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MetaMask Witnesses 5x Growth in Active User Base

MetaMask Witnesses 5x Growth in Active User Base

MetaMask has witnessed significant growth in its active users over the past six months, according to a blog from ConsenSys. The Ethereum wallet service and browser extension, MetaMask, has registered 5 million monthly active users for the first time. This marks a significant milestone in the extension of decentralized applications. The sharp increase in adoption occurred just six months following MetaMask recorded its first cumulative 1 million active users. Since October 2020, the service platform has expanded five times, emphasizing the sustained strength of the crypto bull market. ConsenSys advocates the exponential development of the wallet service over the past six months.

The accessibility of MetaMask mobile app in developing countries has added to the growth. ConsenSys considers that MetaMask’s rapid growth arises from an interest in the Global South, with India, Nigeria, Indonesia, and Vietnam leading the way in terms of adoption. Indonesia and India are in the top five nations in adopting the mobile app, while Nigeria and Vietnam are in the top ten. The document predicted that people who resided in these regions operate the wallet to gain supplemental revenue or originate long-term investments. Various people cannot avail their local banking system and thus require alternative technology to serve as a savings account.

MetaMask’s New Swap Feature Among One of the Factor’s for Growth in Active Users

 However, global adoption is not the only factor in driving MetaMask’s growth. Traders are also using MetaMask’s new swap feature to find the best rates across various decentralized exchanges. It imposes a prominent 0.875% service fee. Moreover, ConsenSys attracted attention to the NFT boom, which has drawn users to tokenized artwork, game items, and collectibles. ConsenSys elucidates that NFT transfers are the second most common use case for MetaMask following token swaps.

Established in 2016, MetaMask underwent various upgrades before finally launching. The wallet service increased in popularity during the height of the DeFi boom in 2020, as more investors employed it to fund their token purchases. MetaMask assisted in facilitating the development of not only DeFi but decentralized exchanges as well. These venues discovered low-cap altcoin gems not yet accessible on significant exchanges like Kraken, Coinbase, or even Binance.

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