MetaMask is by far the most popular wallet for Ethereum. Thanks to the hype surrounding Decentralized Finance (DeFi) , the demand for MetaMask has increased rapidly. The Ethereum Wallet has now exceeded 1 million active monthly users.
MetaMask user numbers reach new all-time high
Anyone who moves in DeFi cannot avoid an uncomplicated and easy-to-use Ethereum wallet. Most choose the largest and most famous wallet – MetaMask.
Almost every DeFi application supports MetaMask. The network effect speaks for itself and has helped the open source wallet provider to reach a new all-time high.
The graph below shows how MetaMask’s user activity grew exponentially in June. This went hand in hand with the release of Compound’s governance token – COMP. Many say that this event was the starting signal for the DeFi hype.
MetaMask user numbers
This graphic is from a blog post by Talia Knowles-Rivas on Medium . Talia is Marketing Manager at ConsenSys, the company behind MetaMask. In her post she said:
It’s not just the ability to buy and hold ETH that is fueling our new phase of growth. If you think about it, people don’t really want a wallet. They want to invest, sell, borrow and lend.
MetaMask the gateway to DeFi
MetaMask has a relatively long history. The wallet was launched as a browser extension in 2016 and could be used with a limited range of functions. MetaMask is now supported for Android, iOS, Chrome, Brave and other web browsers.
The current annual growth in active monthly users is currently 400%. Most of the users come from America, India, Nigeria and the Philippines.
Just as Uniswap is at the center of DeFi to exchange tokens quickly, easily and decentrally, MetaMask is the real gateway to DeFi. There are other wallets that are also used, but MetaMask is currently the most popular wallet.
Secure your cryptos in a cold wallet
Nevertheless, everything is interlinked in DeFi. With the advent of Uniswap and the native token UNI, the number of users of MetaMask has also shot up. The more popular DeFi becomes in general, the more popular the Ethereum wallet from ConsenSys will be.
Nevertheless, this is a so-called hot wallet, as it is in direct contact with the Internet. Accordingly, it is only suitable for a certain amount and should only be used for a certain period of time. Then you should transfer your cryptocurrencies back to a cold wallet such as Trezor or Ledger in order to provide more security.
We are curious how the DeFi industry will develop in the next few years and what role MetaMask will play in this. The company certainly has a lot on its roadmap to make the integration with the various DeFi protocols even better and easier.