All You Need to Understand About the New MetaMask Token
The long-awaited token for MetaMask might be launched sooner than anticipated, as stated by ConsenSys CEO and Ethereum co-founder Joe Lubin. Here’s all you need to understand up to this point about the forthcoming Metamask coin.
In an interview with Block earlier this week, Lubin affirmed that the self-custodial crypto wallet, utilized by over 100 million individuals annually, is set to release a crypto token aimed at enhancing the decentralization of its ecosystem.
Lubin did not disclose any launch date, ticker symbol, or distribution specifics. Speculation in the community often refers to the coin as “MASK,” although that ticker is already owned by Mask Platform.
ConsenSys has previously cautioned users to remain vigilant about phishing scams and counterfeit airdrops, emphasizing that no official criteria for eligibility or snapshot date have been announced.
There are numerous false claims circulating about a MetaMask snapshot/airdrop/etc. on March 31.
These claims are not only untrue but also pose risks. They provide opportunities for scammers and phishing attempts.
Stay alert for fraudulent websites in the upcoming days
— MetaMask.eth
Crypto market reactions indicate a level of uncertainty. The prediction network Myriad Markets currently forecasts merely a 32% likelihood of a launch before November 1.
(Source – Myriad Markets)
On Polymarket, participants are giving a 46% chance that the coin will be released before the end of the year, while many anticipate a 2025 launch.
(Source – Polymarkets)
Lubin’s comments are the most explicit public indication so far that MetaMask is progressing towards its own crypto token. However, until formal specifics are announced, the launch timing, mechanisms, and possible applications remain unclear.
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What Is MetaMask USD (mUSD) and Why Has It Been Audited?
MetaMask was launched by Consensys in 2016 as part of its product suite for ETH, and the firm has maintained complete ownership of the digital wallet since its inception.
When Consensys secured $7 billion in its Series D funding round in 2022, MetaMask and Infura were highlighted as key revenue contributors. Both were positioned as essential business products rather than external investments.
In August, ConsenSys Diligence released an audit evaluating the security of MetaMask USD (mUSD), a stablecoin contract intended to integrate with the MetaMask ecosystem.
The review indicated that it has controls, such as pausability, freezing, and forced transfers, while employing the M0 framework.
Despite mUSD not being a governance coin, this audit suggests that the company has been actively developing wallet-native asset infrastructure.
MetaMask has also warned users concerning fraudulent “snapshot” or “airdrop” propositions. The team advises against connecting wallets or authorizing transactions on unofficial claim platforms, encouraging users to only use the MetaMask blog, base level center, and verified social media accounts for updates.
It’s noteworthy that MASK is already associated with Mask Protocol, an independent initiative unrelated to MetaMask.
Traders are urged to exercise caution with exchange listings and speculative tokens until ConsenSys can disseminate official details.
In the meantime, the US Securities and Trading network Commission filed a lawsuit against Consensys in June 2024 concerning MetaMask’s swaps and locking tokens features.
The outcome of this case may impact the timing and approach of any token launch from the company.
The Consensys versus SEC case presents the agency with judicial challenges, which could significantly affect cryptocurrency regulation in the United States.
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