Metamask Teases Potential Token with Rumored Airdrop
Metamask teased a new token on Twitter, called MASK. Early Metamask users may receive free tokens through an airdrop.
Last week, ConsenSys founder Joseph Lubin teased a new Metamask token on Twitter, called MASK. Metamask previously mentioned it was exploring the possibility of launching a token.
Metamask is a suite of Ethereum wallet apps and browser extensions that functions as a gateway to the decentralized finance (DeFi) ecosystems of Ethereum and other blockchains. Metamask comes from Lubin's incubator, Consensys, and JP Morgan is said to have a large stake. Previously, it was believed JP Morgan's influence was preventing a Metamask token release, but Lubin suggested the big bank does not mind.
There are rumors that early Metamask users will receive free tokens through an airdrop. Further rumors suggest that the airdrop will be for users of Metamask's swap feature. There is no known cutoff date for which users receive an airdrop (should an airdrop happen).
Metamask has a massive influence on the DeFi ecosystem. It has 10 million monthly active users across its suite of phone apps and browser extensions and is the largest entrypoint to DeFi. While the primary function of Metamask is as a temporary wallet for moving crypto online, Metamask also offers a swap feature, which generates more fees than any other decentralized exchange (DEX).
Metamask has integrated several DEXs into its swap feature, so its swap can offer users significant liquidity and good prices on assets. Metamask's 0.875% fee is higher than average, however.
Venture Capitalist Momir Amidzic explains on Dune, "Relative to other DeFi protocols, 0.875% is relatively high. For instance, in Sushiswap five basis points of the total volume is the revenue of the SUSHI stakers, while in Curve only 2 basis points of the volume is distributed to stakers.
Or in simple terms, a dollar of volume on Metamask is roughly 17 and 44 times more valuable than a dollar of volume on Sushiswap or Curve, respectively!"
If Metamask does ultimately offer a token with its economics tied to the swap's fee income, the new MASK token could be quite valuable.