MetaMask Is Open to Creating Its Own Crypto Token

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.

The popular Ethereum wallet provider MetaMask is open to a token launch and airdrop, as disclosed in a community call.

MetaMask Is Exploring a Token Use Case

During its first-ever community call, the MetaMask development team discussed potential plans for an eventual token release.

Erik Marks, senior software engineer, stated that the project is “absolutely open to the idea of making the project community-owned” through the introduction of a crypto token.

However, he also added conditions stating that the team doesn’t want to create a token “that doesn’t have a use case.” Rather, the team “wants the use case to be compelling.”

Marks also expressed concerns about the possibility of a pump and dump. Marks explained that an ICO would “benefit the community because it would immediately pump” but also expressed concerns that “some people will sell it, and it will be dumped.”

MetaMask Is One of the Top DeFi Tools

Since the DeFi summer of 2020, popular DeFi platforms like Uniswap DEX and 1Inch DEX aggregator airdropped a supply of tokens to its early supporters. The free token giveaways for community members have been quite lucrative for users of these dApps.

This trend led to speculation that MetaMask, one of the most important DeFi tools, would also airdrop a token to its community of users. The team has now clarified it is, in fact, exploring a token and airdrop, even though it has no immediate plans.

MetaMask is the default wallet for most Ethereum-based DeFi apps, and has over five million monthly active users. In addition to providing a wallet service, MetaMask also provides swaps allowing users to exchange tokens from within the wallet.

Besides the tentative plan for a token release, the MetaMask team is also developing new features that allow assets to be bridged across different chains and Layer 2 solutions.

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