MetaMask, the Ethereum wallet and browser extension reached another breakthrough in August this year. Its monthly active user base exceeded 10 million for the first time thus highlighting the continuously growing need for the DeFi assets.
MetaMask attributes its exponential growth to a combination of factors. It includes the quick adoption of Ethereum smart contract technology, its successful launch of a token exchange solution as well as the unstoppable expansion of DeFi protocols. Moreover, MetaMask also gives the credit to this sudden burgeoning of the non-fungible token market. This has helped the platform attract even more users to its technology.
MetaMask co-founder, Dan Finlay said:
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience. We’re letting users explore new ways of establishing trust on the internet.”
It was earlier reported that MetaMask successfully registered its one-millionth monthly active user in October last year. This number was up from 545,000 in July of that same year. MetaMask says that most of this growth is due to the so-called “DeFi Summer”. It swept the cryptocurrency markets in the middle of 2020. Despite showing signs of cooling towards the end of the year, DeFi remains one of the hottest topics currently in the crypto market. At the time of writing, over $155 billion in total value has been locked till now into the DeFi ecosystem. Here, TVL or Total value locked refers to assets that are currently placed for a bet on a specific DeFi protocol. As it was earlier reported, Benqi, the liquidity market protocol saw its TVL hit the $ 1 billion mark in less than a week after its launch.
Besides Ethereum, DeFi communities seem to be growing on other networks as well. Binance Smart Chain and Polygon have seen significant growth in the past couple of months. This was all because of lower fees and higher efficiency.
However, at the same time, hackers and other attackers have not yet stopped attacking decentralized financial protocols. Recently, Cream Finance, the DeFi lending protocol was the last protocol to be exploited. Hackers stole nearly $19 million from the platform earlier this week. Besides, yet another DeFi project, xToken, was recently hit by the second-largest exploit in four months.