MetaMask now has more than 10 million monthly active users, which makes it the world’s leading non-custodial crypto wallet, according to ConsenSys, the blockchain technology company.
Developed by ConsenSys, MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralised applications.
From 545,080 monthly active users in July 2020 to 10,354,279 in August 2021, MetaMask has grown over 1,800 per cent in just one year.
The growth has tracked closely with that of the Ethereum ecosystem. In 2019, $2 billion in crypto assets were committed to Decentralized Finance (DeFi). Today, Ethereum supports a Decentralized Finance (DeFi) ecosystem with over $80 billion in assets under management.
ConsenSys explains that MetaMask is the primary way a global user base interacts with DeFi applications, along with the vast universe of approximately 17,000 unique Web3 domains.
Meanwhile, until recently, ConsenSys notes that custodial wallets were leading the democratisation of access to crypto assets.
The main uses were focused on trading different cryptocurrencies, such as Bitcoin or Ethereum, through a wallet where the private keys are held by a third party: the custodian, which means third-party custodians operate with full control over user funds while users only have to give permission to send or receive payments.
MetaMask is different because it allows users to hold and own their private key, giving them full control of their funds.
According to ConsenSys, there is no need to trust a third party to secure the funds and return them if the user wants to trade or send them somewhere else. MetaMask allows users to be their own bank and take control over their own finances in a private and secure way.
Dan Finlay, MetaMask co-founder, comments: “MetaMask defined a new kind of cryptocurrency wallet, where users don't just interact with currencies, but with decentralised applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience. We're letting users explore new ways of establishing trust on the internet.”
Finlay concludes: “MetaMask owes its growth to our community. They are constantly coming up with new ways to build and organise, 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.”
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