Will MetaMask Release a Token?
In March 2022, Consensys founder Joe Lubin confirmed the release of a native token, as MetaMask currently does not have a native token. To potentially qualify for a MetaMask airdrop, users can interact with the different features offered by MetaMask, such as depositing, purchasing, or swapping tokens, and using the wallet's bridging and liquid staking features.
Key Takeaways
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MetaMask is the most used self-custodial wallet in the crypto space.
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MetaMask is owned by Consensys.
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While the launch of a MetaMask token has been confirmed by Consensys co-founder, the token airdrop is still speculative.
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To increase your chances of being allocated an airdrop, you will need to interact with the different features of the wallet and protocols.
With more than 30 million active monthly users, the MetaMask wallet is undoubtedly one of the most used wallets in the crypto space. In November 2021, Consensys CEO Joe Lubin teased the release of the native token MASK for the wallet, causing many investors to speculate on an airdrop. It was only later in March 2022 that he confirmed that MetaMask intends to launch its own token and a Decentralized Autonomous Organization (DAO) to pursue ‘progressive decentralization’.
Lubin also mentioned that the DAO would aim to introduce community ownership. As such, while there has been no confirmation that the token will be airdropped at launch, Lubin’s claim has resulted in many speculating that the token will be distributed through an airdrop.
That being said, Jacobc.eth, the lead of operations at MetaMask, mentioned in an interview that MetaMask is taking extra precautions to ensure that the token launch would not be a “cash grab”. He also noted that if there were an airdrop, they would be putting in preventive measures against “airdrop farmers” as the goal of the token is to give governance.
It is also good to note that as Consensys, the company that owns MetaMask, is an Ethereum-focused company and the airdrop might potentially prioritize projects that benefit the Ethereum ecosystem. This will include transactions from the Ethereum mainnet and Layer 2 projects like Arbitrum and Optimism.
In this article, I will walk you through how to farm or increase your chances of being allocated an airdrop.
Introduction To MetaMask and MASK
MetaMask is a hot wallet that allows users to store their account keys, interact with the blockchain and connect to decentralized applications.
In recent months, MetaMask has been rolling out more features, such as built-in swaps, a portfolio, a fiat on-ramp, a bridge aggregator, and even liquid staking services.
To qualify for a potential MASK airdrop, users will probably need to use the in-built features that MetaMask offers and interact with the different networks and protocols.
Now, let us take a look at specific ways you can increase your eligibility for receiving an airdrop.
Deposit Or Purchase Tokens
To start, you should either deposit tokens by sending the tokens to your wallet address or purchase ETH from MetaMask directly. If you purchase tokens directly from MetaMask, you can use credit and debit cards, Apple Pay, and bank transfers.
Use Metamask’s Swap Feature
To improve your chances of an airdrop, you can also use MetaMask’s own swap feature. To start, head over to your extension and click ‘Swap’. Select the token or coin that you would like to swap, and confirm ‘swap’ when done.
It is also good to note that MetaMask’s swap feature functions as an aggregator, and MetaMask takes a 0.875% fee for the transaction.
It is also possible that one of the criteria for the airdrop will be the volume of your transactions, so it might be good to make a few swaps. You should also try to do this once every week or month, as the airdrop criteria may also include having done transactions over a period of a few distinct months.
Use Metamask’s Bridge Feature
To use the bridge feature, go to your MetaMask extension and select ‘Bridge’, which will bring you to a new page.
After you are brought to this page, first select your destination chain and token to bridge. MetaMask will then automatically choose the cheapest fee for you.
If you would like to, you can click on ‘Choose a different quote’ to change the bridge provider you. It is good to note that, similarly to performing swaps, Metamask takes a 0.875% fee.
Another possible criterion for the airdrop might be specific amounts you would need to bridge. Depending on your choice, it might be good to do multiple swaps with larger amounts to help ensure that you hit their criteria. However, this might be quite costly, and you should remember to consider that the airdrop is currently speculative.
Interact With Top dApps
After depositing your tokens, you can also interact with the decentralized applications on the different networks. The idea is to use your MetaMask wallet to conduct transactions such as swapping tokens, staking, yield farming, lending, or even purchasing NFTs. Just remember to connect your MetaMask wallet to the dApp.
For example, on the Ethereum chain, you can interact with popular dApps like Uniswap, SushiSwap, and OpenSea. Uniswap, a decentralized exchange (DEX), allows users to swap their ERC-20 tokens. On the other hand, Sushiswap is also a DEX but offers additional features such as yield farming and staking.
Use Metamask’s Liquid Staking Feature
To use the liquid staking feature, go to your MetaMask extension and select ‘Portfolio’, which will bring you to a new page.
After this, click ‘Stake’ on the left side of the screen. As this function is still in its beta stage, there are only two staking providers – Lido and Rocket Pool.
The provider with the highest rewards will be automatically selected for you. If you would like to switch to the other provider, simply click on it.
Once you click the provider, simply enter the amount of ETH you wish to stake, which would then show you an estimated staking reward. If you are satisfied with the rates, simply confirm the transaction, and you're done!
Final Thoughts
If MetaMask really conducts an airdrop, you can expect the team to be much more stringent on their criteria for their airdrop due to the large number of active users on the wallet. One of the criteria for the potential airdrop will likely be interacting with the different networks, so be sure to conduct all the different steps on different chains!
Please do keep in mind that this is not financial advice, and the airdrop is currently speculative.
Hwee Yan has been involved in the cryptocurrency space since 2021. Currently pursuing a degree in Linguistics and Multilingual studies at Nanyang Technological University, she is a writer who is mainly interested in NFTs, crypto trends and memecoins. Follow the author on Twitter @cryptohy8
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