MetaMask Stirs Buzz with Possible Altcoin Launch

Dan Finlay, co-founder of the premier crypto wallet MetaMask, made a fresh statement on the much-anticipated plan to release their own coin. During his appearance on the “Crypto Beat” podcast, Finlay clarified that MetaMask has not finalized the decision on launching its altcoin , but the possibility remains open. His “Maybe” response to inquiries about the coin’s release marks that the process is still under consideration. MetaMask users will only get updates about such developments through the app itself.

MetaMask’s Altcoin Discussion Resurfaces

The potential altcoin from MetaMask has been a topic of debate within the crypto community for a while. In 2021, at a developer meeting, project engineer Erik Marks introduced the idea of community-based ownership. ConsenSys CEO Joseph Lubin’s “Wen $MASK?” comment further raised expectations surrounding the altcoin launch.

In 2022, Lubin announced plans to create a DAO and launch a coin for MetaMask. Despite this, an official launch is yet to happen. The anticipated DAO was envisioned more as a funding tool than a decision-making body, and mechanisms to prevent exploitation by “AirDrop farmers” were to be implemented in the coin’s design. Finlay’s recent comments suggest these plans could still be in effect, but they are moving cautiously.

“Trust Only the Wallet’s Information”

Finlay highlighted that the primary risk in a potential coin launch is fraud. He pointed out that fraudulent links on social media deceive users and stressed that any advancements would be announced only within the MetaMask wallet. “There will be no SMS, email, or social media posts,” said Finlay, asserting the wallet’s exclusivity for official announcements.

Finlay emphasized that users should trust only the MetaMask interface for any coin announcement. He also noted that the project doesn’t have access to users’ personal information like email addresses or phone numbers, an approach aimed at preventing scams particularly through fake AirDrops.

A New Climate for Altcoin Launch

Regarding the legal challenges faced by crypto projects, Finlay expressed that the political environment in the U.S. could now be more accommodating. He noted that during former SEC Chair Gary Gensler’s tenure, many coins were classified as securities, and most projects are still navigating “gray areas.” However, the onset of Donald Trump’s second term might create more opportunities for coin launches.

With nearly 30 million monthly active users, MetaMask stands as the leading crypto wallet. Acknowledging the escalating competition, Finlay mentioned their continuous efforts to improve user experience against rivals like Rainbow and Rabby.