MetaMask, one of the most popular noncustodial digital DeFi wallets, has become the most used DeFi wallet by surpassing a goal of 10 million monthly active users. The company announced the milestone on Tuesday, and it is expecting the surge to continue. In addition, ConsenSys, the parent organization of MetaMask, confirmed that more than 10.35 million people are now using the wallet. Considering that the wallet had a user-base of only 545,080 in July 2020, crossing the 10-million-mark in almost a year indicates the increasing demand from the DeFi space. Furthermore, the rising popularity of the wallet in the Asian market is considered one of the reasons for the soaring numbers.
Experts believe that many factors helped the Ethereum-based DeFi wallet to increase its user-base during the past year. According to experts, MetaMask happens to be one of the first non-custodial crypto wallets to make the best use of the smart contract technology on Ethereum. Similarly, the MetaMask was ahead of its competitors in adding support for DeFi protocols and apps. In addition, it offers the token swap solution and the introduction of Non Fungible tokens during the period. Thanks to these factors, MetaMask could leverage the DeFi Summer, which happened in the mid-2020, experts say.
MetaMask and the Path of Growth
On a related note, Decentralized Finance remains one of the most discussed and anticipated aspects of cryptocurrency trading, and MetaMask could fulfill this rising demand for DeFi services, further contributing to its growth. Although the wallet initially started as a web-based utility, MetaMask launched its mobile version in September last year. According to developers, this launch helped the wallet to attract more users from global markets, including but not limited to India, Indonesia, China, Brazil, Vietnam, Thailand, and the Philippines. At the same time, DeFi enthusiasts in the United Kingdom, Europe, and the United States had continued to pick the wallet for its popularity and reliability.
Core Features of MetaMask
MetaMask is marketed as a crypto wallet and a gateway to blockchain apps. It allows customers to keep their crypto assets in a secure space and interact with various DeFi protocols and applications. The app is one of the few simplified crypto asset management and DeFi options for ordinary users. As we said earlier, the developers have also introduced an option to create vaults and swap tokens as per your needs. The digital wallet also offers top-notch security since it generates all passwords and sensitive information on the device itself. Therefore, its users are said to have control over what is being shared with others. These features have played an essential role in making people choose MetaMask over other digital wallets.
The Vague Future
The 10-million-mark crossed by MetaMask also indicates how more people are entering the world of DeFi apps and crypto-assets. At the same time, the number of security concerns and hacking attempts has increased exponentially. It remains to be seen whether the ongoing issues could be fixed to leverage the best from the newfound interest towards DeFi and crypto transactions.