Everything to Know For New MetaMask Token

[Ben Graham]

MetaMask’s long-anticipated token could launch earlier than many expect, according to ConsenSys CEO and Ethereum co-founder Joe Lubin. Here’s everything you need to know so far about the upcoming Metamask coin.

In an interview with Block this week, Lubin confirmed that the self-custody wallet used by more than 100M people a year will introduce a token to support decentralization of parts of its ecosystem.

Lubin did not reveal a launch date, ticker, or distribution details. Community speculation often refers to the token as “MASK,” though that ticker already belongs to Mask Network. 

ConsenSys has previously warned users to be cautious of phishing attempts and fake airdrops, underscoring that no official eligibility criteria or snapshot date have been published.

There are quite a few false rumors going around about a MetaMask snapshot/airdrop/etc. on March 31.

These rumors are not only false, but they are dangerous. They create opportunities for scammers and phishers.

Please be on the lookout for fake sites in the coming days

— MetaMask.eth (@MetaMask) March 28, 2023

The market reaction reflects uncertainty. Prediction platform Myriad Markets currently predicts only a 32% chance of launch before Nov. 1. 

(Source – Myriad Markets)

On Polymarket, bettors assign a 46% probability that the token will appear before year-end, while many expect a 2025 debut.

(Source – Polymarkets)

Lubin’s remarks are the clearest public signal yet that MetaMask is moving forward with its own asset. But until formal details emerge, the timing, mechanics, and potential uses remain unknown.

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What Is MetaMask USD (mUSD) and Why Was It Audited?

Consensys introduced MetaMask in 2016 as part of its Ethereum product suite, and the company has owned the wallet fully since its launch.

When Consensys raised $7Bn in its Series D funding round in 2022, MetaMask and Infura were cited as the primary revenue drivers. Both were presented as central business products rather than outside investments.

In August, ConsenSys Diligence published an audit of the security of MetaMask USD (mUSD), a stablecoin contract that is supposed to interface with the MetaMask ecosystem. 

As described in the review, it had controls, including pausability, freezing, and forced transfers, and used the M0 framework. 

Although mUSD is not a governance token, the audit indicates that the company has been busy developing wallet-native asset infrastructure.

MetaMask has also warned users about fraudulent “snapshot” or “airdrop” claims. The team advises against connecting wallets or signing transactions on unofficial claim sites, urging users to rely only on the MetaMask blog, support hub, and verified social accounts for announcements.

It must also be mentioned that further on, MASK is already called Mask Network, and it is an independent project that has nothing to do with MetaMask. 

Exchange listings and speculative tokens are recommended to be treated with care by traders until Consensys can release official information.

In the meantime, the US Securities and Exchange Commission sued Consensys in June 2024 regarding the swaps and staking functionality of MetaMask. 

The case result might influence the manner in which and the timing of the company’s undertaking any token launch. 

The case of Consensys versus the SEC has resulted in the agency facing legal challenges in court, which can already cause a far-reaching impact on cryptocurrency regulation in the United States.

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