Metamask User Base Grows 1800% To 10M Amid DeFi Craze

Per the announcement from Ethereum software company ConsenSys, the number of monthly active users on MetaMask has topped the 10 million benchmark today. In July of last year, the company posted 545,080 MAU’s which is up 19-folds i.e. 1,800% at present. 

The growing number of users on platforms like Metamask, OpenSea illustrate the world’s fast growing interest in DeFi and NFT Space.

Metamask User Base Thrived Following The DeFi And NFT Boom

MetaMask has registered itself amongst the most widely used wallets of the DeFi space, posting an impressive user base of 10.35 million in August 2021. 

The wallet has gradually become a gateway to decentralized web activities as it allows users to interact with the Ethereum blockchain and compatible networks like Polygon, Arbitrum, and Optimism.

At present, most of the Non-fungible tokens (NFTs) are built using Ethereum blockchain standards. Since MetaMask behaves as a gateway to the decentralized web, NFTs have majorly driven the walker’s growth in this financial interim.

While MetaMask was already well-known as a web browser extension, it launched a mobile application in September 2020. Per the company, the mobile app has significantly helped the platform increase its user base in countries like Brazil, China, India, Indonesia, Philippines, Thailand and Vietnam. The introduction of token swaps has also accelerated user growth for the platform.

MetaMask’s co-founder Dan Findlay attributed the project’s growth to its community. And mentioned that MetaMask is constantly figuring out new ideas to build and organize, and is always pushing its team to improve in all the right ways.

It is worth noting that DeFi and NFT space have recorded a meteoric surge this year. While the total value locked across all DeFi projects is poised to skyrocket, longshots like Fantom, Celo have also managed to post impressive gains of over 50% in the past two days.

At the time of writing, the total value locked (TVL) in DeFi has already topped $84 billion and may explode 10-folds by 2022, per Veteran crypto investor Matthew Roszak. Besides this, AAVE is the leading DeFi project with 15.64% dominance and $16.04 billion in TVL.

The countries are increasingly embracing decentralised finance. Yet, the space is awaiting a global shift towards mainstream adoption. However, the rising user base of MetaMask is indicative of a strengthening DeFi marketplace.