The DeFi boom has swept every one of their feet. With such a gigantic rise in growth as well as the popularity of DeFi, the rising crypto wallets are also seeing some of the greenest periods. One such wallet solution Metamask has just reached a million active monthly users. The Ethereum-based crypto wallet has surpassed its own benchmark by exceeding the figure of one million active users per month for the first time. The major reason for this has been the increasing DeFi yield farming opportunities that continue to act as a catalyst for increased usage.
This is a new milestone it has reached and this means a 400% growth over the last year. The figure of active monthly users comes 7 months after Metamask recorded a million users in total.
Looking at the illustration above the beginning of the year saw the average monthly active users started a little over 250,000. The momentum started picking up between April and May which was considered a high growth period of DeFi. As of now, more than one million users are actively using the wallet services. A majority of DeFi platforms such as Uniswap, Maker, Curve, and Yearn are powered by Ethereum. These platforms require the accessing of crypto wallets such as Metamask so that the users can add or remove liquidity or even swap tokens on the ever-growing assortment of DEXs available now.
Metamask has instigated the growth in terms of liquidity and collateral across all DeFi markets which itself has been on a growing spree.
The ConsenSus-developed browser wallet launched a mobile version in early September which also contributed to its growth. The top four countries that use the mobile platform are the U.S., India, Nigeria, and the Philippines. The post added:
“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games, and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve.”
Despite the humongous growth it is seeing, the segment of crypto wallet and Metamask in particular could be a little more counter-intuitive to use especially to those who are now very familiar with how transactions work on the blockchain. The users have been adding their own responses to add more functionality in response to the announcement tweet from the crypto community. Many users wanted a more intuitive user interface, optimal usage of gas, improved stability, and Metamask token.
Source: Trading view
The prospects look very bullish and the Total value locked (TVL) in the DeFi exceeded $11 billion. Uniswap has been driving a major portion of this growth and has been topping the charts in terms of TVL for some time now. It has increased manifold registering a 4% gain on the day to reach $2.38 billion. This has taken its market share to more than 22%. The DODO AMM also recently launched its own native token and is the best performer of the day with 15% added to TVL taking it to $93 million.