MetaMask, the world's most widely used self-hosted crypto wallet, has finally announced the upcoming release of its native token. ConsenSys CEO Joe Lubin confirmed in an interview on September 18, 2025, that the MetaMask native token (presumably referred to as $MASK) "may arrive sooner than expected."
This news immediately garnered significant market attention. As one of the most important traffic gateways for the Ethereum ecosystem, what does MetaMask's token issuance mean? Why choose now? What potential uses and value propositions will its token possess? And how will it impact the competitive landscape of the entire crypto wallet market? This article will delve into these questions and offer insights based on MetaMask's product portfolio, issuance motivations, token economic model, valuation analysis, and ecosystem synergy.
Coin Issuance Imminent: MetaMask’s Midlife Crisis
Since its launch in 2016, MetaMask has been the dominant force in the wallet space, boasting the largest user base and the highest profile. It has evolved from a simple Ethereum wallet into a comprehensive Web3 portal, with products including:
- Multi-chain self-hosted wallet : Provides browser extensions and mobile wallets that support Ethereum and EVM-compatible chains, and extends support to non-EVM chains through Snaps plug-in. It has approximately 30 million monthly active users.
- Built-in trading function : It integrates a token swap aggregator that can integrate quotes from multiple DEXs, with cumulative fee income of approximately US$325 million.
- Bridging and Fiat Currency Channels : Provide cross-chain bridging services and channels for purchasing cryptocurrencies with fiat currency, and support simplified registration processes for new users through methods such as logging in with social accounts.
- Staking and Earnings : Built-in Ethereum staking portal and Portfolio asset management interface make it easy for users to manage their multi-chain asset portfolios.
- Institutional wallet : MetaMask Institutional (MMI) is designed specifically for institutional users, providing more advanced permission management and multi-signature capabilities.
- MetaMask USD Stablecoin (mUSD) : Announced in August 2025, this USD stablecoin is issued and managed by Stripe's Bridge, with plans to launch on Ethereum and Linea. This is the industry's first native stablecoin issued by a self-hosted wallet, designed to make it easier for users to hold and use USD assets within their wallets.
- MetaMask Card Crypto Card : A debit card launched in partnership with Mastercard that supports direct use of crypto assets for consumer payments and instant conversion.
However, the "throne" is not safe, and challengers from all sides are becoming increasingly powerful.
- Trust Wallet (TWT): As the core wallet of the Binance ecosystem, Trust Wallet has been downloaded over 200 million times on mobile devices and boasts tens of millions of active users, putting it on par with MetaMask. Furthermore, it launched its TWT token in 2020, successfully leveraging token incentives to retain a significant number of users.
- Phantom, the leading wallet in the Solana ecosystem, is renowned for its exceptionally smooth user experience and has rapidly amassed millions of users within the Solana ecosystem. Now, it is expanding into multiple chains, including Ethereum, directly threatening MetaMask's core turf.
Faced with fierce competition, simple product iteration is no longer sufficient. MetaMask has resorted to the classic "coin issuance" strategy, shifting the focus from "which wallet is better" to " which ecosystem can I co-own and share in its growth dividends ." By offering a large-scale airdrop to tens of millions of loyal users, $MASK will become a powerful tool for revitalizing dormant users, expanding market influence, and consolidating user loyalty. Issuing a coin at this time is expected to help MetaMask regain market share and strengthen its position as the leading gateway to Web3.
Furthermore, the timing of the current coin issuance is closely tied to the regulatory environment. In February 2025, ConsenSys reached an agreement with the SEC, which agreed to drop the unregistered securities or broker charges against MetaMask, temporarily alleviating regulatory pressure on MetaMask. Issuing a coin at this time could be considered a missed opportunity .
At the same time, other products in the ConsenSys ecosystem (such as Linea and mUSD) have taken advantage of this wave of "regulatory dividends" to take the lead. If MetaMask moves slowly, it may miss the opportunity to work together with these products, thereby dragging down the operation of the entire ConsenSys ecological flywheel.
More than just a "virtual currency": $MASK's potential use cases and value capture
Although the official token whitepaper has not yet been released (even the token symbol $MASK is only speculated by the community), based on industry experience, we can reasonably speculate that the $MASK token will have the following core functions to avoid becoming a "virtual coin" with no actual value.
- Governance: This is the fundamental utility of all major protocol tokens. $MASK holders will have the power to vote on the future development of the protocol. Decisions may include adjusting MetaMask Swap fees, prioritizing new features, and managing the use of funds in the community treasury.
- Fee Discounts: This is the most direct benefit for high-frequency traders. By holding or staking a certain amount of $MASK tokens, users can enjoy fee discounts or even waivers on MetaMask Swap (currently 0.875%) and cross-chain bridges. This model has been successfully demonstrated with Trust Wallet's TWT token, effectively increasing user engagement and transaction volume.
