Ethereum co-founder and ConsenSys CEO Joseph Lubin said that the Web3 wallet provider MetaMask is preparing to launch a native token in the near future.
“The MASK token will appear soon — perhaps sooner than you expect right now. […] And it is closely tied to the decentralisation of certain aspects of the MetaMask platform,” Lubin noted on The Crypto Beat podcast by The Block.
He said the company backs developers’ efforts to keep strengthening Ethereum’s decentralisation. ConsenSys is leveraging MetaMask, Infura and Linea to preserve that principle at the core of the ecosystem.
Many in the crypto community have long expected a token from the most popular Web3 wallet. The idea dates back at least to 2021, when developer Erik Marks proposed a “public ownership” concept via a native cryptoasset.
In May, project co-founder Dan Finlay said that if a launch happens, the decision will be announced exclusively inside the app — with no mailouts or social posts. That would minimise the risk of fraud.
“You will be able to find the link directly in the wallet,” he stressed.
Finlay had earlier noted that a token launch was not yet determined. Lubin’s comments on the podcast, however, suggest the plan to release MASK has been agreed and is likely in its final stages.
“With the token launch we have an opportunity to do fairly significant things,” the head of ConsenSys said.
Earlier this month the firm-backed Layer-2 solution Linea launched a native token. As part of the TGE, more than 9.36 billion LINEA were distributed to eligible addresses.
The company received only 15% of LINEA tokens, Lubin stressed. The rest was directed to developer support, liquidity provision and activity incentives across the Linea and Ethereum ecosystems, with an emphasis on community growth.
Lubin and SharpLink
Joseph Lubin commented on the current results of the Ethereum-focused company SharpLink Gaming, whose board of directors he chairs.
The market net asset value (mNAV) ratio recently fell below 1, indicating a discount to the volume of ETH on the firm’s balance sheet.
A similar dynamic is seen at other “treasury” companies, including The Ether Machine and the ETHZilla Foundation.
The emergence of such a trend could undermine investor confidence and spark concerns about a possible “death spiral” — a situation in which a company’s shares plunge. In that case, firms find it harder to raise capital, especially given their reliance on volatile cryptoassets.
“The world moves in cycles. There are long-term trends as well. […] When we see the price of Ethereum rising, we see it at SharpLink too, as the price of ether returns to historical highs… We will see a resurgence of speculative sentiment in the market,” Lubin commented.
SharpLink executive Joseph Chalom, who also took part in the podcast, noted that the drop in mNAV below 1 is a “temporary distortion”.
“You have a base asset — ETH, you can stake it and earn more than three percent in yield… That income is revenue, and in the context of a public company in the medium and long term it should create a multiplier,” he explained.
The future of Ethereum treasuries
Chalom said that if mNAV remains below 1, the company will continue buying back securities while simultaneously seeking other ways to raise capital on the market, including issuing common stock.
“There are equity-linked and convertible offerings that attract significant investor interest, allowing capital to be raised without diluting shareholders,” he added.
On the podcast the executives suggested focusing on another indicator — ETH per share. According to Chalom, this ratio rose from 2 in early June to 3.95, which is a “very positive signal” for the market.
“More and more investors are beginning to understand: we will use our ether. […] At some point in the distant future, we may borrow against it, when it becomes a huge pile of highly liquid funds. We will stake it in meaningful protocols, provide liquidity to new and exciting services,” Lubin said.
Thus, when SharpLink reaches a certain point that constrains further Ethereum purchases, the company intends to “materially change” its strategy — from accumulating the cryptocurrency to using it.
Among corporate Ethereum holders, the firm ranks second, with ~838,150 ETH.
In August, MetaMask launched its own stablecoin, mUSD.
Soon after, the developers integrated a “social login” option into the wallet using Google and Apple ID.