- Demand for noncustodial wallets is on the rise
- MetaMask user numbers have increased 10-fold in less than a year
- Other DeFi communities also experiencing exponential growth
Ethereum browser extension and wallet has achieved yet another significant milestone before the end of August by recording an all-time high monthly active userbase of 10 million. This comes less than a year since the platform registered its first millionth monthly active user in October 2020, further highlighting the growing demand for decentralized finance assets.
According to MetaMask, the recent growth results from different factors like the continued expansion of decentralized finance protocols, the fast adoption of Ethereum smart contracts technology, and the recent successful launch of the MetaMask token swap service.
Much of this growth can also be attributed to the ‘DeFi Summer’ that created a boom in the crypto world in mid-2020. To date, decentralized finance is one of the most sort after areas in the cryptocurrency market.
Apart from Ethereum, other DeFi communities also seem to be growing. Polygon and smart Chain have also registered considerable growth over the last few months, mainly attributed to their lower fees and efficiency.