- Staking & Revenue Sharing: To allow token holders to directly share in the protocol's growth, MetaMask can design a staking mechanism. By staking $MASK tokens, users can receive a proportional share of the protocol's revenue. This revenue can come from a variety of sources, such as fees generated by MetaMask Swap or interest earned on its native stablecoin, mUSD, through its reserve assets (such as US Treasuries).
- Exclusive Access/Value-Added Services: $MASK Tokens can also serve as an identity or equity certificate, providing their holders with a series of exclusive benefits, such as priority experience of new beta features, eligibility to apply for limited edition MetaMask Cards or annual fee waivers, and the opportunity to participate in early token sales of projects incubated or strategically partnered by MetaMask.
Value Geometry: Multi-Dimensional Valuation Analysis of $MASK Tokens
Valuation is a key concern for the market. Although the $MASK token has yet to be issued, we can deduce its potential value from multiple perspectives, including project fundamentals, comparable project valuations, and ecosystem logic.
Valuation based on forecasted revenue
First consider your income sources:
- MetaMask's primary revenue stream comes from its built-in Swap feature, which charges a 0.875% service fee on each transaction . According to DeFiLlama, its annualized revenue has stabilized at approximately $49 million to $57 million .
- With the launch of the mUSD stablecoin, MetaMask has the opportunity to profit from the interest rate differential on user deposits. For example, if the on-chain circulation of mUSD reaches $1 billion (a modest goal), based on the current 5% US Treasury bond rate, this could generate approximately $50 million in interest annually. While this profit would need to be shared with its partner, the Bridge/M0 protocol, it would still be a significant new revenue stream.
- Consider MetaMask's other sources of income, such as deposit and withdrawal fees, possible commissions from other transaction fees, etc.
Overall, MetaMask's revenue is expected to exceed $100 million annually within the next one to two years. Based on a price-to-sales ratio (P/S) of 10-15 times that of tech companies, its valuation would be between $1 billion and $1.5 billion .
Comparing user base with Trust Wallet
MetaMask has approximately 30 million monthly active users (about twice as many as Trust Wallet ( about 17 million ), and TWT has a FDV of approximately $1.2 billion . Therefore, it can be inferred that $MASK's FDV is likely to be twice as high, or approximately $2.4 billion .
Compare Revenue with Trust Wallet
TWT's annualized revenue is approximately $3.5 million , but its fully diluted valuation (FDV) is as high as $1.2 billion . Its "FDV/annualized revenue" multiple is an astonishing 342 times , which reflects the market's extremely high premium on the "Binance ecosystem" behind it, but this valuation may be too high.
In comparison, MetaMask's annual revenue from swap fees alone is approximately $50 million , roughly 15 times that of TWT. Considering MetaMask's superior user base, brand reputation, and revenue channels compared to Trust Wallet, the market should reasonably expect a valuation of $MASK no lower than that of TWT.
Even without considering future revenue from new businesses such as mUSD and MetaMask cards, based only on the current annual revenue of approximately US$50 million and combined with different market sentiments, the following valuation range can be obtained:
- Pessimistic scenario : Given a P/S of 30 (approximately 10% of TWT), the FDV is $1.5 billion .
- Base case : Given a P/S of 100 (approximately 30% of TWT), the FDV is $5 billion .
- Optimistic scenario : Given a P/S of 200 (about 60% of TWT), the FDV is US$10 billion .
Refer to ConsenSys's financing history
We can also refer to the private equity valuation of its parent company, ConsenSys. Following its Series D funding round in 2022, ConsenSys' overall valuation reached $7 billion . While this valuation includes other assets like Infura, MetaMask is undoubtedly its primary value generator. Therefore, this figure provides a reference for a valuation ceiling.
Based on Consensys's financing history, I believe that MetaMask's valuation is at least over $3 billion .
Valuation Results List
To present the above valuation logic more clearly, we summarize it as follows:
| Valuation Methods | Core Logic and Key Assumptions | Predicting FDV |
|---|---|---|
| Based on forecast revenue | Current annualized revenue is approximately $50 million. With the addition of new businesses like mUSD, annual revenue is expected to exceed $100 million. We assign a price-to-sales ratio (P/S) of 10-15x. | $1 billion–$1.5 billion |
| Comparing user scale with TWT | MetaMask's monthly active users (approximately 30 million) are approximately twice that of Trust Wallet (approximately 17 million), and TWT's FDV is approximately US$1.2 billion. | $2.4 billion |
| Compare revenue with TWT | TWT's P/S ratio is approximately 342, which is clearly too high. MetaMask, with annual revenue of approximately $50 million, should consider a more reasonable P/S ratio. | 1.5 billion (pessimistic), 5 billion (baseline), 10 billion (optimistic) |
| See ConsenSys funding round | During the Series D funding round in 2022, ConsenSys was valued at US$7 billion, and MetaMask, as a core asset, should have occupied a large share. | $3 billion |
Combining the above valuation methods, we believe that MetaMask's fully diluted valuation (FDV) is likely to fall in the range of US$1.5 billion to US$5 billion .
