The Ethereum wallet interface and browser extension MetaMask has recently achieved a milestone 1 million monthly active users, highlighting the enormous adoption underway. The rise runs in parallel with the DeFi trend, capped off recently by the explosion in users rushing to claim new Uniswap tokens.
Here’s how all these different projects and applications are all connected and why they all grew alongside one another.
The DeFi Summer Of Love Leads To Undeniable Ethereum Adoption
All summer long, there was no talking about the crypto market without also referencing the surge in decentralized finance. The booming bandwagon pulled the crypto market out from the bear market and up from Black Thursday lows.
Although these DeFi tokens are hurting right now due to valuations getting too hot too soon, there’s no turning back the time on adoption.
Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows
DeFi had the side effect of onboarding a large number of users onto the Ethereum network in one way or another. Most DeFi projects and their tokens are built on Ethereum, using the ERC20 smart contract standard.
The trend has made Ethereum a top market performer, which has held up better than the rest of the DeFi space, and it also spilled into wallet MetaMask.
MetaMask Monthly Active Users Versus DeFi TVL | Source: MetaMask & DeFi Pulse
Uniswap Pushes MetaMask Over 1 Million Monthly Active Users
Browser-based Ethereum wallet MetaMask recently revealed a milestone 1 million monthly active users just as the decentralized finance space started to pull back. But although asset prices may be falling, users have already onboarded on the platform and many others thanks to the recent trend in the crypto industry.
Related Reading | Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs
DeFi helped MetaMask grow, clearly, as the total value locked and active users climbed at the same velocity in parallel. MetaMask can be used to interact with DEX interfaces and store ERC20 tokens for swapping on automated market-making protocols like Uniswap.
UNIUSDT Growth Sends MetaMask Userbase Surging To Over 1MM Active Users | Source: TradingView
MetaMask’s growth is also largely due to Uniswap’s sudden dominance. And what really sent these numbers into the stratosphere, was a stimulus check-like free 400 UNI tokens, that were worth some $1,200 roughly when they were first able to be claimed.
To claim these tokens, it required the use of a wallet like MetaMask to access, and some ETH for gas fees. Together, the DeFi rising tide lifted all these boats, until the tide began to turn.
But although things may be switching direction for the short-term, long-term, decentralized finance, MetaMask, and Ethereum will be just fine.
Featured image from DepositPhotos, Charts from TradingView, MetaMask & DeFi Pulse