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In the community call live-streamed on YouTube on August 26th, the developers discussed layer-2 solutions, and custom networks for the Metamask community, elaborating future plans for an explicit token release.
In the community call live-streamed on Youtube on August 26th, the developers discussed layer-2 solutions, and custom networks for the Metamask community, elaborating future plans for an explicit token release. Eric Marks, senior software engineer at Metamask said that the fraternity is definitely open to the possibility of creating a community-owned project via the launch of a crypto token.
Having said that, Eric also added that the token should have a riveting use case, and shouldn’t be created without one. Addressing his apprehensions, Marks indicated the community’s unease over the fraud committed through pump and dump schemes. The pump and dump is a securities fraud involving inflating the price of an owned stock through dishonest and inaccurate constructive affirmations, which will help the trader to sell the inexpensive stock at an exaggerated price. According to Marks, the Initial Coin Offering would prove as an advantage to the community as it will pump the price, but at the same time, there is a chance of the price plummeting when people dump the tokens.
Metamask is one of the most popular Ethereum wallets and is designed as a web browser plugin where platform users can transfer and carry out transactions to interact with several decentralized applications. At present, Metamask has about 5 Million monthly active users and provides swaps to enable the trading of tokens from the wallet. Besides providing the facility to carry out exchanges on standard Ethereum addresses, it also allows users to pay in games and gambling 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 trend of the DeFi summer of 2020, witnessed companies like Uniswap and 1inch airdropping their token to initial supporters backers. The free-of-cost token giveaways for community members have proven to be enticing for many customers of these Decentralized Apps. The ongoing trend led to conjectures on Metamask, to drop a token for its members too.
In October 2020, Metamask exceeded the one million mark of cumulative monthly active users across its browser extension and mobile apps. In a span of one year, the community grew four times in revenue and scale, all because of the skyrocketing demands for DAOs, blockchain gaming, and DeFi adoption.