MetaMask Token and Leader: Crypto Wallet Revolution
MetaMask dominates the crypto wallet market with over 60 per cent share, explores new strategies, including a token and innovations to stay competitive.
What MetaMask is doing to maintain its leadership in the crypto wallet market and who its competitors are
Dan Finley, co-founder of MetaMask, said the most popular Ethereum wallet is considering launching its own token. This was reported by The Block, referring to an interview with Finley during the Crypto Beat podcast. The MetaMask executive admitted this possibility in relation to a more favourable policy towards the cryptocurrency market by the administration of US President Donald Trump.
Although Finley did not announce any specific plans regarding MetaMask's token, he pointed out that regulatory changes under the new administration in the US "allow us to safely issue many more types of tokens" than in the past.
"I hope people take this opportunity to push the boundaries and prioritise what we can all do together. This could pave the way for another exciting season,' Finley added, probably referring to the launch of new tokens in the form of airdrops between 2021 and 2023. As of December 2021, according to Coingecko, around 400,000 tokens were being traded on the platforms; by early 2024, this figure had more than quadrupled to more than 2.1 million tokens.
As of May 2025, MetaMask holds more than 60 per cent share among crypto wallet users globally, according to Dune. Its closest competitor is OKX Wallet with 15.5 per cent, followed by Trust Wallet with 12.1 per cent.
Quotas of crypto wallets worldwide by number of users and total balance held. Source: Dune
The plans to launch a MetaMask token have been under discussion since at least 2021. The idea was first proposed by engineer Eric Marks, who suggested that the wallet could be owned by the community through a token. The idea was later also shared by the CEO of ConsenSys, Joseph Lubin. However, no concrete announcements have been made since then, and all information on the matter has remained in the realm of rumour or speculation.
Regulatory Risks
Pending more favourable regulation by the new administration, it is important to consider the risks involved in launching tokens. Finley pointed to lingering concerns related to the actions of the US's top financial regulator, the Securities and Exchange Commission (SEC).
"I understand that securities law will always remain securities law," Finley said, referring to the idea put forward by former SEC chairman Gary Gensler that most tokens resemble the sale of financial securities.
He added that many projects may still operate, or already operate, in a grey area, despite recent improvements in cryptocurrency regulation.
Competition
In addition to the possible token launch, Finley emphasised MetaMask's innovations in terms of usability, in an increasingly competitive market.
"We are competing in a borderless space," he said, noting that the team is well aware of the "strong competition" in the crypto wallet market.
For many years, MetaMask was virtually the only crypto wallet for the Ethereum ecosystem and networks based on that blockchain. However, as time goes by, the market environment changes and new platforms and services develop, creating a more competitive environment.
While MetaMask and OKX are the most widely used crypto wallets in most countries to use and store digital assets, some platforms show strong regional concentrations, as highlighted in a Dune report from May 2025.
For example, OKX and Bitget are concentrated in Asia. The eponymous wallet of the largest US exchange platform, Coinbase, dominates in North America and parts of Europe. Phantom and Rabby, on the other hand, have a more distributed user base in emerging markets.
Other types of platforms are also gaining popularity - such as the so-called smart wallets (Externally Owned Account, EOA), which transfer part of the control of assets to third-party organisations. One of these is the Binance wallet, developed by the world's largest cryptocurrency exchange.
Weekly transaction volume per share of crypto wallets from 2022 to mid-May 2025. Source: Dune
According to Dune, while at the beginning of March only 3% of domestic token exchanges (so-called swaps) took place via their wallet, by mid-May their share had already risen to 93%, calculated on the basis of weekly volume.
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What MetaMask is doing to maintain its leadership in the crypto wallet market and who its competitors are
Dan Finley, co-founder of MetaMask, said the most popular Ethereum wallet is considering launching its own token. This was reported by The Block, referring to an interview with Finley during the Crypto Beat podcast. The MetaMask executive admitted this possibility in relation to a more favourable policy towards the cryptocurrency market by the administration of US President Donald Trump.
Although Finley did not announce any specific plans regarding MetaMask's token, he pointed out that regulatory changes under the new administration in the US "allow us to safely issue many more types of tokens" than in the past.
As of May 2025, MetaMask holds more than 60 per cent share among crypto wallet users globally, according to Dune. Its closest competitor is OKX Wallet with 15.5 per cent, followed by Trust Wallet with 12.1 per cent.
The plans to launch a MetaMask token have been under discussion since at least 2021. The idea was first proposed by engineer Eric Marks, who suggested that the wallet could be owned by the community through a token. The idea was later also shared by the CEO of ConsenSys, Joseph Lubin. However, no concrete announcements have been made since then, and all information on the matter has remained in the realm of rumour or speculation.
Regulatory Risks
Pending more favourable regulation by the new administration, it is important to consider the risks involved in launching tokens. Finley pointed to lingering concerns related to the actions of the US's top financial regulator, the Securities and Exchange Commission (SEC).
He added that many projects may still operate, or already operate, in a grey area, despite recent improvements in cryptocurrency regulation.
Competition
In addition to the possible token launch, Finley emphasised MetaMask's innovations in terms of usability, in an increasingly competitive market.
For many years, MetaMask was virtually the only crypto wallet for the Ethereum ecosystem and networks based on that blockchain. However, as time goes by, the market environment changes and new platforms and services develop, creating a more competitive environment.
While MetaMask and OKX are the most widely used crypto wallets in most countries to use and store digital assets, some platforms show strong regional concentrations, as highlighted in a Dune report from May 2025.
For example, OKX and Bitget are concentrated in Asia. The eponymous wallet of the largest US exchange platform, Coinbase, dominates in North America and parts of Europe. Phantom and Rabby, on the other hand, have a more distributed user base in emerging markets.
Other types of platforms are also gaining popularity - such as the so-called smart wallets (Externally Owned Account, EOA), which transfer part of the control of assets to third-party organisations. One of these is the Binance wallet, developed by the world's largest cryptocurrency exchange.
According to Dune, while at the beginning of March only 3% of domestic token exchanges (so-called swaps) took place via their wallet, by mid-May their share had already risen to 93%, calculated on the basis of weekly volume.
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