MetaMask is expanding further into decentralized finance with plans to add perpetual futures, seasonal rewards, and a MASK token. The changes will give its 30 million users new ways to trade and earn directly onchain.
Since its launch in 2016, MetaMask has become the main gateway for Ethereum and other EVM-compatible networks, connecting more than 30 million users to decentralized applications. Initially built for token storage and swaps, the wallet is now expanding into a broader DeFi platform, offering derivatives, rewards, and onchain market access.
The expansion is part of Consensys’ broader push to integrate financial services into self-custody frameworks. The company, valued at about $1.2bn after $450mn Series D round in 2022, has continued to place MetaMask at the centre of its DeFi strategy.
The move reflects a broader trend of wallet providers seeking a larger share of onchain trading, which remains dominated by centralized exchanges. For users, MetaMask’s shift opens the door to leveraged positions, swaps, and rewards directly onchain, reducing reliance on centralized venues.
Under the update, users in eligible jurisdictions will be able to trade perpetual futures directly through MetaMask. The service is powered by Hyperliquid, a decentralized derivatives exchange with a market capitalization of about $14.7bn and $480mn in daily trading volume, offering up to 50x leverage and zero-gas execution on its own chain. Perpetual contracts differ from standard futures in that they have no expiry date and use funding rates to track spot prices. MetaMask said the new feature will support one-click funding from any EVM-compatible chain and trading without swap fees.
The rollout is among the first cases of a non-custodial wallet enabling derivatives trading directly within the app, marking a shift in how DeFi services are accessed.
To encourage participation, MetaMask has introduced a seasonal, level-based rewards programme. Users can earn points through swaps, referrals, and perpetual trading, with Season One featuring more than $30mn in Linea (LINEA) token rewards.
Benefits include fee discounts, priority support, and a free MetaMask Metal Card for top-tier users. Points roll over across three-month seasons and will contribute towards the planned MASK token, which is in development.
The MASK token is expected to support future governance and reward mechanisms as MetaMask expands its role in DeFi.
Later this year, MetaMask plans to integrate Polymarket, giving users access to prediction markets on categories including crypto, politics, and sports. The partnership will allow direct trading on onchain event markets from within the wallet, extending its scope beyond token management.
The development brings MetaMask closer to decentralized trading platforms such as dYdX and GMX, offering derivatives and market access under a self-custodial model.
The move also raises compliance questions. The US SEC has previously scrutinized Consensys over potential securities issues, and the addition of leveraged derivatives may invite further oversight. Complex products could also affect MetaMask’s positioning as retail-friendly wallet, particularly for less-experienced users.
Despite the risks, the expansion reflects a wider industry trend of wallets evolving into multifunctional DeFi gateways, blurring the lines between infrastructure, trading and user finance.
The bigger picture
MetaMask’s strategy reflects how the next stage of Web3 adoption is moving from basic access tools to integrated financial ecosystems.
By combining trading, rewards, and governance within a self-custodial environment, the company is placing itself at the centre of onchain finance, a space shaped by regulatory pressure and rapid innovation.
