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DAO will be a new challenge for MetaMask
As a browser extension and mobile application, MetaMask provides global encryption users with keystores, secure logins, token wallets, and token exchange services. At the same time, it also has the function of testing Ethereum smart contracts, supports the most complete Dapp, and can communicate with Hardware wallets Ledger and Trezor are compatible. These advantages make MetaMask the most popular encrypted wallet and the most important infrastructure of Web3.
ConsenSys said in a statement: MetaMask now has more than 30 million monthly active users, a 42% increase over the past four months.A global user base relies on MetaMask to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany, and Nigeria are the most active markets for MetaMask.
This time, MetaMasks decision to launch DAO also indicated that it is ready to decentralize power and allow users to participate in governance and voting. Jacobc, head of operations at MetaMask at the Ethereum Denver conference last month, further confirmed this idea: We really believe in progressive decentralization and doing it in a meaningful way over time — and Do it in a way that doesnt grab cash,
The encryption field has been pursuing decentralization, but we cannot deny that the formation of the initial team and the development of the project all started from centralization. And decentralization is realized in the gradual development process. The perfect development of products and the stable use of users provide a strong guarantee for decentralization. During this process, the team can gradually put away power and hand over responsibility to users to achieve the form of DAO.
MetaMask has experienced massive growth over the years, expanding its service. It is not only the number of users that has surged, but also its revenue. In October 2020, the team launched the Swap function and charged 0.875% of the transaction amount as a fee.MetaMask revenue hits $200 million in 2021。
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MetaMask plans to issue Token
The governance of DAO allows users to obtain compensation through Token, and decisions on protocol changes and treasury allocation also require Token to vote. Therefore, it is inevitable that MetaMask will issue Token after launching DAO. ConsenSys CEO Joe Lubin also confirmed that MetaMask intends to release a token.
Yet Jacobc, MetaMask’s head of operations, tried to moderate expectations for the event, saying: “It’s not something we need to risk, and we don’t want to put our project in custody or hand over governance to ‘airdrop farmers’.
In fact, MetaMask has been rumored to issue tokens earlier. Erik Marks, a senior software engineer at MetaMask, once said that MetaMask is open to token issuance and airdrops, but the team does not want to create tokens without use cases, so there is no immediate release plan.
But now it seems that MetaMask’s launch of DAO can apply tokens to more use cases, and the issuance of Token will also generate more value capture.
For ordinary users, the potential airdrop opportunity will increase the usage rate of MetaMask by the Web3 population. If at that time, the airdrop rules are the same as the masses have speculated, then the encrypted world may usher in the largest (and most decentralized) airdrop.
