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MetaMask Reaches 5 Million Monthly Active Users As DeFi and NFTs See Growth

MetaMask Reaches 5 Million Monthly Active Users As DeFi and NFTs See Growth

MetaMask, an open-source crypto wallet service designed for Ethereum and other Ethereum-based dApps such as NFTs and DeFi, has seen unprecedented growth alongside the crypto ecosystems it services.

According to a report by ConsenSys, MetaMask’s number of monthly active users has quintupled in the past six months. In a previous report back in October of 2020, ConsenSys marked the 1 million monthly active user milestone for MetaMask. The number reflects a cumulative statistic across MetaMask’s browser extension and mobile app. MetaMask released its mobile app for Android and iOS a month prior to hitting the 1 million monthly active user mark.

MetaMask user statistics
MetaMask's month by month user statistics

 

ConsenSys claims that this surge in the number of MetaMask users is likely brought about by the NFT and DeFi, although it attributes a larger influence from the NFT crowd.

“The recent mainstream craze over NFTs has attracted a much larger audience to the Ethereum ecosystem. In fact, Google searches for “NFT” are more than four times higher than for DeFi. Furthermore, on-chain data clearly indicates that NFTs are being widely embraced by users across the Ethereum ecosystem,” the firm stated through its report.

Earlier this month, ConsenSys, which actively supports the development of MetaMask, announced that it has received $65 million in funding from investors including JPMorgan Chase & Co., UBS Group AG, and Mastercard Inc. In the same week, ConsenSys launched its MetaMask Institutional program, which caters to institutional investors looking to engage in DeFi. The crypto firm is led by Ethereum co-founder Joe Lubin.

MetaMask’s token swapping service that deploys a similar service to decentralized exchanges such as Uniswap and 1inch has recorded some $2 billion in accumulated transaction volume since its launch six months ago. MetaMask swap currently works by aggregating multiple data points from decentralized exchanges (Uniswap​,​ Airswap​,​ Kyber​, ​0xAPI​,​ 1inch.exchange,​ ​dex.ag​, Paraswap​, and ​Totle​, among others), professional market makers, and individual DEXs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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