MetaMask Token Tsunami: Get Ready to Ride the Wave

The Daily Dose is a concise briefing assembled by Tyler Warner. The insights and perspectives shared are solely his and may differ from Decrypt’s official stance. Get The Daily Dose delivered directly by subscribing on Substack.

Greetings!

Here’s what’s making headlines today:

• Leading cryptocurrencies experience a slight dip following the recent Federal Open Market Committee (FOMC) rally; Bitcoin down 1% at $116,300.
• MetaMask token launch is imminent, according to Consensys founder Joe Lubin.
• Plasma is scheduled to launch its mainnet and the XPL token generation event (TGE) on September 25th.
• Pump Fun’s PUMP token buybacks surpass $100 million, although the token’s value decreases by 7%.
• NBA star Kevin Durant recovers access to his Coinbase wallet, initially lost in 2016 when Bitcoin’s value was around $600.

🎁 Airdrops on the Horizon

The crypto community eagerly anticipates token launches.

Several significant projects are signaling that their token releases are on the near horizon.

Key Developments

Consensys co-founder, Joe Lubin, verified yesterday that the MetaMask token is coming very soon.

Specific details remain scarce, and prediction markets suggest only a 3% chance of the MASK token launching in September.

It’s unlikely to happen in the coming week.

Previously, there was no official confirmation of a token release. Now, that situation has changed.

MetaMask now joins a growing number of prominent projects expected to release tokens soon:

• OpenSea has entered the “final phase” of its pre-TGE rewards program, with token details expected in early October.
• In the Layer-2 arena, Base has acknowledged exploration of a native token, although plans remain preliminary. Jesse Pollak confirmed this to reporters.
• Pump Fun is unique, as its PUMP token is already live, but no airdrop has occurred…yet. The PUMP airdrop is anticipated in Q4 2024 (with a 47% probability by the close of 2025).
• Meteora documentation suggests an October TGE for the MET token.
• Finally, Polymarket token discussions have resurfaced, coinciding with reports of a funding round potentially valuing the company at $10 billion.

Airdrop season is fast approaching.

Community Insights

“One factor to consider regarding the MetaMask and OpenSea tokens is the existence of many inactive wallets. Depending on the airdrop structure, we might see a large number of dormant wallets being reactivated to claim the tokens.” – Threadguy

The Underlying Significance

The reason is straightforward – people enjoy receiving free funds.

Free funds positively impact the crypto landscape.

Airdrops from platforms like MetaMask and OpenSea, previously deemed unlikely, are now materializing, potentially within the next three to six months.

Furthermore, substantial capital is expected to enter the Solana ecosystem soon, driven by Meteora and Pump Fun. (Polymarket could also be a surprise).

So what does it all indicate?

Funds from airdrops typically remain within the cryptocurrency space.

Expect an increase in activity on Solana (due to MET & PUMP), NFTs (courtesy of SEA), and possibly the broader crypto ecosystem (MASK, POLY).

The timing is also favorable, with major cryptocurrencies nearing all-time highs, a new interest rate reduction cycle underway, the expected rise of ETFs, and the potential resurgence of the DAT (DeFi, AI, Tokens) trade.

As the saying goes, Q4 is poised to be eventful.

Broader Crypto and Meme Trends

Here are some notable headlines from the Crypto and Web3 spaces:

• Cryptocurrencies are exhibiting declines following the FOMC post-rally; Bitcoin is down 1% at $116,300, Ethereum approximately 1% at $4,510, XRP is down 3% at $3.02, and SOL is down 2% at $240.
• Top performing cryptocurrencies include ASTER (+32%), IMX (+10%), and NEAR (+8%).
• MSTR stock showed a robust increase of 7% on Thursday, surpassing Bitcoin’s 2% rally.
• Bitcoin ETFs showed net inflows of $163 million, while ETH ETFs showed a more significant $213 million.
• Google Cloud and EigenLayer have partnered to develop EigenCloud, an authenticated infrastructure for autonomous payment processing across cards, bank rails, and stablecoins.
• Coinbase has launched USDC lending within its application, providing yields to users of up to 10.8% via Morpho.
• The White House is considering alternative candidates for CFTC chairs following the stalemate of Brian Quintenz’s confirmation, partially attributable to objections from the Winklevoss brothers.
• Kraken is partnering with Legion to introduce “Kraken Launch,” a platform facilitating token sales similar to IPOs, featuring reputation-based allocations and early token access. Its initial sale is anticipated shortly.
• Kevin Durant has recovered access to his Bitcoin in Coinbase dating back to 2016, purchased when Bitcoin’s price was around $600.

Corporate Holdings / ETFs

• Brera Holdings has rebranded as “Solmate”, announcing a $300 million private funding effort to build a Solana treasury (BREA shares rose dramatically).
• The DOGE ETF, with ticker $DOJE, had a debut volume of $17 million yesterday, making it one of the top five ETF debuts for the year.
• The inaugural Cryptocurrency Index ETF is launching today from Grayscale, encompassing BTC, ETH, XRP, SOL, and ADA.

Memes

• Major memecoins are exhibiting losses, in tandem with the leading cryptocurrencies; DOGE is down 3%, Shiba is down 3%, PEPE is down 3%, PENGU is down 3%, BONK is down 3%, TRUMP is down 2%, SPX is down 8%, and FARTCOIN is down 2%.
• 1 leads gainers, appreciating by 100% to reach $12 million; MESA rose 2500% to $2.6 million, a notable move.

Token, Airdrop & Protocol Updates

Summarizing significant news relating to tokens, protocols, and airdrops for the day:

AI x Crypto Convergence

Highlighting developments at the intersection of AI and cryptocurrency:

• The market capitalization is down 4% overall, at $13.6 billion, and leading cryptocurrencies show declines.
• FARTCOIN (-1%), VIRTUAL (-4%), TIBBIR (-5%), aixbt (+1%) & ai16z (-4%).
• HYPER (+41%) and TETSUO (+14%) led top movers.
• Talus Labs has introduced its testnet alongside $125,000 in prizes for a new AI Agent-based game.

NFT Market Activity

The key NFT-related news of the day:

• Leading ETH NFTs have remained mostly steady; CryptoPunks are down 1% at 47.9 ETH, Pudgy Penguins remain at 10.5, BAYC remains steady at 9.3 ETH.
• Cryptodickbutts (+13%) and Meebits (+10%) are top movers.
• Abstract NFTs have shown strong performances, headed by Roach Racing and Bearish.
• Gondi has launched Gondi Purchase Bundler to enable users to buy NFTs across marketplaces without needing the total amount up front.