MetaMask, an Ethereum-based crypto wallet, has surpassed 5 million monthly active users, growing 5 times over the past 6 months.
The ConsenSys-owned Ethereum wallet surpassed 1 million monthly active users in October 2020 and refused to stop there, having shown tremendous growth over the past 6 months. This growth is largely due to the rise in the demand for access to DeFi and the recent craze over Non-Fungible Tokens (NFTs).
In addition to the wallet’s meteoric growth in monthly active users, MetaMask Swaps, a token swapping service within the wallet, has “witnessed over $2 billion USD in accumulated transaction volume over the past 6 months”. According to a recent blog post, accessing NFTs is now the second most popular use case for MetaMask, only behind swaps.
The ‘Global South’ (emerging economies in the southern hemisphere) is said to be MetaMask’s top market. India and Indonesia are both in the top 5 countries in terms of MetaMask mobile adoption, while Nigeria and Vietnam are in the top 10.
“These people use MetaMask to earn a supplemental income or to make long-term investments. Many are unable to access their local banking system and thus need alternative technology to act as a savings account.” Said ConsenSys.
It doesn’t seem as though the demand for DeFi or NFTs will dissipate any time soon. If MetaMask continues to grow at such a rapid pace, how long will it take them to scoop up another 5 million users?
Feature image by ThaiBitcoi from flickr