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DeFi Future Bright? MetaMask Users Hit 30M Milestone

DeFi Future Bright? MetaMask Users Hit 30M Milestone

With over 30 million monthly active users (MAUs), MetaMask had nearly doubled its user base from September 2023, when it was only 19 million. This increase may indicate the growing interest in non-custodial activities such as minting non-fungible tokens (NFTs) and decentralized finance (DeFi).

Can DeFi Take Off? MetaMask Tracks Increased Users

Citing Blockworks, a crypto analyst on X observed that MetaMask numbers were surging, suggesting that the cryptocurrency market as a whole may be reviving, particularly incompatible networks, mainly Ethereum.

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The increase in MetaMask users is correlated with the prices of Bitcoin and Ethereum rising to spot levels in late Q3 and early Q4 of 2023.

Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

Currently trading at about $3,000, Ethereum is the second-largest cryptocurrency by market capitalization. Supporters and traders are upbeat and anticipate further price increases in the upcoming sessions. The primary source of confidence is the ongoing improvements to the network, such as the forthcoming mainnet in Dencun deployment.

Decentralized finance (DeFi) activities rebounded, with total value locked (TVL) doubling to over $74 billion by mid-February 2024.

DeFi TVL rising | Source: DeFiLlama
DeFi TVL rising | Source: DeFiLlama

Prices continue to impact the number of active DeFi and NFT users. During the peak of cryptocurrency prices in Q42021, MetaMask user numbers surged to all-time highs. Additionally, there was a considerable surge in DeFi and NFT activity on different MetaMask-compatible platforms.

The surge may result in more price gains because the wallet is non-custodial and gives users direct control over their assets.

Fraud Alert System and Staking of Ethereum

In addition to adding more users, MetaMask introduced a new Blockaid alert system as a proactive measure to safeguard users. According to MetaMask, the feature, first made available for testing in October, is now available to all extension users participating in various activities, such as gaming, DeFi, and more. In a post on X, MetaMask stated that they would make the feature available to mobile users in the upcoming days.

ConsenSys and MetaMask collaborated earlier this year to introduce a validator staking feature. Users can stake Ethereum with this service, which is designed to compete with other liquidity staking providers such as Lido Finance.

On the other hand, users won’t have to handle the technical difficulties or own nodes, just like what rival services provide. Users can lock up at least 32 ETH with this staking feature, which will be available through Consensys Staking.

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