Ecosystem Flywheel: How $MASK Became ConsenSys’ Growth Engine
To accurately assess the value of $MASK, it must be placed within the broader ecosystem built by its parent company, ConsenSys. As a blockchain software giant building tools and infrastructure around Ethereum, ConsenSys's product portfolio encompasses the entire stack, from user-side tools (MetaMask) and developer platforms (Infura, Truffle) to the underlying protocol (Linea). The $MASK token will become the core value carrier that connects this vast empire, driving a powerful ecosystem.
The symbiotic relationship between $MASK and Linea
Linea is a zkEVM Layer 2 network developed by ConsenSys, which aims to provide Ethereum with a lower-cost, more efficient, and fully EVM-compatible scaling solution.
$MASK and Linea will form a deeply symbiotic relationship. As the premier Web3 gateway with tens of millions of users, MetaMask can seamlessly guide massive user and capital flows to the Linea network at the lowest cost and with the smoothest experience possible – a significant advantage unmatched by any other L2 network.
At the same time, the $MASK token can be used as the "startup fuel" of the Linea ecosystem. By airdropping or rewarding $MASK to users and developers who provide liquidity, conduct transactions, or build applications on Linea, it can quickly attract early participants and ignite the liquidity and activity of the ecosystem.
Although the MASK airdrop criteria have yet to be announced, many users believe that holding Linea tokens or interacting on the Linea network could directly impact their airdrop eligibility. ConsenSys CEO Joe Lubin hinted at this in a post on September 11, 2025 , stating, "Well, just holding Linea will open up further rewards opportunities, mostly in other tokens ; some from ConsenSys and some from protocols that we are aligned with. MetaMask and Linea are cooking someETHing together to make this happen . ...So if we notice, at some date in the future that you've held n LINEA tokens for m days, that just might lead to another token landing in your account . ..." This strongly supports the community's speculation.
The financial closed loop of $MASK, mUSD, and MetaMask Card
ConsenSys is building a seamless payment closed loop from on-chain to off-chain through a combination of financial products, and $MASK is the core incentive layer in this closed loop.
- On-ramp: Users can easily convert fiat currencies such as USD into mUSD through MetaMask's built-in fiat currency channel.
- On-chain Activity: Users use mUSD to conduct low-cost transactions and DeFi activities on the Linea network. Holding or staking $MASK tokens can earn them transaction fee discounts or additional rewards .
- Off-ramp: Users can spend their mUSD balance on the Linea network directly in the real world through MetaMask Card, without withdrawing their assets to a bank , enabling seamless payments from Web3 to the real world. Cashback or rewards earned from spending can be designed as $MASK tokens , further incentivizing users to hold and use $MASK, thereby locking more value within the ecosystem.
The road ahead is not smooth: $MASK’s hidden concerns and market doubts
Despite Joe Lubin's recent positive comments, pessimism persists in the market. On the prediction market platform Polymarket, the probability of a MetaMask token launch in 2025 plummeted from 60% to 32% following the announcement , reflecting a lack of confidence in a coin launch this year. This pessimism may stem from two factors:
- Fatigue of the "crying wolf" narrative : Rumors of a MetaMask token issuance have persisted for years, despite repeated official denials. For example, as recently as March 2025, the official MetaMask account was still clarifying that there were no $MASK tokens . While Lubin's latest interview sends positive signals, the market may have become fatigued and skeptical of these repeated "imminent" claims.
- Concerns about airdrop fairness : Many users pointed out that its parent company, ConsenSys, had serious issues with its previous Linea airdrop, where a large number of real users were mistakenly labeled as Sybil accounts, while many addresses involved in bulk operations received large amounts of the airdrop, leading to unfair distribution and market sell-offs. This has led the community to worry that MetaMask's airdrop may repeat the same mistakes, resulting in real users' efforts not being properly rewarded, thereby undermining market confidence.
Therefore, the design of this MetaMask airdrop is crucial. It must avoid a repeat of Linea's disappointing user experience. Otherwise, not only will this airdrop fail to build a positive reputation and attract users, but it could also hinder the synergy of the entire ConsenSys ecosystem, including MetaMask, Linea, and mUSD, resulting in a negative outcome where 1+1 is less than 1.
Conclusion: Opening a new chapter in wallet competition
MetaMask's coin issuance is an inevitable choice in the face of fierce competition, and it is also a carefully planned strategic upgrade.
From a valuation perspective, with its strong fundamentals and grand ecological narrative, it is highly likely that $MASK's fully diluted valuation (FDV) will reach billions of dollars , and it is even expected to reach higher.
From a product perspective, the MetaMask token pushes wallets to a new level of "self-built financial ecosystem": users, assets, and services will form a closed loop connected by the token, and the wallet will be upgraded from a tool to a platform. From a competitive perspective, this move is bound to shift the balance of power in the industry, forcing other players to adjust their strategies and ultimately accelerating the evolution of the entire sector.
