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MetaMask hits over 30 Million active users – What’s all the fuss about?

TL;DR

  • MetaMask, a crypto wallet application, has revealed that its current active user base is nearly identical to that of the last bull market run.
  • The monthly active user count rose 55% in four months, from 19 million in September to over 30 million in January. MetaMask’s monthly active user data peaked at 31.7 million in January 2022.
  • MetaMask’s supremacy in Web3 grows on the back of Blockaid, which automatically sends alerts to users about potentially malicious transactions.
  • Blockaid was formed in 2022 by former members of Israel’s “Unit 8200” cyber intelligence unit, which is similar to the US National Security Agency (NSA). 

MetaMask, the popular crypto wallet and Ethereum browser plugin developed by ConsenSys, has witnessed a remarkable surge in its monthly active users (MAUs), nearing an all-time high of over 30 million. This significant milestone marks a substantial increase from previous months, indicating the platform’s growing adoption and relevance in the cryptocurrency ecosystem. 

The uptick in MAUs showcases MetaMask’s expanding user base and its role as a preferred choice for accessing decentralized applications (DApps) and managing digital assets securely on the Ethereum blockchain. This achievement underscores the entity’s commitment to providing users with a user-friendly interface and robust security features, further solidifying its position as a leading crypto wallet solution in the market.

Meta Mask goes mainstream in adoption

MetaMask, a crypto wallet, says it currently has nearly as many active users as it did at the peak of the last bull market.

The entity revealed that the number of monthly active users has increased by 55% in four months, rising from 19 million in September to more than 30 million in January.

These stats virtually match the record highs set in January 2022, when MetaMask reported 31.7 million monthly active users.

This MetaMask growth phase corresponds to crypto market patterns, with Bitcoin and Ethereum values rising substantially during the last six months. The value of Bitcoin has more than doubled, while Ethereum has increased by 70%. Notably, MetaMask crossed the 10 million monthly active user mark in August 2021, suggesting a steady increase in its use.

MetaMask’s browser extension and mobile app enable users to self-manage and transact with their crypto. Barbara Schorchit, senior product manager at Consensys, defined a user as anyone who has the MetaMask extension or mobile app loaded.

We define a monthly active user as someone who either loads a page within the MetaMask extension or opens the mobile app at least once during any rolling 30-day period. These moments, the 2022 bull market peak and today’s figures, represent the two all-time highs for MetaMask.

Barbara Schorchit

MetaMask’s Web3 wallet leads despite platforms’ rivalry

MetaMask’s technology, which comprises a browser extension and a mobile app, allows users to manage and transact with their crypto assets. The increase in active users coincides with increased competition in the Web3 wallet industry, with newcomers such as Rabby, Rainbow, Zeal, and Phantom gaining traction.

MetaMask, created by Ethereum development studio Consensys, revealed the increase in active users while also noting that the web3 security tool Blockaid will now be enabled by default for several blockchains.

Blockaid, which was first introduced as a beta feature in October, has since become the default option for several blockchain networks. Following the successful deployment of Ethereum mainnet alerts, MetaMask has expanded Blockaid’s real-time alert capabilities to networks such as Polygon, Arbitrium, Optimism, Avalanche, BNB Chain, and Linea, which are available through both the app and browser extension.

The continued development and innovation of MetaMask’s services, together with a steady increase in active users, highlight the platform’s critical role in the expanding Web3 ecosystem, even as competition in the digital wallet industry heats up.

Blockaid automatically informs customers to potentially malicious transactions, such as phishing attempts, frauds, and hacks. According to reports, 576,000 unique MetaMask users enabled Blockaid’s Ethereum alerts during the test phase, preventing over 30,000 fraudulent transactions.

Blockaid was founded in 2022 by former members of Israel’s “Unit 8200” cyber intelligence unit, which is similar to the US National Security Agency (NSA).

The firm came out of stealth last October when it announced the completion of a $33 million Series A led by Ribbit Capital and Variant. It was the first to discover and report the Ledger Connect Kit phishing assault late last year, which resulted in the theft of over $600,000 in crypto. Estimates predict that $1.7 billion in crypto was stolen in 2023.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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