MetaMask Is Considering Developing Its Own Cryptocurrency

MetaMask Is Considering Developing Its Own Cryptocurrency

MetaMask Is Considering Developing Its Own Cryptocurrency twitter.com/MetaMask
twitter.com/MetaMask

One of the most popular Ethereum wallet provider MetaMask is exploring the ideas to launch its own cryptocurrency.

The team behind MetaMask addressed possible ideas for an eventual token release at their first community call. While there are no current plans, the team stated that a token could be introduced in the future.

The senior software engineer of MetaMask, Erik Marks, said that the project is open to the concept of making the project owned by the community with the introduction of its own cryptocurrency. However, Marks did point out that the firm has no intention on making a token without any actual use case, but to make a token with actual usability.

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

Well known DeFi platforms like Uniswap have been airdropping tokens to their early users since 2020. Free token distribution for community members have proven to be highly profitable for users of these dApps

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. However, the company has no immediate plans, but certainly planning to do some research for their own token and airdrop.

MetaMask has more than 5 million monthly active users and is one of the most preferred wallets for Ethereum-based DeFi apps. The firm not only offers a wallet service, but also provides exchanges which allow users to exchange tokens from within their wallet.

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

The tweet from MetaMask on Community call

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