Key Points
- Joseph Lubin, CEO of Consensys, clarifies the nature of the MetaMask incentive reward initiative.
- MetaMask plans to distribute over $30 million in tokens during its first phase, dubbed ‘Season 1’.
Joseph Lubin, the co-founder and CEO of Consensys, recently addressed the ongoing discussions about a reward initiative from MetaMask. He clarified that the situation is not exactly as it is being interpreted by the community. Lubin explained the true nature of the incentive initiative.
MetaMask’s $30M Token Distribution in Season 1
According to Lubin, the ideas of a MetaMask incentive reward are early prototypes and have not yet been implemented. Despite this, the vision behind these ideas is very real. In Lubin’s words, the initiative is all about “building a token economy.”
“MetaMask is constructing the future of personal finance. We’re designing an experience that rewards people for how they already use MetaMask through meaningful incentives, perks, and referrals,” Lubin added.
The distribution of the incentives has been divided into phases. During ‘Season 1’, more than $30 million worth of tokens, including $LINEA, will be distributed to users in various forms. This is a reward for the onchain activity they participate in daily, especially for those users who have engaged with the protocol since its inception.
MetaMask views this initiative as a significant step towards a larger evolution in how it connects, empowers, and rewards its community. This will extend to its Token Generation Event (TGE), which is scheduled for later. This may be an opportune time for enthusiasts who wish to join the MetaMask movement.
Lubin Discusses Consensys’ Exploits and Partnerships
Lubin has been discussing the highly anticipated launch of the MetaMask token, MASK. Around mid-September, he suggested that the digital asset might arrive sooner than expected.
The Ethereum-based Layer-2 network already has its own stablecoin, MetaMask USD (mUSD), which is now live on the Ethereum mainnet and the Layer-2 network Linea.
ConsenSys has been assisting other projects in their development to support mainstream crypto adoption. At the end of September, global financial messaging network Swift announced that it had partnered with ConsenSys to develop a blockchain-based shared ledger to handle cross-border transactions.
The project has the backing of 30 other major financial institutions, including JPMorgan Chase, HSBC, and Deutsche Bank.
