MetaMask Is Open to Creating Its Own Crypto Token
The MetaMask team is working on a "compelling use case" for a native token.
Key Takeaways
- The MetaMask team said it was open to the idea for a possible token release.
- The launch will happen on the condition the MetaMask token has a compelling use case.
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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 possibility for an eventual token release. The team clarified that while there are no immediate plans, a token could be released in future.
Erik Marks, senior software engineer at MetaMask, stated that the project is “absolutely open to the idea of making the project community-owned” through the introduction of a crypto token.
However, Marks 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. He 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.”
Since the DeFi summer of 2020, popular DeFi platforms like Uniswap and 1Inch have airdropped a supply of tokens to their 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 near-future 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.
The team is also developing new features that allow assets to be bridged across different chains and Layer 2 solutions.
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