On the 5th of October, the Ethereum wallet MetaMask hit one million active monthly users. The new milestone may be tied to the massive growth in the DeFi sector. In a blog, the company released a chart showing that the number of active users was at its highest in May and June.
Coincidentally, there was an increase in Total Value Locked of DeFi protocols from $900 million to $4 billion in July.
In addition, MetaMask recorded a 400% growth in its year-to-date performance.
The marketing manager for ConsenSys, Talia Knowles, noted in the blog:
“It’s not just the ability to buy and store ETH that’s empowering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, and borrow.”
According to Knowles, MetaMask is the connective tissue to the various site users would like for their transactions. In the blog, the ConsenSys executive mentioned Uniswap, Yearn, Curve, Maker, and Aave.
Addressing the features of the Ethereum’s wallet MetaMask, Knowles said:
“MetaMask enables users to purchase ETH, store it safely, browse Defi protocols and exchanges, and connect their wallets directly to these sites to trade easily and securely.”
Notably, MetaMask reported 264,000 monthly active users in 2019. Knowles added that the recent launch of MetaMask Mobile served as a catalyst for the significant increase in the number of users.
Furthermore, Knowles mentioned four countries with the highest volume of MetaMask mobile users. They include the USA, India, Nigeria, Philippines.
Image Credits: Pixabay
