Web3 Wallet Wars Heat Up: Is MetaMask Finally Launching a Token? Time to Dig Out Your “Little Fox” Wallet!

Hot on the heels of Base’s surprise announcement to explore token issuance, MetaMask, the “elder statesman” of Web3 wallets, might be next. Joseph Rubin, founder of MetaMask’s parent company Consensys, recently told a podcast: “A MetaMask token is coming, and maybe even sooner than you think.”

This isn’t out of the blue. Back in May, MetaMask co-founder Dan Finlay mentioned “considering” a token, but kept things vague. Now, the sudden clarity reflects the cutthroat competition in the Web3 wallet space: once the unrivaled leader, MetaMask is losing users fast to rivals.

MetaMask’s Fall from Grace: Swap Market Share Plunges from 80% to Under 1%

Dune data shows MetaMask’s share of the Web3 wallet Swap market has collapsed—from near 80% dominance in late 2022 to less than 1% today. Despite efforts to fight back (like adding Snap plugins for multi-chain support, including Solana, and doubling down on being “developer-friendly”), it hasn’t stemmed the tide.

Why? Exchange-backed wallets are rising faster than expected.

First Wave: OKX Wallet Won Users with “Experience”

OKX Wallet was the first to surge. It attracted users with sleek design, easy usability, and the liquidity edge of its exchange parent, giving some a smoother trading experience than MetaMask. At this stage, wallets competed on features and usability, not token incentives.

Now: Binance Wallet is Exploding with “Airdrops”

The current star is Binance Wallet. Leveraging Binance’s “Alpha Campaign,” it’s using token airdrops as its growth engine. Users are lured by the “trading + airdrop expectations” combo, driving skyrocketing activity and adoption. A market consensus has even formed: “Using exchange wallets to complete tasks = potential airdrops.” OKX Wallet has followed suit with “OKX Boost” to expand use cases, becoming a top choice for daily interactions.

Clearly, Binance Alpha has shown the way: in today’s market, product features or user education alone can’t scale quickly. Token airdrops to incentivize user behavior are the key to capturing wallet market share. MetaMask’s token launch likely aims to recapture old users and lock in new ones with similar incentives.

Linea Holders: Potential “Hidden Winners”?

Consensys also has Linea, an Ethereum Layer 2 project with a humble $430M market cap (ranked #213). When MetaMask launches its token, it may tie in Linea—perhaps airdropping to Linea holders or creating synergistic incentives. This could be a win-win: MetaMask boosts activity via Linea users, while Linea gets wallet-driven demand for its token, creating a “wallet + Layer2” network effect.

Note to Old Users: Time to Reactivate Your “Little Fox”!

If you’re a Web3 veteran, you’ve probably used MetaMask. While airdrop details are TBA, “reactivating old wallets and staying active with daily use” is a smart move. No need to artificially boost trading volume—just normal transfers and interactions will do. After all, there’s no “Odyssey”-style task list yet, so don’t risk “wallet fatigue” chasing airdrops!

(Wallet | Airdrop)

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This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.

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