The rising momentum around the DeFi space contributes and indirectly affects the rise in the value of digital currencies operating in this field, in addition to increasing the value deposited and locked in the decentralized finance protocols, not to mention attracting new users.

According to the announcement by the Ethereum software company “ConsenSys”, the number of monthly active users of the “MetaMask” wallet has crossed the threshold of 10 million users today.

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Read:MetaMask announces partnership that will help users recover their stolen cryptocurrency

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In July of last year, the company registered 545,080 users, which means that the number currently registered is 19 times more than it was before, a growth of 1800%.

The growing number of users on platforms like “Metamask” and “OpenSea” demonstrates the rapidly growing interest in the world of DeFi and the NFT arena.

DeFi and NFT boom brings more users to “Metamask”:

MetaMask has registered itself among the most used wallets in the DeFi space, with its user base reaching 10.35 million users in August 2021.

The wallet has gradually become a gateway to decentralized web activities as it allows users to interact with the Ethereum blockchain and its compatible networks such as “Polygon”, “Arbitrum” and “Optimism”.

Nowadays, most non-fungible tokens (NFTs) are generated using the Ethereum blockchain standards.

As MetaMask acts as a gateway to the decentralized web, NFT has mainly driven the growth of the number of MetaMask users.

The “MetaMask” wallet was known as a web browser extension.

Read:Using Telegram to Steal Bitcoin by North Korean Hackers

To later launch a mobile application exactly in September 2020.

According to the company, the mobile application has greatly helped the platform increase its user base in countries such as Brazil, China, India, Indonesia, Philippines, Thailand and Vietnam.

The introduction of digital token swaps has also accelerated the growth of the platform’s users.

Dan Findlay, co-founder of MetaMask, attributed the growth of the project to his community.

He stated that “MetaMask” is constantly working on discovering new ideas for building and organizing, and always pushes its team to improve in all the right ways.

It’s worth noting that DeFi and NFT have both been on the rise this year.

While the total value locked in all DeFi projects has reached significant heights and volumes.

Read:The SEC turns its eyes to the cryptocurrency exchange “Coinbase” and investigates the cryptocurrencies listed with it

Cryptocurrencies supporting decentralized finance such as “Fantom” and “Celo” have also succeeded in posting impressive gains of more than 50% in the past two days.

At the time of writing this article, the total value locked (TVL) in the DeFi market has reached $90 billion and could explode 10 times by 2022, according to veteran crypto investor Matthew Roszak.

More and more countries are embracing decentralized finance, however, as space awaits a global transformation to become mainstream.

The growing user base of MetaMask seems to indicate the strengthening of the DeFi market.

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