MetaMask has recently seen massive adoption as both the DeFi and NFT markets are surging. The increased adoption of the Ethereum network is bringing more investors into the market. Hence the need for storage wallets has gone through the roof. And MetaMask has benefitted greatly from this growth.
MetaMask is a crypto wallet that allows interaction with the Ethereum network. Users can access their MetaMask wallet either through their phones or through a web browser. Providing them the ability to store both Ethereum and tokens that exist on the Ethereum blockchain.
MetaMask Hits Record Monthly Users
In the space of a year, MetaMask has recorded tremendous growth. It had only celebrated one million monthly active users (MAUs) in October 2020. But from that time to now, monthly active users have grown by over 1,800%. The crypto wallet recently revealed that its monthly active users had hit 10 million by the end of August 2021. Accumulating 9 million monthly active users in less than a year. Its year-to-date growth from July 2020 now sits at 19X.
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The crypto wallet attributes its growth to a number of factors. Most prominent was the growth of Devi in the past year. “DeFi Summer saw the noncustodial wallet grow almost 100% from July to October when decentralized finance started its surge. Allowing users to interact with decentralized finance protocols through their MetaMask wallets puts the crypto wallet on the path to being the biggest wallet provider in the space.
DeFi market cap rises above $130 billion | Source: Crypto Total DeFi Market Cap on TradingView.com
Another leading factor is the growth of non-fungible tokens (NFTs). What started as a way for artists to decide who could buy exclusive rights to their work had blown across different industries. Since MetaMask provides users a way to access NFTs, it has become one of the most popular wallets for users to get when they wished to buy or sell an NFT.
A New Kind Of Wallet
MetaMask operates in dozens of countries around the world. Its wallet services are favored by investors due to it allowing users to own their own private keys. Thus putting the users in complete control of their cryptocurrencies. “MetaMask defined a new kind of cryptocurrency wallet, where users just don’t interact with currencies, but with decentralized applications,” said Dan Finally, Co-Founder, MetaMask.
“We’re letting users explore new ways of establishing trust on the internet.”
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MetaMask’s focus remains to be on growth for its users. The launch of the mobile app last year saw the crypto wallet gaining more popularity in the market. Previously only available as a web browser extension, this gave users the ability to have their wallets with them at all times. And hence, users could trade on different DeFi protocols while being on the go.
Featured image from Wallets.com, chart from TradingView.com
