ConsenSys has recently received negative news as a result of purported shareholder disagreements in the Ethereum software company. However, figures released today as part of a $200 million fundraising announcement show that its products are being used.
Today, the business stated that its flagship portfolio product, the Ethereum wallet MetaMask, is currently utilised by 21 million individuals per month. MetaMask had 5 million monthly active users as recently as April when DeFi activity was building up and the NFT craze was in full swing. That’s a 420 % rise in seven months, with 11 million of those users joining in the last three months as DeFi and NFT use continues to grow.
Jacob Cantele, the operation head at MetaMask, stated, “The gaming vertical has driven the majority of our recent growth, with hundreds of games topping our analytics charts. We’re also seeing a larger diversification of use cases over time, with users who signed up to play a game discovering DeFi and other features.”
Not only have MetaMask’s users increased with time but so have its services. Initially, it was a browser plugin for Ethereum. When Ethereum users hurried to buy some of the first non-fungible tokens, CryptoKitties, in 2017, they utilised MetaMask to transfer their ETH and collect their non-fungible tokens. Before DeFi actually took off, the wallet was the onramp to decentralised finance—applications that allow people to borrow, lend, or trade funds without the consent of a third party.
It has since grown to include a mobile app and other features that overlap with the DeFi applications it assisted in enabling, such as its Swaps function for exchanging Ethereum-based tokens. Since its debut in March, MetaMask claims that the function has facilitated more than $10 billion in in-app transactions. Simultaneously, the service has been aiming to expand beyond retail trading via MetaMask Institutional, so that big-money players may interact with the smart contracts that underpin DeFi more simply.
Indeed, for better or worse, the wallet remains ubiquitous among people transferring Ethereum and Ethereum-based assets between platforms.
“Honestly, it hurts to have to use this at all, but it’s the greatest option for linking cryptocurrency wallets, exchanges, swaps, and such,” says one reviewer on the open-source community site SourceForge. Even reviews that are largely good mention that it can be sluggish and requires too much extra effort.
Amateur cryptocurrency trader Rick Johnson, one of MetaMask’s new users this year, concurred, “It’s not super-intuitive.” “Metamask is certainly for someone who is really familiar with cryptocurrency,” he continued.