In the community call streamed live on YouTube on August 26, developers discussed tier 2 solutions and custom networks for the Metamask community, drawing up future plans for the release of an explicit token.
In a first call from the developer community, Metamask plans to release its own crypto and Airdrop.
Eric Marks, senior software engineer at Metamask, said the fraternity is definitely open to the possibility of creating a community-owned project through the release of a crypto token.
That said, Eric also added that the token should have a fascinating use case and shouldn’t be created without it. Addressing his apprehensions, Marks indicated the community’s unease over fraud committed through pumping and eviction schemes.
The pump and dump is a securities fraud involving raising the price of one’s own stock through dishonest and inaccurate constructive claims that will help the trader sell the cheap stock at an exaggerated price. According to Marks, the initial coin offer would be an advantage to the community as it would increase the price, but at the same time there is a chance that the price will plummet when people discard the tokens.
Metamask is one of the most popular Ethereum wallets and was designed as a web browser plugin where platform users can transfer and transact to interact with various decentralized applications. Metamask currently has about 5 million active users per month and offers exchanges to enable the exchange of wallet tokens. In addition to providing the facility to perform exchanges on standard Ethereum addresses, it also allows users to pay into gaming and betting Dapps, store ETH and custom (ERC-20) tokens, store non-Fungible tokens (NFTs) and collectibles and connect to Ledger and Trezor hardware wallets.
The latest DeFi summer trend of 2020 saw companies like Uniswap and 1inch launch their token to early sponsors. Free token giveaways to community members have proven to be attractive to many customers of these decentralized apps. The current trend has led to conjecture on Metamask to release a token for its members as well.
In October 2020, Metamask passed the one million cumulative monthly active users mark in its browser extension and mobile apps. In a one-year period, the community grew fourfold in revenue and scale, all because of the growing demands for DAOs, blockchain games and DeFi adoption.