Non-custodial crypto wallet MetaMask has grown over 1800% in just one year. Since 2020, demand for non-custodial wallets has been galloping.
Consensys, the parent company of MetaMask, announced on August 31 that the wallet’s Monthly Active Users have grown from 545,080 in July 2020 to 10,354,279 in August 2021.
This means a 19x growth, from July 2020.
The wallet has a global user base that interacts with DeFi applications, along with the approximately 17,000 unique Web3 domains.
What is MetaMask?
MetaMask is a non-custodial cryptocurrency wallet for interacting with the Ethereum blockchain and any Ethereum-compatible blockchain network such as Polygon, Arbitrum, Optimism, etc. It is available both as a mobile app and browser extension.
In Custodial wallets, the private keys are held by a third-party custodian. These custodians have full control over users’ funds. Users only have the power to send or receive payments.
On the contrary, Non-custodial wallets allow users to hold their private keys, giving them full control of their funds.
Reasons for the growth
MetaMask’s growth has mimicked that of the Ethereum ecosystem. In 2019, $2 billion in crypto assets were invested in Decentralized Finance (DeFi).
Today, Ethereum supports a burgeoning Decentralized Finance (DeFi) ecosystem with over $168.2 billion locked in DeFi at the time of writing this article. It has led to a demand of similar magnitude for the digital wallet.
The launch of the mobile application in September 2020 has played a crucial role in rapidly bringing new users from markets including the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.
In March 2021, Consensys launched token swaps on MetaMask mobile. It also exponentially accelerated user growth.
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” said Dan Finlay, MetaMask Co-Founder.
MetaMask Users by Geography
As of August 2021, the top 15 countries using MetaMask are the Philippines, United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain.
As the industry grows, the demand for wallets for ease of use and movement of funds in different contracts or blockchains will also grow simultaneously.
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