The popular browser-based crypto wallet hit the milestone in September as the demand for DeFi apps grew exponentially.
- MetaMask hit the 1 million active user milestone in September.
- It cited the rise of DeFi and blockchain games among various growth factors.
- The humble browser showed simplicity is key for outsized crypto adoption.
Crypto wallet MetaMask hit the 1 million monthly active users last month on the rise of decentralized finance (DeFi) apps, DAOs, and blockchain games, the firm said in a release today.
MetaMask is an extension for accessing Ethereum-enabled distributed applications or "dapps" using popular browsers like Google Chrome. The extension can “read” Ethereum code on any website, providing users with a seamless and accessible took to interact with various dapps and blockchain products.
The firm said that significant growth in the “adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products” cause an uptick in user growth and adoption, especially as users found they could use one dapp to access hundreds of others.
MetaMask’s user growth closely mirrors the rise of DeFi applications this year. In fact, a chart showing the “total value locked” (TVL)—a measure of the number of cryptocurrencies stored and staked on a particular dapp—is similar to MetaMask's rise in user growth, as the image below shows:
“This 2020 curve parallels the trend in DeFi adoption, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution,” noted MetaMask on the correlation.
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