Original Title: "In the Web3 Wallet Battle, Metamask Also Confirms Token Issuance?"

Original Author: Asher

Original Source: Odaily Planet Daily

Following Base's sudden change in stance to explore token issuance, MetaMask may also be planning to issue a token soon.

In May of this year, MetaMask co-founder Dan Finlay stated that the team was "considering" issuing a token, but their attitude was unclear. However, today, the tone suddenly changed—MetaMask's parent company ConsenSys co-founder Joseph Rubin, in an interview with The Block's podcast The Crypto Beat, said, "The MetaMask token is coming soon, possibly even faster than you can imagine."

Perhaps MetaMask's decisive move to issue a token at this time is precisely because of the increasingly fierce competition in the Web3 wallet arena. Once a dominant player, it is now gradually losing popularity to competitors and even being marginalized among some users.

In the Web3 Wallet Battle, MetaMask Has Already Fallen From Grace

According to Dune Analytics, MetaMask's market share in the Web3 wallet Swap market is experiencing a cliff-like decline, plummeting from close to an 80% absolute dominance at the end of 2022 to a marginalized state of less than 1% today. Although MetaMask is not sitting idly by, actively expanding its ecosystem through tools like Snap to support multi-chain wallet integrations including Solana in recent years in an effort to maintain its developer-friendly and ecosystem-open advantages, the actual effect has not been able to resist the trend.

Market Share of Weekly Transaction Volume in the Web3 Wallet Space

The reason is that the rise of trading platform-based Web3 wallets has far exceeded expectations.

Firstly, the rapidly rising star in the Web3 wallet space is the OKX Wallet. It attracts daily users with excellent functional design and ease of operation, inherits the liquidity advantage of the trading platform, and allows some users to experience a smoother transaction process than MetaMask. In this stage, the wallet's competitiveness mainly comes from user experience, rather than incentive mechanisms.

Currently, the most prominent growth is seen in Binance Wallet. Through the Binance Alpha event, Binance Wallet has adopted a user growth model centered around token airdrops. Users are attracted by the dual drivers of "trading + airdrop expectations," rapidly increasing activity and penetration rate. At this point, "completing tasks with a trading platform wallet = having airdrop expectations" has become a market consensus, making Binance Wallet the fastest-growing wallet in a new generation. Similarly, OKX Wallet has also recently expanded its use cases through the OKX Boost event, gradually becoming the preferred entry point for users' daily trading and interactions.

Binance Alpha may have already explored the path for the development of Web 3 wallets: in the current market environment, relying solely on product functionality or user education has made it difficult to quickly form a scaling effect. Only by stimulating user behavior through token airdrops can Web 3 wallets maximize their market share. Perhaps for this reason, the MetaMask team has decided to issue tokens to re-engage old users through token incentives and lock in new users to achieve ecosystem expansion.

Linea Token Holders May Benefit from MetaMask Airdrop

As an Ethereum Layer 2 project under ConsenSys, Linea's opening price performance is not ideal, with the current circulating market cap being only $430 million, ranking 213th in market cap. In this scenario, it is highly likely that the MetaMask token issuance may consider tying up with Linea token holders, reaching out directly to LINEA network users through an airdrop or incentive mechanism to increase demand for the LINEA token, thus driving the coin's price.

In other words, through the MetaMask airdrop plan, MetaMask enhances wallet activity and trading volume, while Linea leverages wallet diversion to increase network usage and token demand. Through this combined effect of "wallet + Ethereum Layer 2," both projects have the opportunity to grow together, creating a stronger network effect.

It's Time to Reuse Your MetaMask Wallet

I believe that most Web 3 veteran users have used the MetaMask wallet before. Although the details of MetaMask's token airdrop have not been announced yet, old wallet users may consider reactivating their MetaMask, staying active to seize potential airdrop opportunities.

Furthermore, reusing an old MetaMask wallet does not necessarily mean deliberately increasing transaction volume. Users simply need to keep their wallets active through daily on-chain operations. After all, there are currently no missions similar to an odyssey online, so there's no need to increase wallet wear and tear for the sake of an airdrop.

Original Article Link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia