MetaMask Fuels Speculation with Rumored Altcoin Launch—Just What Crypto Needs, Another Token

Rumors swirl as MetaMask—the Ethereum wallet giant—hints at diving into the altcoin game. Insiders whisper about a potential native token, sending crypto Twitter into a frenzy.

Why now? With DeFi summer long gone and NFT mania cooling, MetaMask might be chasing fresh revenue streams. After all, who wouldn’t want a slice of that sweet, sweet tokenomics pie?

If true, expect the usual cycle: hype, FOMO, and a chorus of ’wen airdrop?’ from degens. Because nothing solves crypto’s UX problems like adding another asset to track.

MetaMask’s Altcoin Discussion Resurfaces

The potential altcoin from MetaMask has been a topic of debate within the crypto community for a while. In 2021, at a developer meeting, project engineer Erik Marks introduced the idea of community-based ownership. ConsenSys CEO Joseph Lubin’s “Wen $MASK?” comment further raised expectations surrounding the altcoin launch.

In 2022, Lubin announced plans to create a DAO and launch a coin for MetaMask. Despite this, an official launch is yet to happen. The anticipated DAO was envisioned more as a funding tool than a decision-making body, and mechanisms to prevent exploitation by “AirDrop farmers” were to be implemented in the coin’s design. Finlay’s recent comments suggest these plans could still be in effect, but they are moving cautiously.

“Trust Only the Wallet’s Information”

Finlay highlighted that the primary risk in a potential coin launch is fraud. He pointed out that fraudulent links on social media deceive users and stressed that any advancements WOULD be announced only within the MetaMask wallet. “There will be no SMS, email, or social media posts,” said Finlay, asserting the wallet’s exclusivity for official announcements.

Finlay emphasized that users should trust only the MetaMask interface for any coin announcement. He also noted that the project doesn’t have access to users’ personal information like email addresses or phone numbers, an approach aimed at preventing scams particularly through fake AirDrops.

A New Climate for Altcoin Launch

Regarding the legal challenges faced by crypto projects, Finlay expressed that the political environment in the U.S. could now be more accommodating. He noted that during former SEC Chair Gary Gensler’s tenure, many coins were classified as securities, and most projects are still navigating “gray areas.” However, the onset of Donald Trump’s second term might create more opportunities for coin launches.

With nearly 30 million monthly active users, MetaMask stands as the leading crypto wallet. Acknowledging the escalating competition, Finlay mentioned their continuous efforts to improve user experience against rivals like Rainbow and Rabby.