Metamask tops the one million monthly users mark

October 6, 2020
By Sam Grant

The DeFi boom witnessed in the past last few months has spurred the popularity of digital wallets, such as Metamask, among crypto users

The ConsenSys-developed browser wallet just achieved the one million active monthly users’ milestone. This breakthrough translates to a 400% growth over the past 12 months. The milestone also comes seven months after the wallet announced it had reached one million users in total. The achievement has been attributed to increased DeFi yield farming opportunities.

Most of the popular DeFi platforms, including Yearn, Aave, Maker, and Uniswap, are inextricably linked with Ethereum. Crypto wallets like Metamask provide users of these platforms with options like removing/adding liquidity and swapping tokens on decentralized exchanges, hence their popularity.

Metamask, which has witnessed an exponential increase in new users, has largely contributed to the swell in all DeFi markets in terms of collateral and liquidity. Early last month, Metamask introduced a mobile version of its wallet that has brought convenience and contributed to users’ rise.

Despite the positive news, it is hard to call it a wrap in the crypto wallet development world as there is still much that needs to be improved. For instance, Metamask could add more intuitiveness to help basic users who are not well-versed with blockchain transactions.

Other aspects that users of the wallet have asked for include more functionality and better stability.  Some users also feel that Metamask needs to come up with a token and a hardware wallet. Outside Metamask, the DeFi markets remain steady.

According to DeFi pulse, the combined total value locked across DeFi markets is in the region of $10.6 billion as of writing. Uniswap tops the total value locked in charts with a market share of 22.16% ($2.36 billion). Maker is in second place with $1.83 billion. Curve and Aave wrap up the top four with each with $1.18 billion.