Ethereum browser wallet MetaMask has surpassed one million monthly active users (MAU) amid an ongoing surge in the total value locked in decentralized finance (DeFi) protocols.
In a Medium post, MetaMask pointed out that after revealing it hit over 260,000 monthly active users in May of last year, it has grown over 400% since then to support over one million monthly active users across its desktop and mobile applications.
In the post, MetaMask revealed that its growth is happening in a “compounding feedback loop similar to the feedback loop of the internet itself.” It detailed that users install MetaMask’s applications to use one specific decentralized applications, but end up discovering other applications and enter the decentralized finance space.
MetaMask’s mobile application reportedly played an important role in helping its active user base grow. As CryptoGlobe reported, MetaMask mobile became available for Android and iOS users last month. Its top four countries in volume of mobile users are the USA, India, _Nigeria, and the Philippines.
MetaMask’s blog post adds that its growth curve this year “parallels the trend in DeFi adoption.” Which shows new users are adopting MetaMask to participate in the decentralized finance space. DeFi, it’s worth noting, has seen its total value locked grow from $2.45 billion in July to over $10.6 billion at press time.
Ethereum browser wallets like MetaMask are used to interact with decentralized applications. There are various competitors to MetaMask, including cryptocurrency built into web browsers, such as that of Brave or Opera.
Featured image via Pixabay.