MetaMask Hints at Possible Native Token Launch Soon

As of now, MetaMask has not made any concrete plans to introduce a native token, however, the idea is being considered. The wallet would serve as the official announcement hub for token launches. Regulatory changes may ease token issuance, per Finlay.The most popular Ethereum wallet, MetaMask, which boasts more than 30 million monthly active users, may be getting closer to issuing its native coin, co-founder Dan Finlay has said. Addressing long-standing gossip about a token in a recent interview, Finlay was on the side of careful optimism, “We are going to do this.” But no timeline.Token Launch Still Under ConsiderationWhen asked about a native MetaMask coin, Finlay responded with an enigmatic “maybe” when speaking on the “Crypto Beat” program by The Block. He stressed that any possible launch would be presented openly. That is, if it comes to pass, you will see it advertised right there in the wallet. There will be a clear connection there itself,” Finlay said. By this approach, users are to be safeguarded from fraudulent schemes that take advantage of rumors about the token launch.It was in 2021 when whispers of a MetaMask token, codenamed MASK, began to circulate. Additionally same year, MetaMask’s parent company, ConsenSys, started experimenting with community-driven governance based on tokens.Speculation was furthered by a tweet from ConsenSys CEO Joseph Lubin who questioned “Wen $MASK?” In 2022, Lubin said the aim was to encourage “gradual decentralization” in ConsenSys projects, with a decentralized autonomous organization (DAO) to distribute funds, not rule.No concrete plans have emerged, but a changing regulatory environment could provide opportunities, Finlay indicated. “With a more permissive administration, there’s room for safer token launches,” he said, his reference to a new U.S. leadership. However, he warned that securities laws are a barrier, in that many token offerings continue to exist in a legal no-man’s land.Finlay was worried about scams on speculation. “Rumors will provide avenues for fraudsters to defraud users”, he warned. He said MetaMask would never use unofficial channels such as text messages or email for token-related announcements, since the company does not gather such user data. Official updates would only be reported at MetaMask’s site or inside the wallet itself.MetaMask Faces The Competition, But Concentrates on User ExperienceIn looking at a potential token while MetaMask looks at a possible token, it is also looking into a competitive landscape. Competing wallets such as Rainbow and rabby are picking up pace, prompting Metamask to improve its user experience. Finlay recognised the challenge: “We’re in a permissionless space, and competition is fierce”. Over the last year, the MetaMask team (approximately 500 workers) has deployed interface enhancements to keep ahead.The dominance of the wallet arises from it as a gateway to decentralized applications on Ethereum. Its potential token could deepen the users’ interaction with its ecosystem so that community-driven features and/or incentives may be introduced.Talks over a token go as far back as a 2021 developer call, in which engineer Erik Marks suggested the community ownership method over a token. Later, Lubin characterized the DAO as a funding mechanism, rather than a governance body with safeguards from exploitation by opportunistic investors. Finlay repeated that any token would not become a “quick profit scheme” according to MetaMask’s long-term decentralization.The regulatory environment is still primary. Finlay observed that the fact that a more laid-back U.S. administration would be better for innovation does not undo the fact that securities laws still exist. He cited the former Chair of the SEC, Gary Gensler’s position on how many of such launches look like securities offerings and should be treated meticulously.MetaMask’s hesitations are its concern for user trust. In attempting to protect its reputation in the face of increasing competition and changing regulations, the company focuses on official channels and warns of scams.The post MetaMask Hints at Possible Native Token Launch Soon appeared first on Live Bitcoin News.