Welcome to bulliscoming media, there has been a controversy in the crypto community about the Metamask token launch. Most crypto enthusiasts believe that the launch will occur by distributing some amount of the token to existing Metamask users.
However, there is a rumor that it won’t undergo the airdrop launch approach as it happened during the Uniswap token launch.
Even though the launch format isn’t yet revealed, there’s a probability that the token would be airdropped to some people. In this article, we will be discussing the details of the Metamask token and how to be eligible for the Metamask airdrop.
According to a recent Binance report, the popular Ethereum wallet “MetaMask” is officially launching its token, as confirmed by Consensys CEO Joseph Lubin. The team will also reportedly launch a decentralized autonomous organization (DAO) for funding the wallet’s growth.
MetaMask competes with other self-custodial wallets like MyEtherWallet and Coinbase Wallet for interacting with web 3. Individuals and institutions can use the wallet to use Ethereum and other smart contract chains for minting NFTs, accessing DeFi, and other things.
Though DAOs are typically conceived as an alternative governance model (in contrast to more hierarchical corporations), MetaMask’s DAO will not dictate the project’s growth. Rather, it will simply serve as a funding mechanism, as various donation-focused DAOs have done before. Not many details were provided about the DAO aside from that.
MetaMask has seen tremendous growth as of late, recently surpassing over 30 million monthly active users. That’s up over 40% since November when the company behind it – ConsenSys – was only half its current valuation.
The wallet was recently caught up in some controversy after briefly censoring Venezuelan transactions, due to the node it routs to –Infura – being required to limit transactions from certain regions. The issue has since been fixed.
It is common for Web3 and blockchain projects to create native tokens. Such a token can either offer exposure to project dividends or unlock additional utility. MetaMask will launch its token shortly, although details remain scarce. There is no indication of how the token will be distributed exactly. Users have high hopes for a Uniswap-based approach, where all users receive free tokens.
One aspect has been confirmed: The MetaMask token will not serve as a “cash grab.” However, it is unclear what that means exactly, as recipients will look for ways to convert their MetaMask token to real money from day one. Moreover, the many decentralized exchanges can facilitate the trading of this token from the moment it is released, as anyone can set up liquidity pools with ease.
Metamask lead of operations Joseph commented on the token during ETHDenver:
“It’s not something that we’re going to wing 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.”
For now, ConsenSys does not offer a specific release date for the token, nor have they mentioned whether the token would play a role in its DAO.
Should you come across a MetaMask token today, rest assured that is not a legitimate offering. Over the years, there have been numerous fictitious MetaMask tokens, as persistent rumors regarding such an asset grew stronger over time. Until the team — or ConsenSys — offers more details on how the distribution will occur and what the token entails exactly, there is no official token to speak of.
As ConsenSys has yet to reveal how the MetaMask token will be distributed, it is plausible to assume the token will run on the Ethereum network, as MetaMask is an Ethereum-focused Web3 wallet solution.
However, the team can airdrop the token to existing MetaMask addresses automatically, use a website for users to claim tokens, or take an entirely different approach.
To be eligible for the Metamask airdrop if the team utilizes the approach, use leading Ethereum applications (Uniswap, OpenSea, etc) with Metamask wallet.
How To Contribute To The MetaMask DAO?
According to Coinmarketcap, no information has been made available on how the MetaMask DAO will operate exactly. As it is not a traditional governance-oriented DAO, user participation will remain rather limited aside from financial contributions.
Nevertheless, it is commendable to see ConsenSys pursue decentralization for the project and improve its utility, although many unknown factors exist.
Traditionally, users can contribute to a DAO through proposals and voting. The MetaMask DAO will — seemingly — have neither of those features. Instead, the team opts for a DAO to help fund “novel new pieces of MetaMask.”
Best Eligibility Practice for the Metamask Airdrop
I will stipulate below the steps you should follow not to miss out,
- Download and install Metamask on your desktop chrome or on your mobile phone.
- Save your seed phrase in a secure place to avoid losing your funds.
- Move $ETH funds to your wallet, from any exchange of your choice like Binance, Kucoin, and the rest.
- Head over to http://chainlist.org, connect your wallet, and add the most popular chains to your MM app or extension as seen in the picture below.
- Now you have to do an in-app swap function using MM as the DEX, look at the picture below for proper guidelines. you can see the swap option, click on it and select a stablecoin to swap your ETH to. You need some good volumes here to be qualified, like $1k to $10k is good.
- Next is to make a bridge using Metamask aggregator bridge. – Head over to https://portfolio.metamask.io/bridge -connect your wallet, select the first network ETH -then choose which network you are bridging to as seen in the picture below. -do some good volumes here, and you are good to go
NOTE: Bridging takes time to arrive since it’s an aggregator, which means it uses a proxy to bridge and the network they use for you might delay your assets a bit. Nothing is financial advice, the gas price could be here, and nothing is promised, It’s all mere speculation.
We don’t know, you don’t know, and no one has gotten information or insider information on how the launch approach would be taken until more details are announced, there is no point in worrying over how to get the MetaMask token.
However, the wallet has over 30 million active users, making the distribution a tricky logistical affair.