MetaMask Surpasses 30 Million Users in Just 5 Months

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MetaMask has experienced a remarkable surge in monthly active users (MAUs), reaching over 30 million, nearly doubling from approximately 19 million in September 2023. This surge indicates a positive trend in non-custodial activities, particularly in decentralized finance (DeFi) and non-fungible token (NFT) minting.

Observing the escalating MetaMask figures, a crypto commentator highlighted the potential for renewed momentum in the broader crypto market, particularly within compatible networks like Ethereum. The rise in MetaMask users aligns with the recovery of Bitcoin and Ethereum prices from late Q3 2023 through Q4 2023.

Is DeFi Ready To Blow? MetaMask Records More Users

As of the current writing, Ethereum, the second-largest cryptocurrency by market cap, is trading around $3,000. Traders and supporters express optimism, anticipating further price gains in upcoming sessions. Confidence is bolstered by ongoing network enhancements, including the planned mainnet implementation of Dencun.

Chart — Ethereum price trending upward on the daily chart

The increased number of MetaMask users correlates with the recovery in decentralized finance (DeFi) activities, evident in the nearly 2X rise in total value locked (TVL) from around $40 billion to over $74 billion as of mid-February 2024, based on DeFiLlama data.

Fraud Alert System And ETH Staking

It’s worth noting that the active user count in DeFi and NFT spaces is closely tied to cryptocurrency prices. During the peak of crypto prices in Q4 2021, MetaMask users reached record highs, accompanied by a surge in DeFi and NFT activities across various platforms compatible with MetaMask.

In addition to its substantial user growth, MetaMask has introduced a proactive measure to enhance user protection with the launch of the Blockaid alert system. Initially launched for trials in October, this feature is now available for all extension users participating in diverse activities such as DeFi and gaming. MetaMask plans to extend this feature to mobile users in the coming days, as mentioned in a post on X.

Furthermore, a strategic partnership between ConsenSys and MetaMask earlier this year led to the introduction of a validator staking feature. Positioned to compete with existing providers like Lido Finance, this service enables users to stake their ETH without the need to own nodes or manage technical intricacies. Consensys Staking will facilitate this staking feature, allowing users to lock up a minimum of 32 ETH.

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