Tuesday, 02 January 2024 12:17 GMT

Metamask To Award $30 Million In LINEA Tokens Through Rewards Drive


(MENAFN- The Arabian Post)

MetaMask is rolling out a new on-chain rewards programme that will allocate more than $30 million worth of LINEA tokens during its first season, offering“special benefits” to long-time users and bridging the move with the launch of its own token.

The wallet's parent, Consensys, confirmed over the weekend that this initiative is not merely a farming scheme but a dedicated rewards system aimed at recognising consistent user engagement. The rewards package will include referral bonuses, incentives denominated in mUSD, exclusive partner rewards, and early token access. MetaMask emphasised that the campaign is built to reward habitual on-chain activity, not speculative intervention.

LINEA, the native token of Consensys' Layer 2 network, was launched in September via a token generation event distributing roughly 9.4 billion tokens. By tying the MetaMask rewards system to LINEA, the firm aims to channel wallet activity toward its own roll-up infrastructure. The rewards plan positions MetaMask not just as an interface but as an active participant in building the Layer 2 ecosystem.

Joseph Lubin, CEO of Consensys and co-founder of Ethereum, described the rewards drive as a step toward redefining the MetaMask experience. He stated that the programme is a“genuine method of regularly giving back to our community” and stressed that long-time users-whom the team terms“OGs”-will receive priority consideration. This linkage is also viewed as a precursor to the upcoming MetaMask token, tentatively known as MASK, which Lubin first publicly referenced in September.

The broader strategy links three core components: MetaMask's wallet, the mUSD stablecoin, and the LINEA network. The mUSD token, issued by Bridge, reportedly has a circulating supply of nearly $88 million. Participation in the rewards scheme is expected to stimulate usage across these components: swapping, bridging, stakes, and portfolio activity within MetaMask.

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While the announcement lays out the broad contours of the rewards campaign, it leaves critical details unspecified. MetaMask has not yet revealed eligibility criteria by jurisdiction, and no clear anti-Sybil or bot-prevention measures have been announced. The absence of such safeguards has drawn scrutiny from observers concerned about gaming of reward systems.

Community reaction on X has been mixed. Some users welcomed the move as a long-awaited monetisation of loyalty, while others questioned whether the structure might favour larger holders or those in jurisdictions with favourable access. Some pointed to past programs in the crypto space that allowed special participants to disproportionately benefit.

Arabian Post – Crypto News Network

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