Surprisingly, MetaMask, the major Ethereum browser extension, has hit one million actively monthly users for the very first time. Reports hold that the milestone comes around seven months after the wallet first hit one million users in total, suggesting the parabolic rise of decentralized finance (DeFi) in 2020 has actually driven the surge in MetaMask’s user base.
MetaMask is a web-based wallet design for managing, receiving, and transferring Ethereum and ERC-20 tokens. It operates as a browser extension compatible with Chrome, Brave, and Firefox browsers. This actually reveals how widely it is.
MetaMask was created by Aaron Davis and Dan Finlay in 2016. The main purpose of creating MetaMask was to make Ethereum easy to use. Ever since its launch, the development team has grown to include very experienced developers including Christian Jeria, Frankie Pangilinan, Thomas Huang, Kevin Serrano, and James Moreau. The company’s headquarters are in the United States of America. The wallet has become common among crypto enthusiasts due to its functionality that allows users to fully interact with the smart contracts and decentralized applications (DApps). In simple terms, MetaMask users are able to interact with the Ethereum blockchain without having to download the entire blockchain.
Nevertheless, MetaMask notes top DeFi protocols Uniswap, Curve, Yearn Finance, MakerDAO, and Aave among all those favorites by its users, highlighting its commitment to supporting of DeFi moving forward.
“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,” the report clearly stated.
According to the DeFi pulse, monthly MetaMask users have tripled since February, while the total value locked in DeFi protocols has increased by ten times over the same period. Note that the MetaMask also released a mobile of its wallet on September 4, thereby likely assisting its push into seven-figure monthly users.