I think a piece of news has been overlooked on Crypto Twitter recently, the CEO of ConsenSys announced that the MetaMask token is about to be launched. His exact words were: "The MASK token is about to debut, possibly sooner than you expect."

MetaMask Adoption

I personally have not been using MetaMask for a while now as I prefer Rabby's interface and features, but MetaMask still holds the first-mover advantage. It remains the most popular wallet to date, with 143 million users.

MetaMask Revenue Analysis

MetaMask has multiple sources of revenue:

· MetaMask Swap: Built-in DEX aggregator, charging approximately 0.9% fee per swap

· On/Off Ramp: Buying cryptocurrency with a bank card

· Cross-chain Bridge: Token cross-chain transfers

· Staking: Direct ETH staking via MetaMask Portfolio

· Institutional Edition: MetaMask's institutional solution for funds and enterprises.

Over the past three months, MetaMask's weekly transaction volume has ranged between $60 million and $200 million.

This means an average weekly revenue of $1.5 million, with an annual revenue of approximately $72 million. The revenue was even higher last year, with a weekly income of around $2.5 million and an annual revenue of $120 million.

The cross-chain bridge revenue can reach $100,000 per day, adding $36 million annually.

Other income contributes approximately $10 million annually, bringing MetaMask's total annual revenue to around $120 million.

FDV Estimate

We do not yet know MetaMask's tokenomics and actual utility, but it would not be surprising if there is some form of revenue sharing or buyback mechanism. If so, the revenue would drive its valuation.

To gauge a reasonable fully diluted valuation (FDV) / revenue multiple, we can look at other wallet tokens such as TWT, SFP, XDEFI, and GNO.