In brief
- Rainbow Points will be converted into RNBW, a token from Ethereum wallet provider, Rainbow.
- RNBW’s official tokenomics are still forthcoming, but the launch is expected in Q4.
- The firm also made a public takeover offer of a token launching protocol, offering 4% of the RNBW supply.
Ethereum wallet provider Rainbow will launch the RNBW token in Q4, it announced on Monday, giving purpose to its long-running points program.
The platform unveiled a host of feature additions as well, including real-time token price updates and improved charting, with future plans to add in-wallet perps trading through Hyperliquid and a new daily token game.
“The $RNBW token is going to be a big deal,” the wallet posted on X. “That’s why we’ve been heads down for months — leveling up our team and overhauling Rainbow’s app and data pipelines to make the experience faster, sharper, and more reliable than ever.”
The wallet first introduced its Rainbow Points program in December 2023, offering points to Ethereum users based on their on-chain activity and holdings—with boosted marks for those who switched from competing Ethereum Virtual Machine wallet, MetaMask.
The move was initially teased as a vampire attack, or a move in which a crypto platform offers better incentives than a competitor in order to lure users away. And typically, points programs in crypto are precursors to token airdrops and are used by protocols to identify and tier users of its platform for the eventual token reward.
But nearly two years later, a token still hadn’t launched. It finally will soon, however.
Official details about Rainbow’s tokenomics remain outstanding, though the firm offered 4% of its total RNBW supply in a public offer to acquire token launching protocol, Clanker. It also alerted followers that around 20% of its circulating supply would be available upon its token generation event (TGE).
Coincidentally, MetaMask may also launch a token soon. Last week, Ethereum co-founder and Consenys CEO Joe Lubin said a token is “on the way” and “may come sooner than you would expect.” Consensys, the developer of MetaMask, also incubated the Ethereum layer-2 network, Linea.
Predictors on Myriad don’t expect it to launch by November though, with odds of “yes” standing at just 21% as of Monday afternoon.
(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt. Myriad Markets is a product of DASTAN, Decrypt’s parent company).
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