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- The exponential expansion of MetaMask has paralleled that of the Ethereum ecosystem
- With over $80 billion in assets under management, Ethereum offers a thriving Decentralized Finance (DeFi) ecosystem
- MetaMask is the most common approach for a worldwide user base to engage with DeFi apps
MetaMask currently has over 10 million monthly active users, according to ConsenSys. In comparison to July 2020, this marks a 19x increase, becoming MetaMask the world’s most used non-custodial wallet. MetaMask is a cryptocurrency wallet that works as a mobile app and a browser plugin for communicating with the Ethereum blockchain and any Ethereum-compatible network like Polygon, Arbitrum and Optimism.
The Factors That Drive MetaMask’s Expansion
The exponential expansion of MetaMask has paralleled that of the Ethereum ecosystem. Decentralized Finance received $2 billion in crypto assets in 2019. (DeFi). With over $80 billion in assets under management, Ethereum now supports a thriving Decentralized Finance (DeFi) ecosystem.
MetaMask is the principal means through which a global user base interacts with DeFi apps, as well as the vast universe of over 17,000 unique Web3 domains, which include the rare digital commodities marketplace OpenSea and NFT-based online games.
MetaMask was founded in September 2016 and has been a key driver of decentralised application adoption on Ethereum. The mobile version’s release in September 2020 was critical in attracting new users from countries such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.
In March 2021, the debut of token swaps on MetaMask mobile drove user growth even more. MetaMask pioneered a new type of cryptocurrency wallet in which users interact with decentralised applications rather than just currencies, and we’re constantly working to make these new types of applications safer and more accessible to a wider audience, according to Dan Finlay, MetaMask Co-Founder. They allow consumers to experiment with new approaches to develop trust on the internet, he noted.
Users of MetaMask by Location
The Philippines, the United States, Vietnam, the United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain are among the top 15 nations utilising MetaMask as of August 2021. In terms of user growth, Asia leads the way, followed by Europe and North America.
Traditional Finance’s (TradFi) limitations include significant geographical hurdles to capital movement, excessive paperwork, a plethora of middlemen, a lack of transparency, and exorbitant costs. It is criticising current TradFi policies, which frequently exclude minorities and low-income individuals. DeFi is addressing TradFi market inefficiencies, as evidenced by the early and widespread adoption of crypto in emerging markets.
Wallets with Non-Custodial Access vs. Wallets with Custodial Access
Custodial wallets were at the forefront of the democratisation of crypto asset access until recently. Trading multiple cryptocurrencies, such as Bitcoin or Ethereum, using a wallet where the private keys are maintained by a third party: the custodian, was one of the most common uses. This means that third-party custodians have complete authority over user cash, and users just need to grant authorization to send and receive payments. It’s like a bank, but it’s all digital.
MetaMask is unique. It is presently the most widely used non-custodial wallet, allowing users from all over the world to keep and control their private keys, giving them complete control over their cash. There’s no need to entrust your funds to a third party to keep them safe and return them if you want to trade or send them elsewhere. MetaMask enables users to act as their own bank and take control of their finances in a secure and private manner.