Ethereum wallet MetaMask is preparing to launch its long‑discussed native token, MASK, according to Ethereum co‑founder and Consensys CEO Joseph Lubin. Speaking on The Crypto Beat podcast by The Block, Lubin said the token is “coming” and may arrive “sooner than you would expect.”

Token to support decentralization

Lubin explained that Consensys is aligning MetaMask, Infura, and Linea with Ethereum’s broader goal of progressive decentralization. The MASK token will be part of this strategy, helping shift elements of MetaMask’s infrastructure toward community governance and distributed ownership.

“The MASK token is significantly related to the decentralization of certain aspects of the MetaMask platform,” Lubin said.

MetaMask co‑founder Dan Finlay has previously said that any official launch would be advertised directly within the wallet, reducing reliance on external channels and helping protect users from scams.

Built on recent Consensys experience

Lubin pointed to the recent token generation for Linea, Consensys’ Ethereum Layer‑2 zkEVM chain, as a model. Over 9.36 billion LINEA tokens were distributed to eligible addresses earlier this month, with Consensys retaining only 15% of the supply and the rest allocated to builders, ecosystem incentives, and community liquidity.

“We had the opportunity to do some impactful things with Linea, keeping the focus on developers and the community,” Lubin said, hinting MASK could follow similar principles.

The concept of a MetaMask token dates back to at least 2021, when early developer discussions raised the idea of community ownership of the wallet.

Stablecoin connections

MetaMask has also recently moved into the stablecoin market. In partnership with fintech firm Stripe and decentralized infrastructure provider M0, MetaMask launched mUSD, a dollar‑pegged token already surpassing $53 million in circulation.

Analysts suggest mUSD could complement MASK by providing liquidity and transaction rails across the wallet’s 30 million users.

Lubin also addressed his role as chairman of listed Ethereum treasury firm SharpLink Gaming, which holds more than 836,000 ETH. SharpLink recently saw its market net asset value (mNAV) ratio fall to 0.80x, meaning its equity trades below the value of its ETH holdings.

SharpLink’s CEO Joseph Chalom described the drop as a “temporary dislocation” and emphasized that staking yields on ETH continue to provide revenue. He pointed to ETH‑per‑share growth (from 2.0 in June to 3.95 currently) as a stronger measure of investor value.

Chalom added that the firm could conduct buybacks or pursue convertible offerings if the mNAV discount persists.

Risks and user awareness

With any new token launch, security remains a major concern. Finlay has repeatedly warned users that:

  • Mask will only be promoted via official MetaMask channels (in‑wallet and main site)
  • No third‑party promotions, websites, or social media giveaways should be trusted
  • Fake airdrops remain a common scam vector

For investors and users, the rollout of MASK will be closely watched as both a milestone for decentralization in Ethereum wallets and a test of whether Consensys can replicate Linea’s community‑focused token model.

Context

  • MetaMask reach: Over 30+ million monthly active users globally.
  • Track record: Generated over $325 million from swap fees alone.
  • Broader market: Stablecoin and DeFi adoption is climbing, with global stablecoin supply above $268 billion and forecasted to exceed $2–3 trillion by 2028 (Citigroup, industry reports).

What it means for the ecosystem

The MASK launch signals that Consensys is ready to push decentralization beyond rhetoric into practice, tying wallet, infrastructure, and Layer‑2 strategies together. If the rollout mirrors Linea’s distribution model, the token may provide governance power, liquidity incentives, and new rails for millions of Ethereum users.

However, risks related to speculative hype and user safety loom large. MetaMask’s team insists only official in‑wallet communications will confirm details, leaving the community to wait for concrete launch mechanics in the months ahead.

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