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MetaMask announces one million active users!

Photo of: Nathan VDH
by Nathan VDH

The MetaMask ETH Portfolio and Web 3.0 Browser has just announced a new feature as it passes the symbolic milestone of one million active users per month.

The ConsenSys owned portfolio/browser revealed its MetaMask Swaps, a feature that allows users to compare and exchange tokens directly within MetaMask rather than navigating through a series of decentralized exchanges or aggregators, which offer different sets of tokens at different prices.

For the time being, this feature is only available to users of the MetaMask extension on the Firefox browser, but the team said that it “will soon be deployed” on other browsers and on MetaMask Mobile as well.

“The functionality allows quotes to be obtained from several decentralized sources,” they added. “As each aggregator interacts with a number of different sources of liquidity, each source holds a limited amount of cash. By retrieving orders from multiple aggregators, such as Uniswap, Airswap, Kyber, 0x API, 1inch.exchange, dex.ag, Paraswap, Totle, and private market makers, MetaMask will access the largest amount of liquidity in the DeFi ecosystem,” he said.

This “ensures that every MetaMask user has access to all the tokens available in DeFi”, and further aims to reduce fees and approvals.

To integrate these decentralized exchanges (DEX) and DEX aggregators, MetaMask has collaborated with ConsenSys Codefi (a blockchain application suite).

MetaMask stated that it “now has over one million active users per month through its desktop and mobile applications”, which represents over 400% compared to May 2019.

This figure is probably the best measure we have of real, unduplicated users of the Ethereum channel, according to Anthony Sassano, marketing manager for SetProtocol products and author of the Ethereum newsletter The Daily Gwei.

“Although it is actually very difficult to measure the actual number of users, because a user may have multiple addresses that he or she uses to interact with on-chain applications (and many do). This is why the MetaMask numbers are significant, the number of people who would have duplicate MetaMask accounts that they actively use each month is probably very small. Furthermore, even if we say that one user is actively using the desktop and mobile versions of MetaMask, we would still have a number of 500,000 active users per month,” he wrote in his newsletter.

As for the reasons for this growth, the team highlighted: the recent launch of MetaMask Mobile; their integration with decentralized products that allow users to invest, sell, lend and borrow; and “significant growth” in the adoption of decentralized self-organizations, Web 3.0 games and decentralized finance (DeFi) products and services over the last twelve months.

In addition, according to the announcement, “this 2020 curve parallels the trend in the adoption of DeFi, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution”.

Indeed, DeFi Pulse shows that the growth curve of the Total Locked-in Value (TVL) in DeFi accelerated in June of this year, with TVL having increased by 850% since June 15, to currently reach US$ 10.68 billion.