MetaMask’s Active Users Reaches 10.35 Million as it Gains Traction in the Philippines, Vietnam, China & India
The number of users actively using crypt wallet MateMask has now reached 10 million, increasing 18x over the last year, driven by a surge of interest in decentralized finance (DeFi), stablecoins, and non-fungible tokens (NFT).
Back in July 2020, MetaMask reported monthly active users of just about 545,000, which shot up to 8 million on June 1st and went up to 10.35 million by August this year, noted the parent company ConsenSys, a software company focused on Ethereum network founded by Ether co-founder Joseph Lubin.
The non-custodial wallet launched in September 2016 is a mobile app and browser extension that allows its users to manage their own private keys without a third party.
A year back, ConsenSys owned MetaMask’s open-source code and in Q2 launched MetaMask Institutional, a wallet built for institutions that have an address tracking system called Codefi Compliance that allows custodians to identify addresses within pools that are suspected of nefarious activity.
According to ConsenSys, it was the launch of the mobile version in Sept. 2020 that played a “crucial role” in bringing new users from global markets. The top 15 countries using the wallet are the Philippines, United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain.
MetaMask is hosting a party in the metaverse Decentraland on Sept. 2 to celebrate this milestone.
It is currently earning about $2.2 million on a weekly basis and has earned $63.3 million in total over the past year, according to TokenTerminal.
As we reported, Popular Ethereum wallet provider MetaMask is also open to creating its token, but there are no immediate plans as such, it said.
This tidbit was shared by MetaMask in its first-ever community call this week, where the development team discussed the possibility of launching a token eventually.
As we saw with Uniswap, 1inch, ShapeShift’s, FOX, and many others, airdrops in the cryptocurrency industry are a great way to reward the community and early users as they grow to be very valuable and, in cases, worth thousands of dollars.
However, the MetaMask team clarified that there are no immediate plans to launch a token, but added one could be released in the future.
The project is “absolutely open to the idea of making the project community-owned” through a crypto token, said Erik Marks, senior software engineer at MetaMask. However, the main concern is that they don’t want to create a token “that doesn’t have a use case.” The use case must be “compelling,” not to mention it will involve the whole pump and dump part.