MetaMask hits 1M monthly users thanks to DeFi boom

The booming DeFi sector is driving up MetaMask’s user base, with the popular Ethereum wallet report now reporting more than one million active monthly users

MetaMask, the Ethereum (ETH) browser wallet developed by ConsenSys, has surpassed one million monthly active users for the first time.

The milestone comes roughly seven months after the wallet first surpassed one million users in total, suggesting the parabolic rise of decentralized finance (DeFi) in 2020 has driven the surge in MetaMask’s user base.

In an announcement, MetaMask notes top DeFi protocols Uniswap, Yearn Finance, Curve, MakerDAO, and Aave among those favored by its users, highlighting its commitment to supporting the growth of DeFi moving forward:

“Over the last twelve months, significant growth in the adoption of DAOs, Web3 games, and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve.”

Monthly MetaMask users have tripled since February, while the total value locked in DeFi protocols has increased by ten times over the same period, according to DeFi pulse.

MetaMask also released a mobile version of its wallet on September 4, likely assisting its push into seven-figure monthly users.