• Wed. Jul 17th, 2024

Monthly Active Users on MetaMask Reaches All-time High, Crosses 30 million

Maria Bartiromo

ByMaria Bartiromo

Feb 22, 2024

With more than 30 million monthly active users, MetaMask, the well-known Ethereum wallet and decentralized application (DApp) browser, is about to surpass all-time highs in monthly active users.  Blockaid was founded in 2022 by former employees of Israel’s “Unit 8200” cyber intelligence organization, and since then, it has become a market leader in blockchain and cryptocurrency solutions.

While speaking to Dan Finlay, MetaMask’s Ethos Officer and Consensys Co-founder, they said the company has enhanced the product’s security by effectively preventing harmful transactions. Dan confessed that the company is taking necessary steps to make sure that tMetaMask maintains its position as one of the pioneers of cryptocurrency security and personal cryptocurrency wallets.

MetaMask, in it’s latest data release, released the amount of active users that on a monthly basis. I’m the data, users rose by 55% in 4 months, moving from 19 million-30 million from September 2933, to January 2024. The report almost corresponds with the rise seen in January of 2022.

Industry Expert Describes Metamask’s Workings As it Affects User Experience 

The increase in monthly active users on MetaMask has been described as the growing acceptance and interest in decentralized technologies, especially within the Ethereum ecosystem. With its user-friendly design and easy access to a wide range of DeFi goods and services, MetaMask has emerged as a major enabler of the decentralized finance sector’s continued growth and maturation.

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Explaining the company’s success so far, David Canellis, an industry analyst, says that MetaMask’s popularity can be attributed partly to its dedication to user security and privacy. By giving individuals complete control over their digital assets and private keys, MetaMask removes the need for users to entrust centralized intermediaries with sensitive financial data. 

Consensys’s Senior Product Manager Speaks, Throws More Light 

MetaMask’s continuous development and expansion are anticipated to strengthen its standing as a top supplier of decentralized financial solutions. Canellis also said that with the decentralized financial industry growing and developing, MetaMask is in a strong position to be a major player in determining how technology and finance are developed in the future.

Consensys’s Senior Product Manager, Barbara Schorchit, during her interview with Blockworks, while explaining who is eligible to use their services, defined the term “a user” as anyone who has installed a mobile app or MetaMask extension.

She also added that a user actively using the services is someone who either calls up and loads a page using the MetaMask extension or uses a mobile application at once every 30 days.  It was gathered that MetaMask helps activate an automatic threat alert on Blockaid’s Ethereum mainnet.

This feature was introduced last month through the browser extension. The company will do the same for Optimism, Arbitrium, Avalanche, Polygon, and BNB Chain. This will be done via both an extension and an application.

4% of MetaMask Saves $500 Million Fraud Transaction, CEO Speaks 

In his statement, the CEO of Blockaid, Ido Ben-Natan Blockworks, said that some malicious events have prevented the wide acceptance of Web3. It was gathered that 1inch, a DEX aggregator, and cryptocurrency wallets like Rainbow, CoolWallet, and Zerion have been using Blockaid for some time now. 

While explaining the company’s operations, the CEO says that the company sends an automatic alert to its users when an impending fraudulent transaction, attempted phishing, or breach is detected. MetaMask data shows that 576,000 particular MetaMask users have activated the Blockaid Ethereum alerts while in beta. 

Blockaid emerged in October 2023 after the Ribbit Capital and Variant-led closure of Series A’s $33 million investment. The company was the first to introduce and detect the over $600,000 Ledger Connect Kit breach in 2023.

According to a report by Consensys, 4% of MetaMask users have prevented over $500 million worth of breaches using the integration of the last Blockaid, which is meant to protect the traders on OpenSea NFT. BlockAid has also announced that it has succeeded in stopping over 1.3 million fraudulent transactions so far.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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