MetaMask, An Ethereum Wallet, Announced – Token Launch Will Not Be A “Cash Grab.”

MetaMask, An Ethereum Wallet, Announced – Token Launch Will Not Be A “Cash Grab.”

Ethereum News
March 23, 2022 by Diana Ambolis
653
According to MetaMask, an Ethereum wallet head of operations, the project will not put itself in peril with regulators or entrust governance to “airdrop farmers.” “Wen token?” is a question that has recently been thrown at nearly every major Web3 project. However, MetaMask, the world’s largest Ethereum wallet with over 30 million monthly users, has
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According to MetaMask, an Ethereum wallet head of operations, the project will not put itself in peril with regulators or entrust governance to “airdrop farmers.”

“Wen token?” is a question that has recently been thrown at nearly every major Web3 project. However, MetaMask, the world’s largest Ethereum wallet with over 30 million monthly users, has so far resisted the temptation.

At ETHDenver, MetaMask lead of operations Jacobc.eth told Decrypt, “We believe passionately in progressive decentralization and doing it over time and doing it in ways that are meaningful—and doing it in ways that are not a cash grab.” 

While he stated that a token would be “an important part” of being “community-owned,” he attempted to downplay expectations about when it would happen and what it would mean for people’s wallets.

“It’s not something we’re going to do on the spur of the moment, and it’s also not something where we’re going to put our project in jeopardy of either regulator or give governance to ‘airdrop farmers’ or something like that,” he said, referring to a process in which people or companies (including venture capital firms) create multiple wallets to maximize gains before new tokens are distributed to users.

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Many cryptocurrency initiatives start as centralized endeavors, with a core team shepherding the protocol until traction develops. After a sufficient number of people have used the product, the team might choose to delegate responsibilities to users in exchange for remuneration in the form of a governance token. This token is used to vote on protocol modifications and treasury allocation choices.

Uniswap, a decentralized exchange, gave out 400 UNI tokens to anyone who had previously utilized the Web3 protocol in September 2020, making it one of the early token drops for a Web3 token. On exchanges, UNI was trading at $3 at the moment. It reached an all-time high of $44.97 in May 2021. That means everybody who has ever traded Ethereum for an Ethereum-based token on the DEX, even once, may have gotten $18,000.

So it’s understandable why people are asking for a MetaMask, an Ethereum wallet. However, the ConsenSys-founded project is currently focused on expanding its platform, including acquiring Ethereum wallet MyCrypto in early February.