MetaMask Set to Launch $30M Onchain Rewards Program

MetaMask, the popular Web3 wallet created by ConsenSys, is getting ready to launch a major onchain rewards program. The new program aims to thank loyal users and build stronger connections within the MetaMask ecosystem. As announced, this initiative is expected to go live in the next few weeks. 

MetaMask Announces New Rewards Program

In a recent post on X, MetaMask shared plans for a new rewards program with several incentives. Users can expect to earn referral bonuses, mUSD rewards, special partner offers, token access, and more.

The initiative will kick off with a whopping $30 million worth of LINEA token rewards distributed during its first season. For context, LINEA, the native token of the Linea network, is a Layer 2 scaling solution built on the Ethereum network. It was launched in September with a 9.4 billion token airdrop.

Like MetaMask, Linea was also created by Consensys. This shows that the company wants to connect its different products through shared rewards and tokens.

MetaMask’s Loyal User Base to Receive Special Rewards

MetaMask made it clear that its loyal user base will receive special recognition. According to the announcement, long-time MetaMask users will gain exclusive benefits through the new rewards program. The initiative will also have meaningful connections with the upcoming MetaMask token, known as MASK.

The company said this program is not meant for quick profit or token farming. Instead, it is a real way to give back to the community. Furthermore, the upcoming MASK token was first announced by Joseph Lubin, Ethereum co-founder and Consensys CEO, in mid-September. 

During an interview, Lubin described the MASK token as being significantly related to the decentralization of certain aspects of the MetaMask platform. This suggests that the rewards program may be an early step toward MetaMask’s broader vision. It aims to distribute ownership and governance to its global user community.

MetaMask’s New mUSD Stablecoin Joins Rewards Program as Users React

This reward program announcement comes shortly after MetaMask introduced its own stablecoin, mUSD, issued by Bridge, a firm owned by Stripe. The token currently has a circulating supply of $87.7 million, according to its official website. Built on both Ethereum and Linea, mUSD is not yield-bearing. 

However, mUSD plays an important role in MetaMask’s growing financial system, especially in the new rewards program. The addition of mUSD in the reward program shows MetaMask’s plan to increase liquidity. The Web3 project also wants to make it easier for users to earn and move funds smoothly between the Ethereum mainnet and its Layer 2 network.

While many people were excited about the news, some users on X shared mixed feelings, raising doubts about how fair and effective the program will be. MetaMask has not yet confirmed whether users in some regions will face participation limits. It also remains unclear if the program will include anti-Sybil measures to curb fraudulent activity.