MetaMask userbase grows by 420%


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TL; DR Breakdown

  • MetaMask records userbase growth of 420%.
  • The wallet has onboarded 21 million users.
  • MetaMask swap has recorded $10 billion worth of transactions.

With digital assets doing massive climbs for some months back, traders are entering the market to make huge profits. Due to this, exchanges are seeing an enormous rise in the number of their users for the past few months. Asides from exchanges, wallet service providers are also seeing a steady climb in their userbase. Although Consensys has endured a bad spell over who will take control of the company, it still continues to move forward. In a recent update, the company announced that the MetaMask wallet has seen a userbase jump of 420%. This means that the total number of users making transactions with the wallet each month is about 21 million.

MetaMask users grow to 21 million

This announcement signals that people are still using the company’s product more than ever before, as Consensys recently raised $200 million in a fundraiser. As in April, when the NFT market shot to the limelight and gained massive attention, the wallet had a meager 5 million users. This means that since April, the platform has onboarded more than 11 million users, with the DeFi and NFT sectors pushing the adoption.

According to the Operational lead of the MetaMask wallet, Jacob Cantele, most of the new users are individuals who are into gaming. He positioned that the growth of the gaming sector has been an instrumental factor in their development. He also mentioned that the diversification in the gaming niche had endeared many players to the game niche, opening them up to the DeFi market in the process.

The wallet has completed transactions worth $10 billion since March

Asides from the massive growth in terms of userbase, MetaMask has recorded a massive increase in the services that it offers. During the first wave of Non Fungible Tokens, users who wanted to hold NFTs used the wallet. The wallet was regarded as the only gateway for users in the DeFi sector to borrow and trade tokens without a third party. This was all before the Decentralized Finance sector gained ground as it has done now. Presently, the wallet now boasts a mobile application that provides better services for its users.

According to MetaMask, the swap feature in its wallet has been used by traders to carry out transactions worth $10 billion since it debuted in March. Also, MetaMask has been wooing institutional investors with its MetaMask Institutional. However, the wallet has served traders in the Ethereum blockchain who intend to trade using Ethereum based tokens. In Cantele’s words, he is delighted with the achievements of the wallet so far as developers aimed to make it open to every trader in the market. MetaMask has also had to endure rivalry from Phantom, a wallet based on Solana and the Rainbow wallet.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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