The DeFi ride has been wild and this rapid growth in the sector has resulted in the influx of capital, entrepreneurs, and users to the ecosystem. In the latest development, the Ethereum DApp browser wallet, MetaMask reportedly surpassed 1 million monthly active users for the first-time across its desktop and mobile apps.
The surge hit a few bumps along the way especially in the first quarter of the year. Since June, the growth has parabolic, and in tandem with the rise of DeFi. The launch of MetaMask Mobile has been one of the drivers in bringing new users into the MetaMask community In the official blog post, the platform further revealed that the USA, India, Nigeria, and the Philippines are the top four countries in volume of mobile users.
Further accelerating the growth curve was significant growth in the adoption of DAOs, Web3 games as well as the rapid consumer uptake of DeFi products and services
The blog read,
“It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”
DeFi’s exponential growth
Shortly after the market shocks of March, many users were quick to pivot to decentralized applications, instead of flocking to safe-haven assets such as stablecoins. According to DeFi Pulse, the total value locked in terms of USD in the DeFi ecosystem’s financial products currently stood at $10.68 billion.
Over the course of the second quarter of 2020, there were nearly 80K unique addresses that interacted with an Ethereum DeFi protocol. This was according to a report compiled by ConseSys which revealed that the daily active users across DeFi protocols remained fairly stable throughout the quarter until mid-June. The figures witnessed an abrupt spike in active users due to the frenzy around the Compound. Additionally, June 21st was the busiest day of the quarter in terms of daily active users, with 6,333 active users on Ethereum DeFi.