Key Takeaways
Why does Consensys plan to issue the MetaMask token?
Joseph Lubin, founder of Consensys, confirmed that Metamask will issue a token to drive the wallet’s DeFi initiatives.
When will the MetaMask token go live?
Lubin didn’t share more details on the timeline and tokenomics
The Ethereum [ETH]-focused wallet, MetaMask, will issue a token, according to Joseph Lubin, Founder of Consensys, the firm behind the wallet.
In a recent interview, Lubin said the token will help the platform drive its DeFi strategy. He said,
“The MASK token is coming. It may come sooner than you’d expect right now. It’s significantly related to the decentralization of certain aspects of the Metamask platform.”
MetaMask challenges and growth
MetaMask has seen massive growth despite legal hiccups. In mid-2024, the previous SEC charged Consensys with offering unregistered securities through the wallet.
Additionally, the regulator claimed MetaMask swaps and staking offerings made the platform an unregistered broker. But in 2025, the case was dismissed, allowing the platform to focus on building.
As of September, the platform has handled over $2 billion in Cumulative Volume across Ethereum, Binance Coin [BNB] chain, and most of the L2s.
Additionally, its Cumulative Revenue has nearly tripled since 2024 to nearly $160 million.
Source: DeFiLlama
Collectively, the growth underscores its traction amid new offerings, in part from its swaps and staking services.
New products drive expansion
In September, the wallet launched its stablecoin, mUSD, redeemable 1:1 to the U.S. dollar for its users. In just three weeks, the mUSD market cap has grown to $60 million, according to data from Coingecko.
The wallet also plans to support perpetual markets driven by Hyperliquid [HYPE], underscoring growth and expansion.
However, in terms of overall crypto wallet trading volume, MetaMask ranked fifth, with Binance and OKX wallets leading the segment.
Source: Dune
Interestingly, MetaMask topped the list around May but has since dropped amid intense competition from Rabby, Phantom and others.
MASK launch odds shift
That said, the more details on the upcoming Metamask token and timeline were not yet public as of press time.
However, the market was pricing a 43% chance of the token being launched by 2025, per Polymarket data.
Polymarket
The odds surged nearly to 65% after Lubin’s update, but dropped below 50% afterward.
Worth pointing out that most platforms with upcoming tokens always have point farming to encourage community participation and reward early users via airdrops.
At the time of writing, there was no public point-based system for MetaMask. The odds of the token launch will likely increase if such a system is announced by the wallet.
Meanwhile, Lubin, also a co-founder of Ethereum, expressed caution regarding the Base token. He warned that it could impact ETH, particularly if the Layer 2 network decides to diverge from the Ethereum mainnet.
