With a growth of more than 400% in the last year, crypto wallet MetaMask has reached the milestone of one million monthly active users on both mobile and desktop apps combined.
USA, India, Nigeria, and the Philippines are the top four countries in mobile users’ volume.
Just a couple of months back, the popular Ethereum wallet’s open-source code was taken over by ConsenSys.
On the Back of DeFi Boom
Over the last twelve months, significant growth in the adoption of Web3 games, DAOs, and the rapid consumer uptake of DeFi products and services further accelerated this growth curve.
“This 2020 curve parallels the trend in DeFi adoption, indicating that new users are coming to MetaMask specifically to participate in the decentralized finance revolution,” noted Knowles-Rivas.
Instead of buying and storing ETH, MetaMask’s new phase of growth is powered by much more than just that. It was actually driven by providing the ability to invest, sell, lend, and borrow and use the popular DeFi protocols like Uniswap, Curve, Yearn, Aave, and Maker.
In the past few months, the Decentralized Finance (DeFi) sector has exploded into popularity, with more than $10 billion locked in it.
With most of the DeFi projects asking users to connect their wallets and MetaMask being the wallet provider the most used on them, it makes sense that just like DeFi bloom, activity on MetaMask also exploded.
With Metamask, users can not only purchase and store ETH but also browse DeFi protocols and exchanges and connect their wallets directly to start trading.
MetaMask allows one to run Ethereum decentralized applications (Dapps) without running a full Ethereum node. As such, the DeFi boom especially helped in achieving this milestone.
But amidst this, one user, who professionally stops hacks from happening, shared the incident of getting hacked for $40,000 secured through his Metamask and Ledger.
He advised people to wake up and secure their funds as there are so many different easy to get hacked.
PSA: I was hacked (40k USD). Secure your metamask with a ledger.
I had ledger + metamask, and it was causing issues with my trading speed, so i stopped using it. I got a false sense of security because I work in cyber security and I can generally spot phishing links/sites.
— disarmm (@disarmm) October 5, 2020
With the hackers always on the lookout to steal funds, to minimize the risk of getting your MetaMask hacked, secure it with hardware wallets like Ledger or Trezor, revoke access to apps used, and change wallets regularly.