MetaMask, an Ethereum (ETH) wallet service and browser extension, registered five million monthly active users for the first time, marking a major milestone in the growth of decentralized apps.
The wave of adoption came just six months after MetaMask hit its first total of 1 million active users. The service platform has grown five times since October 2020, a testament to the continued strength of the oxygen market.
The following chart, courtesy of MetaMask developer ConsenSys, shows the exponential growth of portfolio services over the last six months:
MetaMask’s remarkable growth over the last six months. Graphics: ConsenSys
Interestingly, the spread of MetaMask has increased in the so-called “Global South” – a term that describes the emerging economies of Asia, Africa and South America. Mobile adoption of MetaMask is particularly noticeable in Vietnam and Nigeria. As the Cointelegraph recently reported, Nigeria has emerged as an important hub for cryptocurrency adoption, as more and more citizens use bitcoin (BTC) and other virtual assets to avoid inflation and switch between capital controls.
ConsenSys further explained its growing popularity in emerging economies:
“These people are increasingly using MetaMask to generate extra revenue or for long-term investments. Many of them do not have access to the local banking system and therefore need alternative technology to function as a savings account. ”
MetaMask was originally released in 2016 before undergoing several major updates. The wallet’s popularity increased during the peak of the DeFi boom in 2020 as more investors used it to finance token purchases.
MetaMask has driven the growth of not only DeFi, but also decentralized exchanges. These were the places to find low value altcoin gems that are not yet available on major exchanges like Coinbase, Kraken or even Binance.
DeFi is still one of the hottest trends in the cryptocurrency market with a total closed value, or TVL, of approximately $ 114 billion. According to industry data, TVL exceeded $ 123 billion earlier this month.