Joseph Lubin, co-founder of Ethereum and CEO of Consensys, confirmed that MetaMask, a long-standing native token, is ongoing. I’ll talk to you The block is a Crypto Beat PodcastRubin said, “The mask token is coming – maybe you’ll come sooner than you expected.” He emphasized that tokens are directly linked to Metamask’s decentralization plan and mark the key steps of the most widely used Ethereum wallet.
Transition to decentralization
Lubin described Consensys as aligning Metamask, Infura and Linea with the broader goal of Ethereum’s progressive decentralization. Mask tokens play a central role in this strategy. The idea of metamask tokens has been in circulation since at least 2021, since engineer Eric Mark came to the forefront of the community’s ownership concept through the launch of tokens.
Metamask co-founder Dan Finlay previously said that if Mask is released, it will be promoted directly within the wallet and easily accessible to users. Finlay was cautious earlier this year, but Rubin’s latest comments show that the launch is a matter of timing, not speculation.
Lessons from the Linea launch
Consensys recently deployed native tokens for Linea, the Ethereum Layer 2 network. The Token Generation event distributed over 9.36 billion linea, with Consensy holding just 15% of the supply. The rest was assigned to support developer, fluidity, and ecological incentives. Lubin pointed this as a blueprint for how masks prioritize community growth over centralized holdings.
Sharplink’s market performance and MNAV concerns
Lubin, who chairs Sharplink Gaming at the Ethereum Treasury Department, also addressed concerns about its performance. The company’s market net asset value (MNAV) has slipped to 0.80 times. In other words, the market now values Sharplink more than the value of its ETH holdings. This reflects trends seen in other cryptocurrency ministries, such as Bitmine and Mara.
Such discounts increase the risk of a “death spiral,” in which a decline in stock prices limits funding capabilities. Lubin downplayed concerns and described them as part of a broader market cycle related to fluctuations in ETH prices. He expects emotions to move upwards as the ether approaches its previous highs.
Sharplink Stability Strategy
Sharplink CEO Joseph Chalom reflects Lubin’s views and calls Mnav a “temporary dislocation.” He emphasized that Staking S continues to provide stable yields.
If the MNAV remains below 1, Chalom said the company will consider buying back and offering capital-related or convertibles to raise capital without diluting shareholders. For him, the ETH-per-Share ratio per share is a better measure of value, almost doubled from 2.0 in June to 3.95 today.
From accumulation to utilities
Both leaders look at the company’s long-term future by leveraging it across the ecosystem rather than simply accumulating ETH. This includes staking critical protocols, lending to ETH reserves and providing liquidity to new projects. As Lubin said, once Sharplink reaches a certain inflection point it “virtually changes” its mode of operation and actively deploys its holdings.
