MetaMask, the oldest and most used ethereum browser wallet, may be on the verge of launching a token.
“There is a DAO that is being formed right now in the context of MetaMask,” said Joseph Lubin, the CEO of ConsenSys which ‘spoked’ the wallet. “It won’t govern MetaMask, but it will enable the creation of novel new pieces of MetaMask to be funded.”
That’s during an interview at Ethereal, with Lubin confirming that MetaMask intends to launch a token.
There’s no details on what sort of mechanism they intend to utilize, but it would be one of the biggest airdrop so far with MetaMask surpassing 30 million users.
It nowadays makes about $1 million a day from swap fees (pictured above). That’s a feature where MetaMask acts as an aggregator of defi platforms like Uniswap or Sushiswap and tries to get the best conversion deal for users, keeping a fee for itself.
It also has fiat to crypto partners which probably bring it some more revenue, but based on just the swap fees, a token once launched may be valued at about $3 billion based on 10x revenue, with revenue here taken as $300 million a year.
That would amount to half the valuation for ConsenSys which just raised $450 million, from Microsoft and others, at a valuation of $7 billion.
There have been rumors however that some MetaMask equity has sneakingly been sold to JP Morgan with shareholders now trying to void that speculated deal.
A token launch would put any such rumors to bed because the browser wallet would become a publicly owned platform where users decide things like whether it should IP ban Russia.
But while rumors continue and intensify, details on when they will launch a token, remain very scarce.
