MetaMask Is Interested in Developing Its Own Crypto Token

A "compelling use case" for a native token is being developed by the MetaMask team. According to a community call, the popular Ethereum wallet provider MetaMask is open to a token launch and airdrop.

Key Takeaways

  • The MetaMask team has revealed plans for a possible token release. However, it has no immediate plans.
  • The launch will happen on the condition the MetaMask token has a compelling use case for its own custom cryptocurrency.
  • The team expressed concerns around the possibility that releasing the token will lead to a pump and dump.

MetaMask Is Exploring a Token Use Case

The MetaMask development team addressed potential ideas for an eventual token release at its first-ever community call.

According to Erik Marks, the project's senior software developer, the project is "totally open to the concept of making the project community-owned" by introducing a crypto currency.

He did, however, offer certain restrictions, adding that the team does not want to build a token that "has no use case." Rather, the team "wishes for a convincing use case."

Marks was also concerned about the prospect of a pump-and-dump system. He added that an ICO would benefit the community since it would "immediately pump," but he was concerned that "some individuals would sell it, and it will be dumped."

Popular DeFi platforms like Uniswap and 1Inch have been airdropping tokens to their early backers since the DeFi summer of 2020. For users of these dApps, the free token giveaways for community members have proven to be highly profitable.

As a result of this trend, it was assumed that MetaMask, one of the most important DeFi tools, will also airdrop a token to its user base. Despite having no immediate plans, the team has since indicated that it is researching a token and airdrop.

MetaMask has over five million monthly active users and is the preferred wallet for most Ethereum-based DeFi apps. MetaMask not only provides a wallet service, but it also offers swaps, which allow users to exchange tokens from within the wallet.

The MetaMask team is also working on new features that will allow assets to be bridged between different chains and Layer 2 solutions, in addition to the tentative plan for a token release.

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