The booming DeFi market has accelerated the growth and popularity of crypto wallets such as Metamask which has just reached a million active monthly users.
The Ethereum-centric crypto wallet has just surpassed a million active users per month for the first time as DeFi yield farming opportunities continue to drive usage. The milestone represents a 400% growth over last year and comes just seven months or so after Metamask recorded the first time it surpassed a million users in total.
MetaMask has exceeded 1 Million Monthly Active Users!
We’re humbled to be supporting such a curious, vibrant and passionate community. To learn more about our growth journey, check out our latest blog post https://t.co/BJJFtQtznl#metamask #ethereum #web3
— MetaMask (@metamask_io) October 5, 2020
DeFi Boom Driving Growth
The majority of major DeFi platforms such as Uniswap, Maker, Aave, Curve, and Yearn are powered by Ethereum. These platforms need access to crypto wallets such as Metamask in order for users to add or remove liquidity, or to swap tokens on the growing array of decentralized exchanges (DEXs) now available.
The growth in terms of liquidity and collateral across all DeFi markets has been driven in part by Metamask which has itself seen an almost parabolic increase in users.
The ConsenSys-developed browser wallet launched a mobile version in early September which has also attributed to its phenomenal growth. The blog post added that 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.”
There is still a long way to go in the world of crypto wallet development and Metamask can be a little counter-intuitive to use for those not familiar with how transactions work on the blockchain.
There have been calls for additional functionality in the responses to the announcement tweet from the crypto community. Among the responses, many users asked for a more intuitive user interface, better control over gas usage, a hardware wallet, improved stability, and even a Metamask token.
DeFi Markets Holding Steady
The total value locked across all DeFi markets has dipped to just below $11 billion but the growth curve is still very bullish.
Uniswap remains in the driving seat at the top of the TVL charts with a 4% gain on the day to reach $2.38 billion, increasing its market share to over 22%. Aave has lost 11% of its collateral dropping it to fourth place as Curve Finance takes the third spot with $1.23 billion in collateral.
The DODO AMM, which recently launched its own native token, is the top performer of the day with 15% added to TVL taking it to $93 million.