MetaMask Might Launch Its Own Native Token, MASK

For some time, there have been rumors about the possibility that MetaMask might issue its own token

For some time now, there have been rumors about the possibility that MetaMask might issue its own token, although this has never been officially confirmed.

Now, however, co-founder Dan Finlay seems to be open to this hypothesis.

In fact, during an interview given yesterday, Finlay stated that the MetaMask team is still considering issuing its own native token.

The non-custodial wallet MetaMask

MetaMask is absolutely one of the most used crypto wallets in the world.

It was created as a wallet for Ethereum, also because it was developed by Consensys, and thanks to this, it achieved enormous success, especially in past years. However, it does not natively support Bitcoin.

In recent years, with the boom of Solana, it may have lost a bit of appeal, also because many users who operate with memecoin or tokens have moved to this blockchain.

To use other blockchains on MetaMask, you need to use a Snap, and among those supported, in addition to Solana, there are also Bitcoin, Cosmos, Polkadot, Sui, XRP Ledger, and others.

As a wallet, it is widely used through the browser extension, thanks to which it is possible to connect it with the web platforms of various DEX.

MetaMask has approximately 30 million monthly active users, and over the past year, it has implemented several improvements to the user experience in an effort to keep up with the competition.

In particular, the competition also comes from completely decentralized tools, and this opens up new scenarios even for MetaMask.

The MetaMask token: will it become a reality?

On the potential native token of MetaMask, which does not yet exist, there are not many details.

The only thing that appears certain is that it will be launched on Ethereum.

Unfortunately, on various DEX, there are already several tokens called MetaMask, but they are fake. In other words, they are real tokens in every respect, buyable and sellable on decentralized exchanges, but they have nothing to do with MetaMask. This name has been arbitrarily given to them to deceive the unwary.

The idea of launching a true native token of MetaMask comes from its parent company, Consensys, which has been considering launching various tokens for its different vertical sectors for some time, including specifically for the famous wallet.

To avoid confusion and dangerous misunderstandings, Finlay stated that the true native token of MetaMask, should it actually be launched, will be advertised directly within the wallet, so as not to create doubts about its authenticity.

However, it also explicitly indicated that the project of a native token for the famous exchange is still an uncertain idea. On the other hand, in fact, ConsenSys’s plans seem to be going precisely in that direction.

Finlay, however, emphasized that it would be safer to do so after the change in the regulatory regime in the USA, that is, in a future not particularly near.

The provisional name of the token is MASK, and it seems it has been talked about since 2021.

Problems related to the possible MetaMask token

Regarding the fake tokens in the name of MetaMask, Finlay asked to not search for accounts on social media to find where the token can be purchased. He also added not to expect an SMS for the news of the launch, because MetaMask does not have the phone numbers of its users.

He also ruled out that emails might be sent to users, specifying that the news of the launch, with all the details to find the token, will be given only within the wallet, and on their official website.

Furthermore, he added that the worst problem is precisely speculation, because it gives fraudsters the opportunity to take advantage of inexperienced users.

The idea of the parent company ConsenSys

To tell the truth, in 2022 even the CEO of ConsenSys, Joseph Lubin, put forward this hypothesis.

In fact, he said that there was the intention not only to launch a MetaMask token, but also a DAO to promote its progressive decentralization.

However, Lubin was referring only to a DAO to be used as a financing mechanism, and not as a governance body, and in this scenario, the MASK token would not be a governance token.

ConsenSys is focused on development on Ethereum, and now employs about 500 employees.

It was founded in 2014 by Joseph Lubin, and is based in Fort Worth, Texas (USA).