The popular MetaMask Web3 wallet is entirely under the control of its creators, a group working under the ConsenSys Software Inc. banner. With a strong focus on Ethereum-based tools and the related infrastructure, ConsenSys has been at the forefront of Web3 and blockchain development for many years. MetaMask reports having thousands of users worldwide and is the most widely used browser-based Web3 wallet.
The ConsenSys team does admit that it’s time to move on from this, though. To carry out that objective, MetaMask will establish a Decentralized Autonomous Organization (DAO). It will act as a fresh source of funding for the expansion of this wallet service in the future. Although they can fulfil a wide range of needs and objectives, DAOs are typically perceived as alternative governance models. It is essential to realise that the MetaMask DAO will act as a funding mechanism and not as a censor of project development.
Such a funding-focused strategy is not brand-new in the DAO sector. Endaoment, Charity Blockchain DAO, and other DAOs have emerged that are dedicated to fundraising through donations. Additionally, MetaMask DAO hopes to obtain outside funding through its DAO, though no additional specifics have been disclosed.
How to Contribute in the MetaMask DAO?
On the precise workings of the MetaMask DAO, no information has been released. Apart from monetary contributions, user participation will be rather restricted because it is not a traditional governance-oriented DAO. Despite the fact that there are many unknowable variables, it is commendable to see ConsenSys pursue decentralisation for the project and increase its utility.
Users can traditionally make contributions to a DAO through voting and proposals. It appears that neither of those features will be present in the MetaMask DAO. The team decides to use a DAO to fund “novel new pieces of MetaMask” instead.
What Is The MetaMask Token ?
Native token development is a common practice for Web3 and blockchain projects. Such a token may either open up new uses or provide exposure to project dividends. The launch of MetaMask’s token is imminent, but details are still scant. The precise distribution of the token is not specified. Users have high expectations for a Uniswap-based strategy because everyone will get free tokens.
The MetaMask token won’t be used as a “cash grab,” that much is certain. It’s unclear exactly what that means, though, because recipients will start looking for ways to turn their MetaMask tokens into cash right away. The trading of this token can also be facilitated by the numerous decentralised exchanges from the moment it is released. Because anyone can easily set up liquidity pools on these exchanges.
ConsenSys has not yet specified a launch date for the token, nor have they made any mention of the token’s potential involvement in the DAO.
Be assured that any MetaMask token you may encounter today is not a real offering. Numerous fake MetaMask tokens have been created over the years as persistent rumours about such an asset gained traction. There is no official token to speak of until the team. Or ConsenSys — provides more information on how the distribution will take place and what the token exactly entails.
How Do I Obtain a MetaMask Token?
The distribution scheme for the MetaMask token has not yet been disclosed by ConsenSys. Nevertheless, given that MetaMask is an Ethereum-centric Web3 wallet solution, it is reasonable to assume that the token will function on the Ethereum network. However, the team has the option to automatically airdrop the token to MetaMask addresses that already exist, use a website for users to claim tokens, or adopt an entirely different strategy.
There is no point in stressing about where to obtain the MetaMask token until more information is released. The wallet has over 30 million active users, making distribution a logistically challenging process.
Is My MetaMask Wallet Affected?
The way people currently use MetaMask won’t change as a result of either the DAO or the token. Users will still be able to access decentralised applications (DApps) on all supported blockchains using the Web3 wallet. In which it will maintain all of its functionality. Joe Lubin, the CEO of CensenSys, has confirmed that the group will revamp the current, clumsy user interface.
The new interface has not yet received an official release date. The new interface, however, will be unlocked for users whenever the plugin receives a new update, and it will most likely be included in that update.
Is this Connected to ConsenSys’s Recent Funding Round?
Some people might compare the news about the MetaMask DAO and token to ConsenSys’s receipt of $4450 million in Series D funding. It is difficult to say if one is related to the other, but the funding will undoubtedly help ConsenSys reach its objectives and improve its entire product lineup. ConsenSys’ valuation has increased to $7 billion thanks to the $450 million in Series D funding.
At that price, the MetaMask token can’t be a “cash grab.” ConsenSys may also look into some extremely unusual options to create the token and distribute it as necessary. Stakes have recently been raised, and the token will reflect on the business and vice versa.
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