USDMetaMask’s MASK Token Nears Launch Amid Consensys Push for Decentralization
Joseph Lubin Signals Token Rollout and Addresses SharpLink’s Market Pressures
MetaMask’s long-anticipated native cryptocurrency is closer to reality after Consensys CEO and Ethereum co-founder Joseph Lubin confirmed that the MASK token is on its way, suggesting the launch may arrive sooner than expected. Speaking on The Block’s The Crypto Beat podcast, Lubin emphasized that the token is directly tied to efforts to decentralize critical elements of the MetaMask platform. He framed the move as part of Consensys’ broader mission to support Ethereum’s progressive decentralization through its suite of products, including MetaMask, Infura, and Linea.
The possibility of a MetaMask token has hovered over the crypto community since at least 2021, when an engineer first floated the idea of community ownership via tokenization. While MetaMask co-founder Dan Finlay described the project earlier this year as still uncertain, Lubin’s latest comments shift sentiment toward a definitive launch. Finlay previously said that any token release would be promoted directly within the wallet, ensuring users would discover details without external campaigns. Lubin’s statement on Thursday marked the clearest signal yet that the MASK token launch is not just speculative but imminent.
The timing aligns with Consensys’ growing activity in token issuance. Earlier this month, its Ethereum Layer 2 network, Linea, introduced the LINEA token through a distribution of more than 9.36 billion tokens to eligible addresses. Consensys retained a 15% allocation, while the majority was directed toward builders, liquidity provision, and incentives for projects across Linea and Ethereum. Lubin noted that the company’s modest stake underscored its priority of community growth and ecosystem expansion rather than concentrated control.
Alongside token plans, Lubin addressed his role as Chairman of SharpLink Gaming, a publicly traded company holding a significant Ethereum treasury. SharpLink’s market net asset value (mNAV) ratio recently dropped to 0.80x, signaling that the market now values its stock at a discount compared to the Ethereum it holds. Comparable declines have been recorded at other crypto treasury companies, raising concerns about investor confidence and the risk of a “death spiral” scenario if valuations continue to fall. Lubin argued that cyclical trends influence this pressure, noting that renewed strength in the crypto price index and a rebound in Ethereum’s crypto price would bring market optimism back, as reflected in SharpLink’s equity.
SharpLink CEO Joseph Chalom called the sub-1 mNAV a “temporary dislocation” and highlighted the underlying yield from staking Ethereum as a factor that could enhance long-term value. He stressed that staking rewards, yielding over 3%, represent recurring revenue for shareholders in a public company context, suggesting that investors should view SharpLink through a lens beyond short-term mNAV. Should the discount persist, Chalom said the company could turn to buybacks or alternative financing methods such as equity-linked or convertible offerings, aiming to raise capital without shareholder dilution.
Both Lubin and Chalom urged investors to consider SharpLink’s ETH per share metric instead of focusing solely on mNAV. The company’s ETH per share ratio has risen from 2.0 in early June to 3.95, reflecting steady accumulation of Ethereum reserves. According to the latest figures, SharpLink holds approximately 836,710 ETH, ranking it as the second-largest corporate Ethereum holder. Lubin explained that the firm intends to eventually transition from accumulation to active deployment of its holdings, whether through borrowing, staking in strategic protocols, or providing liquidity to new projects. The approach underscores how corporate treasuries are adapting their strategies as crypto markets evolve, where coin market cap dynamics, crypto price indices, and the growing utility of Ethereum play a critical role in shaping long-term strategies.
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