Following Base’s sudden reversal to explore token issuance, MetaMask may also launch its own token soon.
In May this year, MetaMask co-founder Dan Finlay stated the team was “considering” issuing a token, though his stance remained ambiguous. Today, however, the tone shifted abruptly—Joseph Lubin, founder of MetaMask’s parent company Consensys, revealed in an interview with The Block’s podcast The Crypto Beat: “The MetaMask token is coming, and it might even arrive sooner than you think.”
Perhaps MetaMask’s decision to proceed with its token launch stems from the intensifying competition in the Web 3 wallet space. Once the undisputed leader, it now faces growing competition that is siphoning off its user base, even marginalizing it among some users.
In the Web 3 wallet war, MetaMask has long fallen from grace
According to Dune Analytics, MetaMask’s market share in the Web 3 wallet swap sector has experienced a precipitous decline. From its near-80% dominance at the end of 2022, it has steadily fallen to a marginalized position of less than 1% today. Though MetaMask hasn’t stood idly by, actively expanding its ecosystem in recent years through tools like Snap and supporting multi-chain wallets including Solana to maintain its developer-friendly and open ecosystem advantages, these efforts have failed to stem the tide.
Weekly Transaction Volume Market Share of Web 3 WalletsThe reason lies in the fact that exchange-affiliated Web 3 wallets have surged far faster than anticipated.
First, OKX Wallet has rapidly emerged as a leader in the Web 3 wallet space. It attracts daily users through its excellent feature design and operational convenience, leveraging the exchange’s liquidity advantages to offer some users a smoother transaction experience than MetaMask. At this stage, the wallet’s competitiveness stems primarily from its functional experience rather than incentive mechanisms.
Currently, Binance Wallet demonstrates the most remarkable growth. Leveraging the Binance Alpha campaign, Binance Wallet initiated a user growth model centered on token airdrops. Users are driven by the dual incentives of “trading + airdrop expectations,” rapidly boosting activity and penetration rates. The market consensus now holds that “completing tasks via an exchange wallet = airdrop expectations,” propelling Binance Wallet to become the fastest-growing wallet of the new generation. Similarly, OKX Wallet has recently expanded its use cases through the OKX Boost campaign, gradually positioning itself as the preferred gateway for users’ daily transactions and interactions.
Binance Alpha may have charted a path for Web 3 wallet development: in the current market environment, relying solely on product features or user education is insufficient to rapidly achieve scale. Only by incentivizing user behavior through token airdrops can one maximize market share in the Web 3 wallet space. This may explain why the MetaMask team decided to launch its own token—using token incentives to re-engage existing users and attract new ones, thereby expanding its ecosystem.
Linea Holders May Benefit from MetaMask Airdrop
As an Ethereum Layer 2 project under ConsenSys, Linea’s initial price performance was underwhelming. Its current circulating market cap stands at just $430 million, ranking 213th by market capitalization. In this context, MetaMask’s token launch is likely to align with Linea holders, directly reaching LINEA network users through airdrops or incentive mechanisms. This approach aims to boost demand for LINEA tokens and drive price appreciation.
In other words, through the MetaMask airdrop initiative, MetaMask boosts wallet activity and transaction volume, while Linea leverages wallet traffic to increase network usage and token demand. This synergistic “wallet + Ethereum Layer 2” approach offers both projects the opportunity for mutual growth and stronger network effects.
Time to dust off that little fox wallet
Most seasoned Web 3 users have likely used MetaMask wallets before. While MetaMask hasn’t disclosed its token airdrop details yet, existing wallet users should consider reactivating their MetaMask accounts and maintaining activity to potentially qualify for the airdrop.
Furthermore, reactivating your old MetaMask wallet doesn’t require artificially inflating transaction volume. Simply maintain wallet activity through routine on-chain operations. After all, no Odyssey-style tasks have been launched yet—there’s no need to wear down your wallet just for an airdrop.
