MetaMask, a leading crypto wallet, has experienced a significant increase in its user base, nearly reaching the high of the previous cryptocurrency boom. In just four months, the monthly active users soared by 55%, jumping from 19 million to over 30 million. This surge aligns closely with the peak figures from January 2022, where the platform boasted 31.7 million active users.
User Engagement Reflects Crypto Market Trends
This growth phase for MetaMask parallels the cryptocurrency market trends, where both Bitcoin and Ethereum prices have climbed sharply over the past six months. Bitcoin’s value has notably doubled, and Ethereum has seen a 70% increase. Notably, MetaMask surpassed the 10 million monthly active user milestone back in August 2021, indicating a consistent upward trajectory in its adoption.
MetaMask’s Web3 Wallet Leads Amidst Rivalry
MetaMask’s platform, which includes a browser extension and mobile app, enables users to manage and conduct transactions with their cryptocurrency holdings. The rise in active users also comes at a time of heightened competition in the Web3 wallet space, with new players like Rabby, Rainbow, Zeal, and Phantom emerging. Despite this, MetaMask has maintained its market dominance and even introduced enhancements like the integration of Blockaid—a Web3 security tool—into its service offerings.
Initially launched as a beta feature in October, Blockaid has now become a default option for several blockchain networks. Following its successful deployment for Ethereum mainnet alerts, MetaMask has extended Blockaid’s real-time alert capabilities to networks including Polygon, Arbitrium, Optimism, Avalanche, BNB Chain, and Linea, accessible via both the app and browser extension.
The expansion and innovation of MetaMask’s services, alongside the sustained increase in active users, underscore the platform’s pivotal role in the evolving Web3 ecosystem, even as the competition within the digital wallet space intensifies.