MetaMask the most popular Ethereum wallet Reports 21 Million Users, Up 420% Since April
ConsenSys, the developer behind MetaMask, announced a $200 million funding round as its wallet hit 21 million monthly users
The company announced this week that its flagship product, the Ethereum wallet MetaMask, is now being used by 21 million people each month. As recently as April, when DeFi activity was ramping up and NFT mania was in full force, MetaMask had 5 million monthly active users. That's a 420% increase in seven months; 11 million of those users have entered within the last three months as DeFi and NFT adoption shows no signs of slowing down.
Most of our recent growth has been driven by growth in the gaming vertical, with hundreds of games topping our analytics charts. We're also seeing greater diversification in use cases over time, with people who onboarded to play a game discovering DeFi and NFTs.
Back in 2017, when Ethereum users Metamask was used buying up some of the first NFTs, CryptoKitties. The wallet was the onramp to decentralized finance—the applications that enable people to borrow, lend, or trade funds without the approval of a third party—before DeFi had truly taken off.
MetaMask is not without competition in the crypto wallet race, from the likes of Rainbow and Solana-based Phantom (which plans to add Ethereum capabilities), but it has a very large lead. Just as Ethereum has proven its first-mover advantage—despite its congestion issues and high transaction costs that can put off established and amateur users alike—so too has MetaMask. Its head start has allowed it to expand beyond Ethereum into other blockchains and layer-2 networks, including Polygon, Binance Smart Chain, and Celo.
It's not likely to stop now. Rumors of a MetaMask token drop may have helped boost user numbers as traders don’t want to miss out on the next UNI or ENS token. Not that ConsenSys needs to raise any more funds. It disclosed a $200 million financing round and a $3.2 billion valuation. It says the money will be used to expand MetaMask and other products.
