Original | Odaily Planet Daily ( @OdailyChina )

Author | Asher ( @Asher_0210 )

Following Base's sudden change of heart to explore coin issuance, MetaMask may also issue a coin in the near future.

In May, MetaMask co-founder Dan Finlay said the team was “considering” issuing a token, but his stance was vague. But today, the tone suddenly shifted: Joseph Rubin, founder of MetaMask’s parent company, ConsenSys, told The Block’s podcast, The Crypto Beat, that “the MetaMask token is coming, and it might even be coming sooner than you think.”

Perhaps MetaMask's decision to launch its token at this time stems from the increasingly fierce competition among Web 3 wallets. Once a dominant force, MetaMask is now losing popularity to competitors and even being marginalized by some users.

In the Web 3 wallet war, MetaMask has long fallen from grace

According to Dune data, MetaMask's share of the Web 3 wallet swap market is experiencing a precipitous decline , falling from near-80% dominance at the end of 2022 to a marginalized position of less than 1% today. While MetaMask hasn't been complacent, actively expanding its ecosystem through tools like Snap and supporting multi-chain wallets like Solana in recent years in an effort to maintain its developer-friendly and open ecosystem, the actual results have failed to buck the trend.

Web 3 Wallet Weekly Transaction Volume Market Share

The reason is that the rise of exchange-based Web 3 wallets has far exceeded expectations.

OKX Wallet is a rapidly rising Web 3 wallet. Its impressive functionality and ease of use attract daily users. By inheriting the liquidity advantages of exchanges, some users experience a smoother transaction process than MetaMask. At this stage, wallet competitiveness stems primarily from functionality, rather than incentive mechanisms.

Currently, Binance Wallet has the most prominent growth. This initiated a user growth model centered around token airdrops. Users were attracted by the dual incentives of "trading" and "airdrop expectations," rapidly increasing activity and penetration. The market consensus became that "using an exchange wallet to complete tasks equals airdrop expectations," making Binance Wallet the fastest-growing wallet of the new generation. Similarly, OKX Wallet has recently expanded its usage scenarios through the OKX Boost campaign, gradually becoming the preferred gateway for users' daily transactions and interactions.

Binance Alpha may have charted a path for the development of Web 3 wallets: In the current market environment, relying solely on product features or user education is insufficient to rapidly achieve economies of scale. Only by stimulating user behavior through token airdrops can the largest share of Web 3 wallets be captured. Perhaps for this reason, the MetaMask team decided to issue tokens, using token incentives to re-engage existing users and lock in new ones, ultimately expanding the ecosystem.

Linea holders may benefit from MetaMask airdrop

Linea, an Ethereum Layer 2 project under ConsenSys, has experienced a disappointing opening price performance, with a current circulating market capitalization of just $430 million, ranking 213th. Given this, MetaMask's token offering is likely to consider binding with Linea token holders, directly reaching Linea network users through airdrops or incentive mechanisms, thereby increasing demand for LINEA tokens and driving up their price.

In other words, through the MetaMask airdrop program, MetaMask is boosting wallet activity and transaction volume, while Linea is leveraging wallet traffic to increase network usage and token demand. This "wallet + Ethereum Layer 2" combination creates an opportunity for both projects to grow together and create a stronger network effect.

It's time to use the Little Fox Wallet again

Most veteran Web 3 users have likely used the MetaMask wallet at some point. While details of the MetaMask token airdrop haven't yet been announced, veteran wallet users might want to reactivate their MetaMask account and stay active to capitalize on potential airdrop opportunities.

Furthermore, reusing your old MetaMask wallet doesn't necessarily mean inflating your transaction volume. Simply keep your wallet active through daily on-chain transactions. After all, there aren't any Odyssey-like missions currently available, so there's no need to risk increasing wallet usage just for airdrops.