recently unveiled the Linea layer-2 Ethereum network and the LINEA token, moves interpreted as foundational for a token economy.
Additionally, MetaMask has introduced a stablecoin named mUSD, which serves as evidence that the necessary infrastructure and regulatory measures are being established. This stablecoin operates on both Ethereum and Linea, indicating that both are preparing for user-oriented features and pathways for the token era.
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What Remains Unclear
Timing: While Lubin’s comments suggest that things are on track, phrases like “sooner than expected” remain ambiguous and do not provide a concrete date. It’s uncertain if “sooner” translates to weeks, months, or simply “within the same year.”
Tokenomics and utility: Details on the token’s functionality are only partially outlined. Will it offer governance? Rewards? Access to specific features? Suggestions exist, but no comprehensive white paper has been released yet.
Distribution/qualification: Questions also arise about who will qualify for the token. Will it be distributed retroactively, through airdrop, or acquired via user activity? These specifics have yet to be made public.
Regulatory risk: Any token linked to a major wallet with numerous U.S. users is bound to attract regulatory attention. MetaMask and Consensys will need to navigate laws surrounding securities, know-your-customer (KYC) regulations, token issuance, and the definitions of utility versus financial return.
In summary, it appears wise to bet on the likelihood of MetaMask launching a token sooner rather than later. While Myriad’s prediction market reflects some skepticism (with “No” being more likely before November), the confirmations from Lubin significantly heighten the probability of a launch.
