MetaMask Aims to Support Multi-Blockchain, No Plans for Token Issuance
In an interview with Decrypt, MetaMask's product manager revealed intriguing insights into the upcoming plans of the most popular crypto wallet application.
MetaMask Aims to Support Multi-Blockchain, No Plans for Token Issuance
During the EthCC 2023 event recently held in Paris, France, Lex Jupiter, MetaMask's product manager, spoke briefly with Decrypt to share the project's perspective on the latest developments in the crypto industry.
MetaMask and Account Abstraction
At EthCC 2023, Account Abstraction (AA) emerged as a prominent topic, simplifying the transformation of personal wallets into smart contracts to enhance versatility. Ethereum's founder, Vitalik Buterin, also presented on the potential of Account Abstraction and suggested possible development directions for projects.
Leading blockchains Ethereum and Arbitrum have already announced their support for AA.
While many new crypto wallet applications are leveraging Account Abstraction to attract users, MetaMask has yet to make any moves with this technology.
When asked about this issue, Jupiter mentioned that MetaMask continues to monitor market innovations in the cryptocurrency sector and strives to enhance user utility. He emphasized that MetaMask remains committed to being the easiest and most user-friendly non-custodial wallet choice for welcoming new Web3 users.
However, MetaMask's development team's primary focus is currently on enhancing Proof-of-Stake and scaling Ethereum, resulting in slower integration of AA. This has led standards like ERC-4337, which support Account Abstraction, to gain attention for their ease of use without requiring protocol upgrades.
Regarding whether this approach represents the future for all crypto wallets, Jupiter admitted uncertainty and acknowledged the need for more time to respond. Nevertheless, MetaMask continues to develop its own products to keep pace with trends, exemplified by MetaMask Snap.
Current Status of MetaMask Operations
According to Lex Jupiter, MetaMask currently boasts around 30 million active users per month. This number has significantly declined from its peak of 100 million monthly users in 2022, influenced by the downtrend in the market.
However, this figure is still three times higher than in July 2021 when MetaMask reached 10 million monthly users. Notably, at that time, Vietnam ranked as the third country globally in terms of MetaMask wallet adoption, following the Philippines and the United States.
The product manager affirmed that MetaMask's vision remains focused on becoming a multi-blockchain wallet, supporting both layer-1 and layer-2 solutions, and compatible with EVM and non-EVM ecosystems alike. The wallet continues to prioritize service quality and security rather than aggressively pursuing new user acquisitions. The development team emphasizes caution in all product releases, recognizing MetaMask's current significance and aiming to avoid any vulnerabilities stemming from rushed product launches to chase trends.
Regarding the highly anticipated question, "When will MetaMask issue a token?" Jupiter stated that MetaMask currently does not see the necessity for its own token. Therefore, at present, MetaMask has no plans to launch an official token for the project.
However, MetaMask's parent company, ConsenSys, announced the deployment of the Layer-2 Linea on the mainnet at the EthCC conference, sparking speculation about an imminent token release. ConsenSys CEO and Ethereum co-founder Joseph Lubin hinted in 2021 that MetaMask's potential token might be named MASK.
According to DefiLlama data, TVL on Linea surged by 168% to $11.42 million over the past week. Nevertheless, reports of Layer-2 issues preventing users from withdrawing funds back to Ethereum have deterred some from transferring funds to Linea to participate in airdrops or retroactive rewards.
