The popular cryptocurrency wallet MetaMask could be working on a new native token for its ecosystem. The information was announced during a community call by the senior software engineer Erik Marks. Apparently, the goal is to make the project community-owned by introducing a virtual currency.
MetaMask Could Launch its Own Cryptocurrency
MetaMaskis among the most popular and sued digital currency wallets in the world. It has allowed users from different countries and regions to get access not only to virtual currencies but also to numerous platforms and functionalities.
During the last few years, this crypto wallet has engaged with decentralized finance (DeFi) applications in the crypto market. Moreover, users downloaded MetaMask not only to handle Ethereum tokens but also new tokens from the Binance Smart Chain (BSC) network, among others.
However, there are some concerns about what could happen to the virtual currency in case the company decides to launch it in the future. One of the concerns is related to pump and dumps as it happened with other digital currencies in the past. The Initial Coin Offering (ICO) craziness experienced in 2017 is just one of the examples of what a pump and dump look like.
Thus, there are some details that must be yet discussed and addressed before a final decision on whether launch the token or not. Several platforms in the DeFi market, including Uniswap, 1Inch or SushiSwap have released their tokens to the market. Some of these tokens were indeed airdropped to users and members of their respective communities.
This has created a situation in which there were profitable crypto holders all over the world. This was specifically true in developing countries where the airdropped funds equalled an average salary. What will happen to MetaMask remains yet to be seen. Nevertheless, there are high probabilities of success considering the involvement of this project in the crypto community.
It is also worth pointing out that the plans are not immediate. That means that it might yet take some time before an actual airdrop to the community. Furthermore, the team behind Meta Mask could also be working on new features in order to increase the number of use cases they have.
At the moment, MetaMask is being used on most of the decentralized applications that run on top of the Ethereum and Binance Smart Chain networks, among others. Users can easily hold, send and receive tokens and integrate their wallets to some of the most popular DeFi apps in the market.