Original | Odaily Planet Daily (@OdailyChina)
Following the confirmation from Joseph Rubin, the founder of MetaMask's parent company Consensys, on September 19 that "MetaMask is about to launch a token, and it may be faster than you expect," rumors surrounding MetaMask's token issuance have been rampant. Recently, it has been reported and is basically confirmed that MetaMask will launch a points program before the TGE, and this points system will be linked to the future MetaMask token.
- Odaily Note: For details on MetaMask's confirmed token issuance, please refer to “In the Battle of Web 3 Wallets, Has MetaMask Confirmed Token Issuance?.”
Official Disclosure: Confirmation of the Plan Exists, but Details Are Not Finalized
In the early hours of October 5, Beijing time, MetaMask previewed this plan (officially referred to as the "reward program," rather than "points program") on their official X account, confirming that the program is about to launch — note that this is the only proactive official disclosure as of the publication date.
“GM, little foxes 🦊
That's right, our reward program is about to go live.
Any details you may have seen or heard previously do not represent the final version that will be launched. Now let's talk about what the real MetaMask reward program will include — the program will offer referral rewards, mUSD incentives, exclusive partner rewards, token acquisition rights, and more.
However, this is not a liquidity mining game; it is becoming one of the largest on-chain reward programs in history — in just the first season of the MetaMask reward program, we will distribute over $30 million worth of LINEA token rewards.
We hope to establish a sincere mechanism for continuous community feedback through this program.
As for OG users… we are always paying attention to you. Long-term users of MetaMask will not be overlooked — they will receive exclusive rights, and the MetaMask reward program will be deeply linked to the future MetaMask token.
More details will be announced in the coming weeks, and the complete plan will be released simultaneously.”
In addition to this announcement, another source that can be partially considered official is the information leaked from an earlier MetaMask subpage on their official website — specifically, the site portfolio.metamask.io/rewards, but now it redirects immediately to the Dashboard homepage, and the subpage is no longer visible.
As shown in the image above, the most important information is clearly these two descriptions about "points":
- MetaMask has launched a new reward mechanism, earn points through operations such as redemption and cross-chain, which can be exchanged for token rewards, partner privileges, and exclusive rights;
- Your points multiplier will be calculated based on your historical usage records and will take effect automatically after participating in the program.
Market Rumors: Code for Points Acquisition Method Leaked
Although MetaMask has remained tight-lipped about the details of this reward (or points) activity, the community has uncovered some potential information through other clues.
Several community users have discovered that MetaMask's GitHub page has added some system details for points calculation. Points will be based on spot and futures trading volume on MetaMask, and rewards will be provided for past activities. The specific points calculation method is as follows:
- Spot trading: 80 points for every $100 in trading volume;
- Futures trading: 10 points for every $100 in trading volume — there have been previous reports that MetaMask plans to launch perpetual contract trading within the wallet through Hyperliquid;
- Past trading: 250 points for every $1250 in trading volume (with a cap of 50,000 points);
- Using the Linea chain: an additional 100% reward points.
Preparation Plan: Identify Key Interactions
From the official statements and community investigations mentioned earlier, we can roughly glimpse the gameplay of this activity that MetaMask has yet to disclose in detail.
- First, users need to actively perform operations to earn points, including but not limited to trading (both spot and futures, but likely limited to trading within the wallet application), cross-chain, etc.;
- Second, Consensys will provide $30 million in LINEA as rewards for this activity, but it is unclear how points will be linked to LINEA rewards — it is uncertain whether LINEA will be obtained through points or if it will be distributed simultaneously during the activity;
- Third, the Linea chain will have a 1x special bonus, and the official also mentioned the term "mUSD incentives," but the specific form is also unclear;
- Fourth, long-term users will have some retroactive points and subsequent points multiplier bonuses.
In summary, it is not difficult to see that MetaMask specifically mentioned the same-source project Linea and its own stablecoin product mUSD, and it has clearly stated that additional points bonuses will be given for the Linea chain — this has actually been a common practice for Consensys' projects.
For example, the ongoing liquidity incentive activity LineaIgnition. Since last week, the incentives have clearly tilted towards mUSD on the asset side, while on the protocol side, it is leaning towards another same-source project Etherex (a decentralized trading platform launched in collaboration with Linea, Consensys, and Nile).
Based on this reference, it is expected that MetaMask's subsequent activities will also provide additional treatment for Linea and mUSD in terms of continuous rewards and points. Although the activity has not yet started, and it is currently uncertain whether MetaMask will grant points (or future direct airdrops) for other interaction behaviors besides the aforementioned specific active operations, it would not hurt to try more interactions around Linea and mUSD as soon as possible.
Personally, I would recommend adding liquidity around mUSD on Etherex, firstly, this can effectively utilize several of Consensys's "favorite children" — Linea, MetaMask, mUSD, Etherex; secondly, even if the expectation for MetaMask's airdrop falls through, this can still yield considerable mining rewards through LineaIgnition.
Potential Controversy: Will This Be a Sequel to PUA?
Overall, the community's attitude towards "MetaMask is about to launch a points program" is quite subtle. While token issuance is certainly a good thing, on one hand, long-time OG users of MetaMask inevitably worry that the points program will dilute or even rob their contribution weight; on the other hand, considering Linea's PUA dark history, whether MetaMask's points program will replay a sequel is also uncertain.
Since the complete plan details have not yet been released, it is currently difficult to assess the participation value of this program. However, considering that the official has clearly stated that $30 million in LINEA rewards will be provided, at least there are some expected benefits compared to the pure "pie in the sky" during the interaction period with Linea. Hopefully, Consensys, which has misjudged the timing of token issuance once, can learn from this.
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