Thursday, May 23, 2024

Ethereum wallet Metamask planning to develop its own token

The digital Ethereum (ETH) wallet, Metamask, is set to release its own token and airdrop.

The announcement happened on 26th August via a YouTube live-stream community call. The developers behind Metamask discussed the plan of having custom networks for the booming Metamask community. They also revealed a fleshed-out plan of introducing their own series of crypto tokens through the creation of a new community-owned project.

A senior software engineer from Metamask, Eric Marks, also emphasized that the new token should have a compelling use case. He was particularly aware of the community’s apprehensions surrounding fraudulent schemes. Frauds involve inflating an owned stock’s price through inaccurate affirmations. Due to this, traders manage to sell the otherwise cheap stocks at exaggerated prices. When the new token hits the market it will pump the price, but the price may fall when the tokens are dumped. This honest facet of the new tokens will be reassuring to the Metamask community.

About Metamask

Metamask is one of the world’s leading Ethereum wallets. Their interface resembles a web browser, where a user can transfer and make transactions with many decentralized applications. In 2020, Metamask’s cumulative monthly users across all platforms (mobile and desktop) crossed the one million mark. Currently, the digital wallet company has over 5 million monthly active users.

They offer an array of services to their user base. These include trading and exchanging on Ethereum addresses, storing the Ethereum currency, making secure payments in online games, storing non-fungible tokens (NFTs), and connecting with other cryptocurrency wallets like Trezor and Ledger.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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