The popular Ethereum (ETH) wallet MetaMask has reached 5 million monthly active users thanks to the latest exponential growth in the decentralized finance (DeFi) space.
Below, we will take a closer look at the various factors causing this explosive growth.
A Brief History of MetaMask
MetaMask launched in 2016, and up until 2019, had only been available as a desktop browser extension.
However, MetaMask began releasing mobile apps for closed beta testing in 2019, followed by their official public release for both or iOS and Android in September of 2020.
MetaMask Active Userbase Grows Over 5x Since Last Fall
A growing number of users are utilizing the MetaMask Swaps feature, said ConsenSys.
As for its top markets, India and Indonesia are both in the top 5 countries for MetaMask mobile adoption, said ConsenSys, adding that Vietnam and Nigeria are in the top 10.
“Increasingly, these people use MetaMask to earn a supplemental income or to make long-term investments,” said the firm. “Many are unable to access their local banking system and thus need alternative technology to act as a savings account.”
A Growing List of Alternative Use-Cases For MetaMask
The swap feature, launched last October, allows users to swap tokens directly from their wallets across decentralized exchanges, aggregators, and market makers.
Unsurprisingly, the new swap feature has seen increasing usage by traders spurred by the recent growth in the DeFi space.
Behind swaps, the buy, sell, and trade of NFTs is the second most popular use case for MetaMask, according to ConsenSys.
Global adoption is not the only factor driving the growth of the MetaMask wallet and its subsequent popularity.
Drawing attention to the NFT boom, which has attracted users to tokenized artwork, game items, and collectibles, ConsenSys says that NFT transfers are the second most common use case for MetaMask after token swaps.
With these two bullish factors in mind, it is no surprise to see MetaMask becoming adopted by users in the decentralized financial space.
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