One of web3’s most essential tools may be getting a token.
Joseph Lubin, founder of Ethereum incubator ConsenSys, set off speculation a token for the non-custodial wallet MetaMask is imminent after tweeting, “Wen $MASK? Stay tuned.”
MetaMask, which has 10M monthly active users and is developed by ConsenSys, is one of the main ways users interact with web3 and DeFi.
“ConsenSys has thousands of tokens on our balance sheet,” Lubin wrote.
Lubin’s tweet has been liked hundreds of times in the two hours since it was posted, indicating the excitement a MetaMask token inspires, with many MetaMask users already expecting an airdrop.
If indeed an airdrop happens, it’s unclear who exactly will be eligible for tokens. Users of MetaMask’s swap functionality are potential candidates.
MetaMask has become a profitable business by taking 0.875% on trades executed via its plugin, regularly generating over $1M in daily revenue, according to a Dune Analytics dashboard, by Momir Amidzic of IOSG, a venture capital firm.
Crypto airdrops usually reward users who have participated in core use-cases of the projects. For example, Uniswap, the automated market maker, retroactively airdropped tokens to liquidity providers and traders.
Indeed, a core tenet of web3 protocols and applications is to enable their users to become owners too. Lubin teased that may be the case for MetaMask.
“We [ConsenSys] are driving towards decentralization of several of our projects,” he wrote.