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A smirk, an evasive answer. During a recent episode of The Block’s Crypto Beat podcast, Dan Finlay, co-founder of MetaMask, reignited speculation about a hypothetical native token for the Ethereum wallet. “Maybe,” he said, hinting at a possibility long simmering behind the scenes. While the idea of a homegrown crypto has stirred the community since 2021, Finlay’s statements reveal as much enthusiasm as caution. Between gradual decentralization, shifting regulations, and fears of fraud, MetaMask navigates a landscape where every step counts.
In Brief
- Dan Finlay, co-founder of MetaMask, reignites speculation about a native token with a simple “Maybe.”
- The project, considered since 2021, remains held back by regulatory uncertainties and fraud risks.
- MetaMask is moving cautiously—balancing innovation, security, and the need to maintain the trust of its 30 million users.
MetaMask and the Ghost Crypto: A Longstanding Story
Since 2021, the word “MASK” has hovered like a shadow over the Ethereum ecosystem. Back then, Erik Marks, an engineer at MetaMask, already spoke of community ownership of the wallet through a token. A vision reinforced by Joseph Lubin, CEO of Consensys (MetaMask’s parent company), who tweeted in 2021: “Wen $MASK?”.
This wink, far from trivial, was part of a broader strategy: the “progressive decentralization” of Consensys’s products.
In 2022, Lubin outlined the contours of the project. The crypto was to be accompanied by a DAO, not to govern, but to fund community initiatives, like the structure envisaged around MetaMask.
A bold but cautious approach: no question of creating a simple speculative vehicle. Anti-airdrop farming mechanisms were planned, and the model carefully avoided any resemblance to a traditional fundraising. “This isn’t a money grab,” Lubin stressed.
Yet, the project still appears in limbo. Why? Regulation, of course. Dan Finlay reminds us that “securities law remains securities law,” referring to the positions of Gary Gensler, former SEC chairman.
Despite regulatory easing under the Trump administration—which offers protection for more types of cryptocurrencies—MetaMask prefers to move cautiously. Because in this game, a wrong note could cost its 30 million monthly users dearly.
Speculations and Challenges: The Trap of Trust
“Speculation is almost the worst,” asserts Finlay. Behind this phrase lies a harsh reality: every rumor about a MASK crypto becomes a boon for scammers. Phishing, fake links, scams… The co-founder insists: if a launch happens, the information will be directly in the wallet, no SMS or emails. A vital precaution, as MetaMask is a magnet for fraudsters.
This caution also extends to competition. Facing rivals like Rainbow or Rabby, who focus on user experience, MetaMask must innovate without losing its soul.
“We are in a permissionless space,” reminds Finlay. Translation: the wallet war is won through simplicity and security, not empty promises. Recent UX updates—management of multiple wallets, fee reductions via MetaMask Bridges—aim to maintain its leading position.
Regulatory questions remain, a true Damocles’ sword. While the current environment seems more lenient, Finlay points out many projects still operate in “gray areas.” A MASK crypto must therefore embody a delicate balance: innovative enough to attract, solid enough to withstand legal shocks. “I hope people will seize this opportunity to push boundaries,” he adds, without specifying which ones.
Between the lines of his “maybe,” Dan Finlay sketches a future where MetaMask is not only a tool but an autonomous ecosystem. A bold bet, as expectations are high and obstacles numerous. That is why the BIS issues a warning, hoping to slow down—even if only a little—the speculation raging in the sector.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
