MetaMask is about to launch a points program. What can be done right now?

Source: Odaily Planet Daily

Following the confirmation from Joseph Rubin, the founder of MetaMask's parent company Consensys, on September 19 that "MetaMask is about to launch a token, possibly sooner than you expect," rumors surrounding MetaMask's token issuance have been rampant. Recently, it has been reported and is basically confirmed that MetaMask will launch a points program before the TGE, and this points system will be linked to the future MetaMask token.

• Odaily Note: For more details on MetaMask's confirmation of token issuance, please refer to “In the Battle of Web 3 Wallets, Has MetaMask Confirmed Token Issuance?”.

Official Disclosure: Confirmation of Plans, but Details Still Undecided

In the early hours of October 5, Beijing time, MetaMask previewed this plan (officially referred to as the "rewards program," rather than "points program") on its official X account, confirming that the program is about to launch ------ Note that this is the only proactive official disclosure as of the time of writing.

"GM, little foxes 🦊

That's right, our rewards program is about to go live.

Any details you may have seen or heard previously do not represent the final version that will be launched. Now let's talk about what the real MetaMask rewards program will include ------ the program will offer referral rewards, mUSD incentives, exclusive partner rewards, token acquisition privileges, and more.

However, this is not a liquidity mining game; it is becoming one of the largest on-chain rewards programs in history ------ in the first season of the MetaMask rewards program alone, we will distribute LINEA token rewards worth over 30 million dollars.

We hope to establish a sincere mechanism for continuous community feedback through this program.

As for OG users… we have always been paying attention to you. Long-term users of MetaMask will not be overlooked ------ they will receive exclusive rights, and the MetaMask rewards program will have a deep connection with the future MetaMask token.

More details will be announced in the coming weeks, and the complete plan will be released simultaneously."

In addition to this announcement, another source that can be partially considered official is the information that was leaked earlier from a subpage of the MetaMask official website ------ the specific site was portfolio.metamask.io/rewards, but now opening it will immediately redirect to the Dashboard homepage, and that subpage is no longer visible.

As shown in the image above, the most important information is clearly these two sentences regarding "points":

• MetaMask has launched a new rewards mechanism, earn points through operations such as redemption and cross-chain, which can be exchanged for token rewards, partner privileges, and exclusive rights;
• Your points multiplier will be calculated based on historical usage records and will take effect automatically after participating in the program.

Market Rumors: Code for Points Acquisition Method Leaked

Although MetaMask has remained tight-lipped about the details of this rewards (or points) activity, the community has uncovered some potential information through other clues.

Several community users have discovered that MetaMask's GitHub page has added some system details for points calculation. Points will be based on the spot and futures trading volume on MetaMask, and rewards points will be provided for past activities. The specific points calculation method is as follows:

• Spot trading: 80 points for every $100 in trading volume;
• Futures trading: 10 points for every $100 in trading volume ------ There have been previous reports that MetaMask plans to launch perpetual contract trading within the wallet through Hyperliquid;
• Past trading: 250 points for every $1250 in trading volume (with a cap of 50,000 points);
• Using the Linea chain: an additional 100% reward points.

Preparation Plan: Identify Key Operations

From the official information and community investigations mentioned above, we can roughly glimpse the gameplay of this activity that MetaMask has yet to disclose in detail.

• First, users need to actively perform operations to earn points, including but not limited to trading (both spot and futures, but likely limited to trading within the wallet application), cross-chain, etc.;
• Second, Consensys will provide $30 million in LINEA as rewards for this activity, but it is unclear how points will be linked to LINEA rewards ------ it is uncertain whether LINEA will be obtained through points or if it will be distributed simultaneously during the activity;
• Third, the Linea chain will have a special 1x bonus, and the official also mentioned the term "mUSD incentives," but the specific form is still unclear;
• Fourth, long-term users will have some retroactive points and subsequent points multiplier bonuses.

In summary, it is not difficult to see that MetaMask specifically mentioned the same-source project Linea and its own stablecoin product mUSD, and it has clearly stated that additional points bonuses will be given for the Linea chain ------ this has actually been a common practice for Consensys-related projects.

For example, the ongoing liquidity incentive activity Linea Ignition. Since last week, the incentives have significantly tilted towards mUSD on the asset side, while on the protocol side, it is leaning towards another same-source project Etherex (a decentralized trading platform launched in collaboration with Linea, Consensys, and Nile).

Based on this reference, it is expected that MetaMask's subsequent activities will also provide additional treatment for Linea and mUSD in terms of continuous rewards and points. Although the activity has not yet started, and it is currently uncertain whether MetaMask will grant points (or future direct airdrops) for other interactive behaviors besides the aforementioned specific active operations, it would not hurt to try more interactions around Linea and mUSD as soon as possible.

Personally, I would currently recommend adding liquidity for mUSD on Etherex, first, this can effectively utilize several "children" of Consensys: Linea, MetaMask, mUSD, Etherex; second, even if MetaMask's airdrop expectations fall short, this can still yield considerable mining rewards through Linea Ignition.

Potential Controversy: Will This Be a Sequel to PUA?

Overall, the community's attitude towards "MetaMask is about to launch a points program" is quite subtle. While token issuance is certainly a good thing, on one hand, OG users who have used MetaMask for many years inevitably worry that the points program will dilute or even usurp their contribution weight; on the other hand, considering Linea's PUA dark history, it remains uncertain whether MetaMask's points program will replay the sequel.

Since the complete plan details have not yet been released, it is currently difficult for us to assess the participation value of this program. However, considering that the official has clearly stated that it will provide $30 million in LINEA rewards, there is at least more expected returns compared to the previous pure "pie in the sky" during the interaction period with Linea. Let’s hope that Consensys, which has misjudged the timing of token issuance once, can learn from its mistakes.