Meta Mask goes mainstream in adoption
MetaMask, a crypto wallet, says it currently has nearly as many active users as it did at the peak of the last bull market.
The entity revealed that the number of monthly active users has increased by 55% in four months, rising from 19 million in September to more than 30 million in January.
These stats virtually match the record highs set in January 2022, when MetaMask reported 31.7 million monthly active users.
This MetaMask growth phase corresponds to crypto market patterns, with Bitcoin and Ethereum values rising substantially during the last six months. The value of Bitcoin has more than doubled, while Ethereum has increased by 70%. Notably, MetaMask crossed the 10 million monthly active user mark in August 2021, suggesting a steady increase in its use.
MetaMask’s browser extension and mobile app enable users to self-manage and transact with their crypto. Barbara Schorchit, senior product manager at Consensys, defined a user as anyone who has the MetaMask extension or mobile app loaded.
MetaMask’s Web3 wallet leads despite platforms’ rivalry
MetaMask’s technology, which comprises a browser extension and a mobile app, allows users to manage and transact with their crypto assets. The increase in active users coincides with increased competition in the Web3 wallet industry, with newcomers such as Rabby, Rainbow, Zeal, and Phantom gaining traction.
MetaMask, created by Ethereum development studio Consensys, revealed the increase in active users while also noting that the web3 security tool Blockaid will now be enabled by default for several blockchains.
Blockaid, which was first introduced as a beta feature in October, has since become the default option for several blockchain networks. Following the successful deployment of Ethereum mainnet alerts, MetaMask has expanded Blockaid’s real-time alert capabilities to networks such as Polygon, Arbitrium, Optimism, Avalanche, BNB Chain, and Linea, which are available through both the app and browser extension.
The continued development and innovation of MetaMask’s services, together with a steady increase in active users, highlight the platform’s critical role in the expanding Web3 ecosystem, even as competition in the digital wallet industry heats up.
Blockaid automatically informs customers to potentially malicious transactions, such as phishing attempts, frauds, and hacks. According to reports, 576,000 unique MetaMask users enabled Blockaid’s Ethereum alerts during the test phase, preventing over 30,000 fraudulent transactions.
Blockaid was founded in 2022 by former members of Israel’s “Unit 8200” cyber intelligence unit, which is similar to the US National Security Agency (NSA).
The firm came out of stealth last October when it announced the completion of a $33 million Series A led by Ribbit Capital and Variant. It was the first to discover and report the Ledger Connect Kit phishing assault late last year, which resulted in the theft of over $600,000 in crypto. Estimates predict that $1.7 billion in crypto was stolen in 2023.
