Web3 Wallet Wars Rage On as Rabby and Metamask Tease Tokens

With crypto wallet providers rapidly integrating in-app derivatives trading, the two most prominent Ethereum wallets, Rabby and Metamask, are now teasing their own native token drops.

The news came out of both camps around the same time that the Trust Wallet token, TWT, rallied 40% after Binance co-founder Changpeng Zhao (CZ) tweeted about its previous 99% supply burn.

Metamask kicked off the series of events when Consensys CEO Joe Lubin said in an interview that “The $MASK token is coming, it may come sooner than you would expect it.”

Rabby followed up this morning with a less official post on X, where it’s hosting a poll that asks “What’ll be the market cap for $RABBY?” It is unclear whether the wallet is taking advantage of the attention to drive engagement, or if this is the first hint at a RABBY token.

Rabby has an ongoing points system for wallet usage, which previously rewarded users based on their Ethereum addresses’ on-chain history.

The Metamask token has been a long time coming, with traders and DeFi users speculating on the airdrop since 2021. Despite the long wait, most users remain indifferent to the idea of a MASK token airdrop, especially following the underwhelming token generation event (TGE) for Consensys’ Layer 2 blockchain, Linea.

Linea launched at a $570 million market capitalization on Sept. 10 and quickly fell by 40%, but has started inching back to its TGE valuation and currently changes hands at a $465 million circulating valuation.

Pre-TGE, the blockchain struggled, with its organic total value locked in DeFi reaching as low as $168 million in August, after surpassing $700 million in July 2024. Post-TGE, the chain unveiled an incentive campaign for liquidity provision and lending on Linea, which catapulted its TVL to new highs of $1.6 billion.