Crypto Briefing looks at the various steps MetaMask users can take to boost their chances qualify for the wallet’s long-rumored token airdrop.
MetaMask Token Incoming?
MetaMask is the most popular Web3 wallet, and rumors of a potential token airdrop for active users have circulated in the crypto space for years. ConsenSys founder and CEO Joe Lubin has hinted on several occasions that a token is in the works, but the company has not yet shared full details. Interestingly, ConsenSys recently launched its MetaMask Grants DAO, an employee-led initiative to grant funding to developers outside of ConsenSys working on expanding the MetaMask ecosystem. The move could be a hint that the company is looking to decentralize the project.
ConsenSys hit a $7 billion valuation with a $450 million Series D raise in March, which means it could potentially airdrop a handsome sum to users. But since the wallet is broadly used by crypto natives of all stripes, qualifying for the airdrop may not be easy. Here are some steps MetaMask users can take to maximize their chances of receiving the wallet’s token once it’s live.
1. Swap Tokens on MetaMask
If you don’t have a MetaMask wallet, you’ll need to start by creating one. To get started, download the browser extension or mobile app, create a wallet, store your seed phrase in a seed phrase, and fund your wallet with some ETH.
Swapping tokens on MetaMask is easy. In the main menu, just click on the blue Swap button next to the Buy and Send icons. Trade some ETH for any token of your choosing, but make sure to keep enough ETH in your wallet to pay transaction fees.
2. Use the MetaMask Bridge
MetaMask recently launched a bridge to let users move funds from one blockchain to another. Connect your wallet to the MetaMask bridge, select Ethereum as your first network, choose another network to send to (you can choose between Polygon, Avalanche, and BNB Chain), then bridge over either ETH, MATIC, DAI, USDC, or USDT tokens.
Again, make sure you already have your second network’s native token in your destination wallet to pay for gas fees. Otherwise, a simple solution is to bridge MATIC from Ethereum to Polygon since MATIC is Polygon’s native token.
3. Create a Gnosis Safe Wallet
ConsenSys and Gnosis Safe announced a partnership in February to increase wallet safety, so MetaMask may reward Gnosis users.
To start using the product, go to Gnosis Safe, connect your wallet, and follow the steps to create a multisig Safe wallet. You’ll need to select Ethereum as the network, name your new wallet, provide at least two addresses as the “owners” of the wallet (you can create a new MetaMask account and input that address alongside the one you’re already using), and pay a small transaction fee.
4. Donate via Gitcoin
ConsenSys has close ties with Gitcoin, as it helped the Ethereum-based donation platform in its early days before it struck out on its own in 2021. Donating to Gitcoin could therefore increase the chances of qualifying for a MetaMask airdrop. To make a donation, you’ll need to create a profile on GitHub, then go to the Gitcoin Grants page, connect your MetaMask, select a Grant project that you like, add it to your cart, go to check out, and choose how much you want to donate (and in which currency). We suggest donating a minimum of $10 as any qualification criteria could have a minimum donation limit to prevent airdrop farming.
5. Sign Up for Infura
ConsenSys acquired Infura in October 2019. Infura is considered one of the world’s leading blockchain infrastructure platforms and it also directly supports MetaMask. Infura is moving toward decentralization and has launched an early access program for community members to help. You can fill out a form on the company’s website to sign up, though Infura is specifically looking for people with experience in blockchain infrastructure. You can also visit ConsenSys’ Discord channel to learn about more ways to get involved.
Airdrop hunting is more art than science, and involves an element of luck. Even if you follow all of these steps, it is not guaranteed that you will be able to claim MetaMask tokens once ConsenSys issues them. Some airdrops like Bored Ape Yacht Club’s APE token giveaway were extremely lucrative. Others like Optimism’s OP token distribution were controversial due to their strict qualification criteria. Nevertheless, following the steps listed in this piece is worth the time and effort on the chance they pay off.
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.