MetaMask co-founder Dan Finlay says token is still a 'maybe'

MetaMask co-founder Dan Finlay said the most popular Ethereum wallet is still considering a token launch. “Maybe,” Finlay said with a smirk when asked about the possibility of creating a native MetaMask token in an interview (about 42:00 minutes in) on The Block’s “Crypto Beat” podcast.

“If we ever do it, it'll be advertised directly in the wallet. You'll be able to find a link directly in the wallet,” Finlay told the head of growth (HOG) at The Block, Tim Copeland, on Wednesday. 

While there doesn’t appear to be any concrete plans for a MetaMask token, Finlay noted that the changing regulatory regime, under a more permissive Trump administration, “there is safety for far more kinds of token launches.”

“Hopefully people take this opportunity to push the boundaries and establish precedence for things that we can all be doing,” Finlay added. “Maybe that will unlock the next fun season.”

MetaMask discussed plans to launch a token, tentatively named MASK, going back to at least 2021. During a developer community call, for instance, MetaMask engineer Erik Marks floated the idea of community ownership of the wallet through a token launch, which was bolstered by ConsenSys CEO Joseph Lubin tweeting a “Wen $MASK?” teaser later that year. 

In 2022, Lubin further explained MetaMask’s intent to launch a token and DAO as part of a plan to drive “progressive decentralization” of Consensys verticals. The DAO was described as a funding mechanism, not a governance body, and the token was explicitly not intended as a “cash grab,” including measures to prevent exploitation by airdrop farmers.

“My understanding is that securities law is still securities law,” Finlay said, referring to the idea promulgated by former Securities and Exchange Commission Chair Gary Gensler that most token launches resembled securities offerings. He added that many projects could still be operating in “gray waters” despite recent regulatory advancements.

Finlay, like many responsible crypto brands, appears to be particularly concerned about the possibility of scammers scamming a potential MASK token. 

“Speculation is almost the worst part of it because it gives fishers an opportunity to prey on users,” Finlay said. “You will not have to find some account on social media that you've never heard of giving you a link. It won't be a text message. We don't have your phone number. It won't be an email. We don't have your email address. It will be in the wallet. It'll be on our main website.”

MetaMask is the largest crypto wallet, with an estimated 30 million monthly active users as of 2024. The project, under the umbrella of the Ethereum development company Consensys, employs approximately 500 workers, according to Finlay. 

Over the past year, MetaMask has been rolling out several UX improvements in an attempt to keep up with increasing competition from the likes of Rainbow and Rabby, Finlay said.

“We’re competing in a permissionless space,” he said, noting the team realized “there would be very rapid, hot competition.”