Author：Xbit wallet
MetaMask, the world's most widely used self-custodial 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 visibility. It has evolved from a simple Ethereum wallet into a comprehensive Web3 portal, with products including:
Multi-chain self-custodial wallet: Provides browser extensions and mobile wallets that support Ethereum and EVM-compatible chains, and extends support to non-EVM chains through Snaps plug-ins, with approximately 30 million monthly active users.
Built-in trading functionality: It has integrated a token swap aggregator that can integrate quotes from multiple DEXs, with cumulative fee income of approximately US$325 million.
Bridging and Fiat Channels: Provides cross-chain bridging services and channels for purchasing cryptocurrencies with fiat currency, and supports simplifying the registration process for new users by logging in through social accounts.
Staking and Revenue: Built-in Ethereum staking entry and Portfolio asset management interface make it convenient for users to manage their multi-chain asset portfolios.
Institutional Wallet：MetaMask Institutional (MMI) is designed for institutional users, providing more advanced permission management and multi-signature functions.
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-custodial 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 cooperation 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, Trust Wallet issued its TWT token in 2020, successfully leveraging it to retain a significant number of users.
Phantom:The Solana ecosystem's leading wallet, renowned for its ultra-smooth user experience, has rapidly amassed millions of users within the Solana ecosystem. Now, it's expanding into multiple chains, including Ethereum, directly threatening MetaMask's core turf.
Faced with fierce competition, simple product iteration is no longer enough. MetaMask has to resort to the classic strategy of "issuing coins to attract traffic", raising the competition dimension from "which wallet is better" to "Which ecosystem can I co-own and share its growth dividends?". By conducting large-scale airdrops to tens of millions of loyal old users,$MASKIt will become the most powerful weapon for activating dormant users, expanding market influence, and consolidating user loyalty. Issuing the token at this time is expected to help MetaMask regain ground in marketing and strengthen its position as the king of Web3 portals.
In addition, the current timing of the coin issuance is also closely related to the regulatory environment. In February 2025, ConsenSys reached an agreement with the SEC, and the SEC agreed to drop the charges of unregistered securities or brokers against MetaMask, which temporarily greatly reduced the regulatory pressure faced by MetaMask. Issuing coins at this time can be said to be "If you miss this village, you will miss this shop.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 cooperate with these products, thereby dragging down the operation of the entire ConsenSys ecological flywheel.
More than just a “virtual currency”: $MASK’s potential use cases and value capture
Although the official token white paper has not yet been released (even$MASKThis token symbol is also only speculated by the community), but based on industry experience, we can reasonably speculate that$MASKThe 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 utility that can directly attract high-frequency trading users. By holding or staking a certain amount of $MASK tokens, users can enjoy the benefits of using MetaMask Swap (currently 0.875%) and cross-chain bridge functions.Fee discounts or even waiversThis model has been successfully verified by Trust Wallet's TWT token and can effectively increase user stickiness and transaction volume.
Staking & Revenue Share: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:The $MASK token can also serve as an identity or equity certificate, providing its 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 with MetaMask.
Value Geometry: Multi-Dimensional Valuation Analysis of $MASK Tokens
Valuation is a key concern for the market. Although the $MASK token has not yet been 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 main revenue source is 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.
Then consider MetaMask's other sources of income, such as deposit and withdrawal fees, possible commissions from other transaction fees, etc.
Overall, MetaMask’s overall revenue is expected to exceed$100 millionReferencing the price-to-sales ratio (P/S) of technology companies, and giving it a P/S of 10-15 times, its valuation is approximately$1 billion to $1.5 billionbetween.
Comparing user scale with Trust Wallet
MetaMask’s monthly active users (approximately 30 million) are approximately twice that of Trust Wallet (approximately 17 million), and TWT’s FDV is approximately $1.2 billion. Therefore, it can be inferred that $MASK’s FDV may also be twice as high, i.e.Approximately US$2.4 billion.
Comparing 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, with an astonishing FDV/annualized revenue multiple.About 342 timesThis 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 $MASK to be valued at or above 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 30 times P/S (about 10% of TWT), FDV is$1.5 billion.
Baseline scenario：Given 100 times P/S (about 30% of TWT), FDV is$5 billion.
Optimistic scenario：Given 200 times P/S (about 60% of TWT), FDV is$10 billion.
Refer to ConsenSys' 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 bearer. Therefore, this figure provides a reference for a valuation ceiling.
Based on Consensys’s financing history, I believe MetaMask’s valuation is at least$3 billionabove.
Valuation Results List
To present the above valuation logic more clearly, we summarize it as follows:
Combining the above valuation methods, we believe that MetaMask’s fully diluted valuation (FDV) is likely to fall withinUS$1.5 billion to US$5 billionwithin the range.
Ecosystem Flywheel: How $MASK Became ConsenSys’ Growth Engine
To accurately assess$MASKThe value of $MASK must be placed within the vast 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.
$MASK and Linea’s symbiotic relationship
LineaIt is the zkEVM Layer 2 network created by ConsenSys, which aims to provide Ethereum with a lower-cost, more efficient and fully EVM-compatible expansion solution.
$MASK and Linea will form a deeply symbiotic relationship. As the leading Web3 portal 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, $MASK tokens can be used as the "startup fuel" of the Linea ecosystem. By airdropping or rewarding users and developers who provide liquidity, conduct transactions, or build applications on Linea, it can quickly attract early participants and ignite the liquidity and activity of the ecosystem.
Although the MASK airdrop criteria have not yet been announced, many users believe thatHolding Linea tokens or interacting on the Linea network may directly affect$MASKAir investment qualificationsConsenSys CEO Joe Lubin hinted at this in a post on September 11, 2025, where he mentioned: “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 somETHing 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 provides strong evidence for 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 a series of financial products, and $MASK is the core incentive layer in this closed loop.
Deposit (On-ramp):Users can easily exchange fiat currencies such as US dollars into mUSD through MetaMask’s built-in fiat currency channel.
On-chain Activity:Users use mUSD on the Linea network for low-cost transactions and DeFi activities. In the process,Holding or staking $MASK tokens can earn them transaction fee discounts or additional rewards.
Withdrawal Consumption (Off-ramp):Users do not need to withdraw assets to the bank, users can directly spend their mUSD balance on the Linea network in the real world through the MetaMask Card, achieving seamless payments from Web3 to the real world. The cashback or rewards earned from consumption can be designed as $MASK tokens, which further incentivizes 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 latest positive statement, there is still pessimism in the market. On the prediction market Polymarket, the probability of a bullish answer to the question “Will MetaMask issue a token in 2025?” is 0.After the news was announced, it fell from 60% to 32%., reflecting the market's lack of confidence in the issuance of new coins this year. This pessimism may stem from the following two aspects:
Narrative fatigue of “crying wolf”Rumors of a MetaMask token launch have persisted for years, despite repeated official denials. For example, as recently as March 2025, the official MetaMask account clarified that there was no $MASK token. While Lubin's latest interview offered positive signals, the market may have become fatigued and skeptical of these repeated "imminent" claims.
Concerns about the fairness of airdropsMany users have 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 caused the community to worry that MetaMask's airdrop may repeat the same mistakes, resulting in real users' efforts not being 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 of "1+1<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 the perspective of valuation, 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 is even expected to hit 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.
