Ethereum wallet MetaMask is now used by more than 5 million users every month

ConsenSys-owned Ethereum wallet MetaMask has crossed 5 million monthly active users or MAUs.

ConsenSys said MetaMask has grown five times in the past six months, thanks to the increasing use of decentralized finance (DeFi) and non-fungible token (NFT) applications. In October 2020, MetaMask had over 1 million cumulative MAUs.

A growing number of users are utilizing the MetaMask Swaps feature, said ConsenSys. The feature, launched last October, allows users to swap tokens directly from their wallets across decentralized exchanges, aggregators, and market makers.

Behind swaps, accessing NFTs is the second most popular use case for MetaMask, said ConsenSys. 

As for its top markets, India and Indonesia are both in the top 5 countries for MetaMask mobile adoption, said ConsenSys, adding that Vietnam and Nigeria are in the top 10.

“Increasingly, these people use MetaMask to earn a supplemental income or to make long-term investments,” said the firm. “Many are unable to access their local banking system and thus need alternative technology to act as a savings account.”

MetaMask was launched in 2016, and up until 2019, it had only been available as a desktop browser extension. MetaMask began releasing mobile apps for closed beta testing in 2019, followed by their official public release for both or iOS and Android in September 2020.