MetaMask is considering releasing a token.
MetaMask is one of the most widely used crypto applications — it is the most popular means to connect with decentralized applications on Ethereum, as well as one of the most widely used Ethereum wallets. The team stated in April that it had reached 5 million monthly active users, a significant milestone for a cryptocurrency wallet.
Almost every decentralized program available today has its own token, which is often positioned somewhere on the utility-governance spectrum – Uniswap’s UNI, Maker’s MKR, and Aave’s AAVE are just a few examples. And, while MetaMask isn’t strictly a DApp, it’s hardly surprising that many individuals in the cryptocurrency field are asking if the project plans to introduce its own coin.
On August 26, the inaugural MetaMask Developer Community Call was held, with an emphasis on Layer 2 scaling solutions and bespoke networks. However, the possibility of a MetaMask token was raised during a Q&A session near the end of the call. Eric Marks, a MetaMask developer, responded to the question by saying that MetaMask has no imminent intentions to introduce a coin.
“We have no immediate plans for a token.” When we do, you won’t miss it or worry if we’re planning a token. As you can see, it will be evident. Everyone will be tweeting about it, and we will as well.”
Despite this, Marks stated that MetaMask is interested in creating a token. However, before making that decision, the team would need to develop a convincing use-case, as Marks stated that MetaMask does not want to launch an ICO just for the sake of doing one.
“We are very open to the idea, but we don’t want to execute an ICO for a token that doesn’t have a use-case, therefore the use-case must be convincing and benefit the MetaMask community.”
Marks also stated that if MetaMask decides to publish the token, they would like to prevent a situation in which the token’s price surges upon release and then “dumps” thereafter.
“Obviously, if we just conducted an ICO airdrop, it would probably benefit the community, or at least some of the community, because it would immediately pump, and some people would sell it, and then it would dump. That is not what we intend to do.”