Many cryptocurrency investors use MetaMask as a decentralized wallet application. The wallet application, initiated by a centralized entity, has millions of active users. One of the things these users eagerly await is the potential MetaMask Coin.
MetaMask Coin
Consensys’ senior legal counsel Bill Hughes responded to a question about whether MetaMask would launch a token. The wallet application, which has over 30 million monthly active users, is developed by Consensys. However, the SEC sent a Wells Notice to the company due to unregistered securities sales (MetaMask Swap) and staking with interest (MetaMask Stake feature) through this application.
Hughes answered the question of whether MetaMask could be managed by a decentralized structure and if it would issue a token as follows:
“MetaMask should not belong solely to Consensys and be operated solely by it. It should be owned (controlled) by the community. Decentralized mechanisms usually involve tokens. However, how and when this will happen is still uncertain.”
This statement legally confirms that the possibility of issuing a token and forming a DAO is not just a rumor. If a token is issued, it will likely be distributed to MetaMask users via airdrop. Considering the 30 million monthly active users, this will require significant effort.
