It’sparty time for Metamask – As the number of ecosystems such as DeFi
and NFTs explode, the tools for connecting to them are also experiencing unprecedented growth. The most widely used wallet, Metamask, has just celebrated the 10 million monthly active user mark.
Metamask is a wallet for cryptocurrencies, coming in the form of a browser extension as well as a mobile application.
Initially developed for the Ethereum network, it is now compatible with various blockchains, namely the Binance Smart Chain (BSC) and Polygon (MATIC). In addition to these networks, MetaMask is now also compatible with various second layer solutions, such as Optimism or Arbitrum.
Since January 2021, driven in particular by the growth of the DeFi and NFT ecosystems, Metamask has witnessed an almost exponential increase in its user base. Finally, at the end of August, the fox wallet announced that
it had surpassed the symbolic 10 million monthly active user mark. That’s an increase of 1,800% compared to June 2020. <img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Evolution of the number of monthly active users on MetaMask that finally has 10 million in August 2021″ /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/img_613c319cf1105..jpg” alt=’Evolution of the number of monthly active users on MetaMask that finally has 10 million in August 2021″ />Evolution of the number of monthly active users on MetaMask – Source: MetaMask
The reasons for this increase
The main reason for this increase lies in the growth of the DeFi and NFT ecosystems. Indeed, Metamask is the most accessible wallet to interact with these ecosystems.
Subsequently, the launch of a mobile version of the wallet in September 2020 has enabled its adoption in markets where mobiles are extremely present, such as the Philippines, Vietnam, Indonesia, Thailand and Brazil.
In March 2021, the Metamask wallet also went DeFi with the release of Metamask Swap, an aggregator of decentralized exchanges on Ethereum. A feature that would meet a large success with users. Indeed, the contract allowing swaps to be routed currently ranks eighth among the contracts consuming the most gas on Ethereum, with 2% of daily gas.
<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/img_613c31a8b228c..png” alt=’Top Gas Contracts Ranking featuring Metamask in 8th place’ />Top Gas Contracts Ranking – Source: Etherscan
In its announcement, Metamask shared statistics on the geographic location of its users. According to this data, Metamask’s first market is in the Philippines, followed by the US and Vietnam. France, meanwhile, came in 13th.
Top 15 countries using Metamask – Source: Metamask
“DeFi challenges existing TradFi [traditional finance] policies that sometimes exclude minorities and low-income people. The early and massive adoption of cryptocurrency in emerging markets is an example of how DeFi is solving the inefficiencies of the TradFi market. “
While the DeFi ecosystem continues to grow, thegradual arrival of regulators in the industry
may give many protocols in the ecosystem a run for their money.
Will there be a regulatory battle in the coming months?
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