MetaMask and its late August results, are becoming a strong indicator of the pace of cryptocurrency adoption. The DeFi and NFT sectors play a special role here.
User growth rate
MetaMask is a well-known cryptocurrency wallet that supports the Ethereum blockchain. It works as a browser extension and also as a mobile app. Since it is compatible with Ether, it is also the primary tool for ERC-20 tokens. It is often used to interact with decentralized applications.
At the end of August, ConsenSys, the company providing the wallet, announced the results that their software can boast. Thus, MetaMask, for the first time ever, exceeded the ceiling of 10 million monthly active users. This is a real leap, as in one year, the number of wallet users has increased more than eighteen times. According to ConsenSys, during the so-called DeFi Summer of 2020, the number of active wallets was 545,000 to reach its first million in October of the same year.
What accounts for the growth of Metamask?
There are many indications that MetaMask owes its success to the very dynamic development of smart contracts on the Ethereum network. It is also the result of the ever-growing DeFi segment. At the end of August, almost $155 billion was blocked in this very sector. Decentralized exchanges also have their share here. Recently, NFT tokens have attracted particular attention, and since they are most often priced in Ethereum and are themselves based on ERC standards, they become naturally associated with MetaMask.
It is therefore safe to assume that the growth of the Ethereum blockchain, and the DeFi area in particular, is resulting in an increase in the number of MetaMask users. The ease of use of the wallet is also its key advantage. The fact that it is available as a simple browser plug-in, and with a mobile app as well, puts it in an excellent position, as we see in the aforementioned numbers.
Meanwhile, in DeFi…
The development of decentralized finance continues to gain momentum. Despite the high-profile recent hacks on Poly Network or even Cream Finance, DeFi is not losing its popularity. Also recently coins from this segment make the biggest moves on the charts. They are a definite driver of the current bull market, providing more and more new solutions for both the network and the market participants. Taking these factors into consideration, it can be assumed that the results that MetaMask presents will be updated again soon.
