The popular browser-based crypto wallet MetaMask has achieved a major milestone surpassing 10 million monthly active users.
On Aug. 31, the company behind the popular wallet, ConsenSys, reported that MetaMask has grown by more than 1,800% in a year. It has reached another major milestone, surging from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.
The massive growth has propelled the wallet and token swapping application to the “leading non-custodial wallet by users globally,” the company added.
Drivers of growth
The Ethereum software solutions firm stated that the growth and adoption of MetaMask have closely tracked that of the Ethereum ecosystem.
Referring to Ethereum collateral and DeFi, it added that MetaMask is the primary way a global user base interacts with DeFi applications which span an ecosystem of around 17,000 unique Web3 domains, and NFT platforms.
Dan Finlay, MetaMask Co-Founder, said:
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,”
He added that “we’re letting users explore new ways of establishing trust on the internet,” but didn’t acknowledge that MetaMask is one of the top targets for scammers and hackers due to that popularity.
The popular crypto wallet has been criticized in the past for high fees and questionable blacklisting processes.
The top country geographically for MetaMask users is the Philippines, followed by the United States, Vietnam, U.K., and China in fifth. The other nations in the top fifteen are India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. Countries in Asia make up 40% of the top 15 nations that use the wallet.
Be your own bank
Unlike centralized or custodial wallets, MetaMask “allows users to be their own bank and take control over their own finances in a private and secure way,” the blog post explained.
A 24-hour MetaMask party in the Decentraland metaverse is being held on Sept 2, 20:00 UTC to celebrate the milestone.
Finlay concluded that there will be continual improvements to the product but did not share any specific details:
“MetaMask owes its growth to our community. They are constantly coming up with new ways to build and organize, and are always pushing us to improve in countless ways. As long as we can continue to help unleash their creativity, while keeping users safe, I think we’ll have an exciting future.”