Wen token? Ethereum wallet MetaMask discusses token issuance: It's impossible to hand over governance rights to airdrop groups

MetaMask is currently one of the most popular Ethereum wallets, and it is also one of the anticipated projects in the crypto community that has not yet launched its own token, "Wen token." However, its recent statement in an interview may disappoint many users: "We will not hand over governance tokens to Airdrop Farmers."

MetaMask on Coin Launch

Many early-stage crypto projects initially develop protocols in a centralized manner led by a core team, and once the project gains enough attention, they transfer the management to the community, allowing users to participate in governance and decide the future direction of the protocol through tokens.

However, Jacob Cantele, the operator of MetaMask, emphasized during an interview with Decrypt at the ETHDenver summit:

We believe very strongly in this progressive decentralization process, and we want to do the coin launch in a way that is meaningful and not just a cash grab.

Empowerment, Not Quick Profits for Everyone

Cantele stated that he understands the community's expectations, and launching a coin also signifies a significant milestone where MetaMask will be owned by the community. However, he tried to downplay the community's eagerness for the coin launch:

It's important for everyone to truly own MetaMask, and launching a coin is not something we're currently willing to take a risk on. We don't want to put this project in a regulatory crisis, nor do we want to empower the airdrop community with governance rights.

ConsenSys, the developer of MetaMask, has been busy with acquisitions recently, including the acquisition of the Ethereum wallet MyCrypto in early February.

MyCrypto was a project started by Taylor Monahan, co-founder of MyEtherWallet, which briefly surfaced in 2018. She also expressed her desire not to see MetaMask tainted by behaviors such as money grabbing due to the coin launch:

I want a decentralized ecosystem that empowers the public, without greed or get-rich-quick schemes.

Over the past year, several DeFi projects have initiated token distributions through airdrops. Uniswap's airdrop of 400 UNI tokens in September 2020 was worth up to $17,600 at the historical high of $44 per token.

As a result, users have deliberately created multiple wallets to interact with protocols that have not launched coins yet to maximize profits. It can also be seen that various DeFi protocols continue to enhance airdrop conditions. It is foreseeable that MetaMask may consider this direction for future coin launches.