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MetaMask Grows Its User Base to Over 400% Due to DeFi

MetaMask Grows Its User Base to Over 400% Due to DeFi

Crypto wallet and blockchain app gateway MetaMask recently hit over 1 million active users. The decentralized finance (DeFi) space was said to help in the surgeon its user base.

Source: MetaMask’s Medium Blog
Source: MetaMask’s Medium Blog

In the last 24 hours, the Ethereum-based blockchain wallet revealed that its platform has millions of users on a daily basis. As seen in the graph above, the wallet has grown its user base to almost 400% since December 2019.

Previously available only as a browser extension, the recent launch of the MetaMask Mobile app is one contributing factor to the increase of the hot wallet users.

Available last month on both iOs and Android devices, the MetaMask Mobile is getting high transaction volume in countries like the USA, Nigeria, India, and the Philippines. On the other hand, MetaMask serves as the gateway to access DeFi through any internet browser seamlessly.

Founder of ConsenSys and Ethereum Co-creator Joseph Lubin highlighted MetaMask’s mobile-first structure, focusing on Web3 applications or simply DApps:

What smartphones have done for Web2, we believe MetaMask Mobile will do for Web3.

Also, its compatibility with ERC20 tokens makes it one of the widely supported crypto wallets in the DeFi Space. The DeFi protocols that are mostly used by the hot wallet users are Aave, Uniswap, Yearn.Finance, Curve, and MakerDAO, to name some.

Moreover, the performance of the DeFi space also affects the wallet activities of Ethereum users, since most of the DeFi protocols are built on top of Ethereum. Considering this, MetaMask was able to increase its platform users massively.

More so, the DeFi market maintains its great standing in the decentralized world. Today, it displays a total value locked (TVL) amounting to $10.72 billion, with an increased 10.17% rate since the start of the month.

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