Metamask Hits Million Monthly Users

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The Crypto Wallet, Metamask, has hit over one million users. Its sustained growth has seen it attract new users within such a short period. It has then contributed to the development of decentralized finances (Defi).

The platform had, seven months earlier, hit 1 million accounts. The firm released a report confirming the information. They said it had been down to the increased uptake of the Defi apps, DAOs, and blockchain games. It also provided a tweet detailing the growth track over the past months.

Metamask is an extension for accessing Ethereum-enabled applications (Dapps). It connects to various popular browsers like Google Chrome. It then allows the users to read the Ethereum codes on any website. It also supports seamless interactions with the Dapps and blockchain technology.

The growth of Metamask is a sign of how much users are responding to the crypto world. The Metamask's ability to support various blockchain applications makes it ideal.

The growth of the application also mirrors that of the Defi coins. This year has seen an unprecedented expansion of these currencies. They have been a hit as they helped liberate the fiat currencies.

The Defi Boom has been one of the digital currency highlights over the year. For the first time, it has created a case where Bitcoin isn't the only performing coin. Ethereum has also been flourishing instead.

The boom saw the Ethereum miners make more returns than the Bitcoin's counterparts. It, however, came with higher transaction costs and slow transaction speeds. Still, it is worth it has kept the whole crypto world aloft.

Metamask also showed a correlation between Defi applications and user growth. It provided data to show the Total Value Locked (TVL) like Metamask's growth. The firm felt users are coming to the platform to experience the Defi revolution.

The Metamask growth and Defi sector TVL rose at the same time. Metamask's users tripled from February. The Defi TVL grew by ten times during the same period.

Other Reasons for the Metamask growth

It's easier to believe that it's only Defi responsible for Metamask's growth. Still, not every other application has prospered throughout the period. It means the platform has also got a lot of different things right.

Metamask has invested in the right features. It integrates with other popular browsers. By working with the established platforms, it gains the ready market. Most browser users are tech-savvy and are looking to explore innovations.

Other than the market, it also avoids direct competition from the site. It means it can then concentrate on improving the platform.

Metamask is also about user experience. It investigates the market trends to provide customer needs.

The firm realized crypto storage is a rarely used feature in the digital currency world. It observes that most people don't want to store wallets. They instead want to trade. This explains the popularity of the crypto exchanges over the wallets.

It understands the population wants access to sites like Curve, Yearn, and Maker. It then facilitates the easy connection between the user and the product. The platform is connective tissue.

The need for customer satisfaction has seen the platform launch a mobile version. The mobile version allows anyone to download the application on their devices. They can then access the platform at will.

Mobile internet access has been the in-thing for some time. Most browsers already have mobile versions. By releasing one of its own, Metamask places itself as a market leader. It can tap into the increasing population accessing the internet on mobile.

Defi Markets Holding Steady to fuel Metamask growth

The sustainability of Defi has been a concern for many. Some parts of the market believed it's a one-time boom. That after some time, it would return to the previous unknown status.

It appeared they were beginning the slip when the growth dropped. The market capitalization of the Defi slipped to reach below 11billion USD. At one time, the market cap dropped by more than 25% in a single day.

Such changes, though, have not been the end of the decentralized finances. The coins already have an impact on the financial system. They play a role that would be hard to do away with. Which explains the reason they always bounce back after a slip.

The current Defi coins Market capitalization is $14.04B. This is an increase of more than 12% in the past few days, as reported by Coinmarketcap. Top of the performing Defi includes Chainlink, Wrapped Bitcoin, and DAI.

The performance of each coin would depend on the use factors. While the market is rising, other Defi currencies have lost value in the same period. Still, if the market is developing, it's good news to Metamask.

The Future Growth Prospects of Metamask

The growth of Defi has been good for the whole cryptocurrency world. Other than Metamask, other entities also grew in the same period. Top of them is the Ethereum platform.

As the supporting platform, Ethereum started to struggle with the massive growth. It was struggling to hold its transactions and the increasing new ones. It had to look for a way to solve the scalability issues.

Ethereum launched the Optimistic Ethereum Testnet. The project is a Layer 2 application to help solve the scalability issues. It would ensure instant Ethereum transactions at a lower cost.

The project is easy to adopt. It integrates with the existing infrastructure and smart contracts. This is different from the other available scalability options.

Most of the Defi apps were also receptive to the Testnet. Synthetix offered incentives for its usage. This is as it plans for transition to the new platform. Chainlink and Uniswap also signed up as new adopters.

The Defi growth has pushed Metamask to its limit. It has made the platform improve to accommodate the increasing number of users.

Bottom Line

Cryptocurrencies are mostly seen as complicated and not for average use. It has instead been touted as a reserve for the tech-savvy. The growth of Metamask, however, tells a different story. The platform has gained popularity in a short period. It still looks to gain even more.

This is all one needs to understand crypto is headed mainstream.

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