Metamask Monthly Active Users Hits 1 Million Amid the DeFi Boom

October 6, 2020 2:57 PM UTC

The active user base of MetaMask has surpassed the new milestone of 1 million for the first time. MetaMask is a browser plugin, designed by ConsenSys, that works as an Ethereum wallet. It empowers users to store ETH and other ERC-20 tokens, allowing them to make transactions to any Ethereum address.

The growing trend of the decentralized finance (DeFi) sector is pushing up MetaMask’s user base. As per the official announcement, the leading DeFi projects, including  Uniswap, Yearn Finance, Curve, MakerDAO, and Aave, plays a significant role in the growth of the MetaMask user base:

“Over the last twelve months, significant growth in the adoption of DAOs, Web3 games, and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve.”

MetaMask User Surge Nearly Reflects the Rise of DeFi Bubble

Since February, MetaMask monthly active users have grown triple in size, while DeFi platforms TVL (total value locked) has rallied 10x during the same period, according to DeFi pulse.

MetaMask said, in the current crypto sphere, holding cryptocurrency is the simplest usable feature, “When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow,” it added, “They want to use sites like Uniswap, Yearn, Curve, Maker, and Aave to get that job done. MetaMask is simply the connective tissue.”

According to the report, MetaMask has also introduced a new mobile app, dubbed MetaMask Mobile, likely to attract new users into the growing crypto sphere.

 

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