ConsenSys, the market-leading blockchain technology company founded by Ethereum ( $3,202.67 ) ( $3,202.67 ) ( $3,202.67 ) co-creator Joseph Lubin, announced today that MetaMask now has more than 10 million monthly active users, as per a release shared with CryptoSlate.
This represents a 19x growth compared to July 2020 and positions MetaMask as the leading non-custodial wallet by users globally. MetaMask is both a mobile app and browser extension that functions as a cryptocurrency wallet for interacting with the Ethereum ( $3,202.67 ) ( $3,202.67 ) ( $3,202.67 ) blockchain and any Ethereum ( $3,202.67 ) -compatible network like Polygon, Arbitrum, and Optimism.
The Drivers Behind MetaMask’s Growth
MetaMask’s exponential growth has tracked closely with that of the Ethereum ( $3,202.67 ) ( $3,202.67 ) ( $3,202.67 ) ecosystem. In 2019, $2 billion in crypto assets was committed to Decentralized Finance (DeFi). Today, Ethereum ( $3,202.67 ) ( $3,202.67 ) ( $3,202.67 ) supports a flourishing Decentralized Finance (DeFi) ecosystem with over $80 billion in assets under management.
MetaMask is the primary way a global user base interacts with DeFi applications, along with the vast universe of approximately 17,000 unique Web3 domains, which include rare digital goods marketplace OpenSea and NFT-based online games.
MetaMask was first created in September 2016 and has been a central catalyst in the adoption of decentralized applications on Ethereum ( $3,202.67 ) . The launch of the mobile version in September 2020 has played a crucial role in rapidly bringing new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.
The launch of token swaps on MetaMask mobile in March 2021 also exponentially accelerated user growth.
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” said Dan Finlay, MetaMask co-founder, in a statement. “We’re letting users explore new ways of establishing trust on the internet,” he added.
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