Original | Odaily Odaily( @OdailyChina )
Author｜Azuma ( @azuma_eth )
After Joseph Rubin, founder of Consensys, the parent company of "Metamask" MetaMask, confirmed on September 19 that "MetaMask is about to launch a token, and it may be faster than you expected", rumors surrounding MetaMask's coin issuance have been endless. The latest news that has been basically confirmed is that MetaMask will launch a points program before TGE, and the points will be linked to future MetaMask tokens.
- Odaily Note: Regarding MetaMask’s confirmation of coin issuance, please refer to “ In the Web 3 wallet war, has Metamask also confirmed coin issuance? ” for details.
Official disclosure: Confirmed that the plan exists, but details are still to be finalized
In the early morning of October 5th, Beijing time, MetaMask officially announced the plan (officially called it a "reward plan" rather than a "points plan") on X, confirming that the plan is about to launch - note that this is also the only official proactive disclosure as of the time of publication.
"GM, Metamask 🦊
Yes, our rewards program is coming soon.
Any details you have seen or heard before do not represent the final version that will be launched. Now let’s talk about what the real MetaMask reward program will include - the program will provide referral rewards, mUSD incentives, exclusive partner rewards, token acquisition rights, and more.
However, this isn’t just a liquidity mining play, it’s shaping up to be one of the largest on-chain rewards programs ever – in the first season of the MetaMask Rewards Program alone, we’ll be giving away over $30 million worth of LINEA tokens.
Through this program, we hope to establish a genuine mechanism for ongoing giving back to the community.
As for OG users… we’re always watching. Long-term MetaMask users won’t be left out—they’ll receive exclusive benefits, and the MetaMask Rewards Program will be deeply tied to the future MetaMask token.
Further details will be released in the coming weeks, along with the full plan."
In addition to this announcement, another source that can be partially regarded as an official source is the information leaked earlier from a sub-page of the MetaMask official website - the specific website is portfolio.metamask.io/rewards , but now when you open it, you will be immediately redirected to the Dashboard homepage, and the sub-page is no longer visible.
As shown in the figure above, the most important information is obviously these two descriptions about "integration":
- MetaMask has launched a new reward mechanism. Earn points through redemption, cross-chain operations, and other operations, which can be redeemed for token rewards, partner privileges, and exclusive rights .
- Your points multiplier will be calculated based on your historical usage records and will automatically take effect after you join the program .
Market rumor: The code has been leaked and the points earning method
Although MetaMask officials have remained tight-lipped about the details of the reward (or points) activity, the community has uncovered some potential information through other clues.
Several community users have discovered that MetaMask's GitHub page has added some detailed rules for calculating points. Points will be based on spot and futures trading volume on MetaMask, with bonus points awarded for past activity. The specific calculation method for points is as follows:
- Spot trading: 80 points for every $100 USD in trading volume;
- Futures trading: 10 points for every $100 USD traded — Earlier news indicated that MetaMask plans to launch perpetual contract trading within the wallet through Hyperliquid ;
- Past transactions: 250 points for every $1,250 USD in transaction volume (capped at 50,000 points);
- Use Linea chain: get 100% more bonus points.
Preparation plan: identify the key points of operation
From the official and community surveys mentioned above, we can already get a rough idea of the gameplay of this event, which MetaMask has not yet announced in detail.
- First, users need to earn points through active operations, including but not limited to trading (including spot and futures, but most likely limited to trading within the wallet app), cross-chain transactions, etc.
- Second, Consensys will provide $30 million in LINEA as rewards for the event, but it's unclear how these rewards will be linked to the points. It's unclear whether LINEA will be earned through points or distributed throughout the event.
- Third, the Linea chain will have a special bonus of 1x, and the official also mentioned the term "mUSD incentive", but the specific form is unclear;
- Fourth, old users will receive certain retrospective points and subsequent point multiplier bonuses.
In summary, it is not difficult to find that MetaMask specifically mentioned the homologous project Linea and its own stablecoin product mUSD, and has clearly mentioned that it will give additional points bonus to the Linea chain - this has actually long been a common practice for Consensys projects.
For example, Linea's ongoing liquidity incentive program, Linea Ignition, has been showing a clear shift in incentives towards mUSD on the asset side since last week, while on the protocol side, it's tilted towards another similar project, Ethereum (a decentralized trading platform jointly launched by Linea, Consensys, and Nile).
Based on this, we can speculate that MetaMask's subsequent activities will also provide Linea and mUSD with additional benefits in terms of ongoing rewards and points . Although the activities have not yet begun, and it is currently uncertain whether MetaMask will award points for other interactions beyond the aforementioned specific actions (or even direct airdrops in the future), it is always a good idea to experiment with Linea and mUSD as soon as possible.
Personally, I would recommend adding liquidity around mUSD on Etherex. First, this allows for the effective use of Consensys's several "producers" - Linea, MetaMask, mUSD, and Etherex. Second, even if MetaMask's airdrop expectations fail, it is still possible to obtain considerable mining income through LineaIgnition.
Potential controversy: Will this be a sequel to PUA?
Judging from the overall community sentiment, the market's reaction to MetaMask's upcoming points program is quite nuanced. While issuing a token is certainly a positive development, longtime MetaMask users are inevitably concerned that the points program will dilute or even rob them of their contributions. Furthermore, given Linea's history of PUA (personal exploitation) practices, it's unclear whether MetaMask's points program will repeat this pattern.
Since the full details of the plan haven't been released yet, it's difficult to assess the value of participating. However, considering the official announcement of a $30 million LINEA reward, compared to the pure promises during the Linea interaction period, there are at least more promising benefits. Hopefully, Consensys, having misjudged the timing of its coin offering once, will learn from this mistake.
