Consensys is a technology company offering blockchain software, such as the now very famous and ubiquitous MetaMask. This crypto wallet in the form of a browser extension is widely used by the Web 3 community. At first omnipresent in the use of various DeFi protocols, MetaMask quickly became the wallet of choice for the NFT community on the Ethereum network.
This non-custodial wallet (understand here that the user is the only one to possess his private key), allows the use of the Ethereum network through its various crypto-currencies, but also its smart contracts.
While DeFi has flourished in the last two years, the NFT ecosystem has seen a phenomenal growth in 2021. With both universes mostly connected to the MetaMask wallet, the latter has seen a sharp increase in its user base to over 30 million monthly active users.
Consensys also finalized a $450 million capital raise for a total valuation of $7 billion.
This massive use is not necessarily accompanied by the community’s affection for the wallet. Indeed, the Web 3 universe tends towards decentralization, but also and above all on sharing. This notion, often discussed in the form of user rewards, is of great importance to many of the people involved in the evolution of Web 3.
The airdrops of projects like Uniswap or Sushiswap are obviously not comparable with software like MetaMask, whose competitors are Coinbase Wallet, Trust Wallet and MyEtherWallet, among others.
But the wave of airdrops in the Web 3 ecosystem at the end of 2021 still left a salty taste for users eager to receive their free tokens as a reward for their many completed transactions.
For as many know, transactions on the Ethereum network are not given away, and while these gas fees don’t end up in MetaMask’s pockets, users are still hoping to recoup some of their expenses through an offered token.
This is what many projects have proposed, often short-lived, but sometimes well brought, such as the NFT platform LooksRare and its Looks token which will later be seen as a vampire attack on the giant OpenSea.
The SOS token, launched by the OpenDAO project also made a lot of noise, attracting many buyers after being airdropped to all users having reached a minimum amount of fees spent on the Ethereum network.
Joe Lubin’s statement at Camp Etheral
At Camp Etheral 2022 in Wyoming, Joe Lubin, the founder of Consensys, was able to discuss more than interesting topics for the future of Web 3.
The entrepreneur spoke about his involvement in the crypto universe as well as his opinion on NFTs, the arrival of Ethereum 2.0, the power of DAOs and ongoing regulations, among others.
Among his various interventions, many have retained the passages about the famous wallet MetaMask. Lubin announced the imminent arrival of an excellent user interface on his flagship product, but also the implementation of a DAO (Decentralized Autonomous Organization) Metamask.
This governance tool is becoming increasingly popular in the Web 3 world, as it distributes decision-making power within the organization, allowing for better decentralization of projects.
In this case, the DAO should not have control over MetaMask itself:
“There is a DAO that is forming right now in the context of MetaMask. It will not govern MetaMask, but it will help fund the creation of new pieces of MetaMask.”
Joseph Lubin, founder of Consensys
And while rumors of a $MASK token have been making the rounds online for months, Lubin finally confirmed MetaMask’s intention to launch its own token.