MetaMask User Count Nearing ATH
MetaMask User Count Nearing ATH
Although the overall cryptocurrency market capitalization has yet to reach its all-time high, the number of MetaMask users is approaching the ATH milestone.
The popular Web3 wallet MetaMask has reported a 55% increase in monthly active users (MAU) compared to the previous quarter - "skyrocketing" from 19 million in September 2023 to over 30 million MAU in January 2024.
This figure represents a 200% increase from the milestone of 10 million users in August 2021, and approaches the record high of 31.7 million users reported by the parent company Consensys in January 2022.
Recently, MetaMask has also enhanced user security through a partnership with the Web3 security company Blockaid to officially roll out a risk alert feature before transactions, which was tested in November 2023.
The new feature will be integrated by default in the Web browser extension and mobile app across the Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche networks.
MetaMask is a cryptocurrency wallet capable of interacting with Ethereum and EVM blockchains. MetaMask allows users to securely store and trade their cryptocurrencies through a Web browser extension (Chrome, Edge, etc.) or a dedicated mobile app on iOS, Android.
Despite being launched in 2016 and backed by the giant Consensys, MetaMask continues to be one of the most widely used cryptocurrency wallets today, surpassing a host of continuously emerging competitors including Rabby, Rainbow, and Phantom.
Blockaid is a Web3 security company based in New York (USA), founded in September 2022 by two former Israeli military intelligence officers Ben-Natan and Raz Niv, both of whom worked in Unit 8200, the Israeli military's cyber intelligence unit. Blockaid has successfully raised $33 million led by Ribbit Capital and Variant.
Related: Enhancing Security with MetaMask's New Feature
MetaMask's latest move aims to compete with existing security products in rival wallets mentioned above, or browser extension tools like Wallet Guard, Metadock by Blocksec, Scam Sniffer, Aegis by PeckShield, and others.
MetaMask co-founder Dan Finlay said:
This is an important step to ensure MetaMask remains at the forefront of secure, self-monitoring cryptocurrency wallets for both new and seasoned users.
MetaMask estimates that security alerts will prevent hundreds of millions of dollars' worth of assets from being stolen in the cryptocurrency space. In 2023 alone, the crypto industry suffered over $1.95 billion in losses through various forms of hacks/exploits, phishing scams, and rug pulls, nearly halving compared to the record $3 billion lost in 2022.
