MetaMask Confirms Upcoming MASK Token Launch

Ethereum co-founder and Consensys CEO Joseph Lubin confirmed MetaMask will launch its long-awaited MASK token “sooner than expected.” Lubin said the token is tied directly to MetaMask’s decentralization roadmap, following years of speculation and denials about a launch.

MASK will not function as a gas token but could support governance, rewards, or user access within the MetaMask ecosystem. Consensys recently rolled out Linea and mUSD, seen as infrastructure laying groundwork for MetaMask’s eventual tokenized economy.

Prediction markets show mixed expectations, with Myriad pricing a 32% chance of launch before November and Polymarket suggesting 46% by year-end. Traders are wagering on timing while noting regulatory risk could still delay or reshape token design and distribution.

MetaMask’s parent Consensys has emphasized avoiding quick cash-grabs, instead favoring “progressive decentralization” to keep control aligned with builders and users. Lubin said MetaMask, Infura, and Linea remain central pillars ensuring Ethereum’s long-term decentralization and institutional adoption.

Ethereum Fusaka Upgrade Scheduled for December Launch

Ethereum developers revealed the Fusaka hard fork is planned for a December 3 mainnet launch after multiple testnet rollouts. The upgrade introduces Peer Data Availability Sampling, Verkle Trees, and higher gas limits to expand network throughput and improve scalability. Developers said Fusaka will also deliver performance upgrades to the Ethereum Virtual Machine for faster smart contract execution.

Ahead of the launch, Fusaka will undergo final testing on Holesky, Sepolia, and Hoodi networks with auditor oversight. The Ethereum Foundation is offering two million dollars in bounties for researchers who identify potential vulnerabilities. Following Fusaka, Ethereum’s next major upgrade is expected to be Glamsterdam, focusing on efficiency improvements and scalability.

Sky Proposes Penalty for Delayed Token Conversions

DeFi protocol Sky, formerly MakerDAO, proposed a penalty on investors delaying conversions from MKR tokens to SKY. The governance proposal sets an initial 1% fee, increasing quarterly, to encourage timely participation in the Endgame transition. Officials explained the measure is designed to simplify governance, consolidate control, and accelerate retirement of legacy MKR tokens.

Sky noted that 80% of MKR already converted, but over 176,000 tokens worth $316 million remain outstanding. The proposal also preserves a 1:1 path between DAI and USDS, increasing liquidity for stablecoin holders. Analysts say enforcing penalties may reduce friction for exchanges and users, while aligning governance with Sky’s rebranded identity.

FTX Creditors to Receive $1.6 Billion Repayment

The FTX Recovery Trust announced a third wave of creditor repayments totaling $1.6 billion following the exchange’s collapse. Four creditor groups will share the distribution, receiving between 78% and 120% of claims’ estimated bankruptcy value. Payments will be executed through BitGo, Kraken, and Payoneer, continuing the estate’s phased restitution process for former customers.

FTX filed bankruptcy in 2022 after executives diverted customer funds to Alameda Research for speculative bets. Founder Sam Bankman-Fried was later convicted of fraud and sentenced to twenty-five years in prison. Administrators say the recovery surpasses Enron’s precedent, with lawyer John J. Ray III overseeing efforts to return lost funds.

Data of the Day

A joint report from Rena Labs and Insider Cash concluded MYX trading activity showed hallmarks of manipulation. Analysts identified liquidity anomalies, volume spikes, and price distortions, arguing the probability of organic activity was below 0.001%. The review also found trading frequency collapsed, while spreads tightened paradoxically during illiquid periods, suggesting coordinated strategies.

The MYX token surged 1,400% during the examined period, drawing suspicions about its sustainability and fairness. Bubblemaps separately claimed a Sybil attack exploited the airdrop, with one entity controlling 100 wallets capturing $170 million. Market observers warn persistent manipulation risks eroding investor trust and destabilizing decentralized exchanges reliant on transparent liquidity dynamics.

More Breaking News

• Senate Democrats urged Republicans to co-author crypto market legislation, seeking bipartisan input instead of merely commenting on a GOP-authored regulatory framework.
• World Liberty Financial passed a proposal to use all protocol liquidity fees for WLFI token buybacks and permanent onchain burns.
• Grayscale filed an updated S-1 for its Dogecoin ETF, aiming to list GDOG on NYSE Arca under streamlined rules for crypto investment products.
• YZi Labs, backed by Binance founder Changpeng Zhao, increased its stake in Ethena to expand USDe adoption and build tokenized finance infrastructure.
• Social platform X is suing banned crypto scammers who allegedly bribed employees to reinstate accounts tied to wider international cybercrime networks.
• Scroll DAO announced a governance restructure that introduces oversight from the Scroll Foundation while preparing a new constitution and council elections.
• Coinbase CEO Brian Armstrong outlined a plan for a crypto super app offering credit cards, payments, and Bitcoin rewards to rival traditional banks.
• EU finance ministers agreed to cap digital euro holdings per person, pushing forward the CBDC rollout despite internal dissent and privacy concerns.

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