Significant growth in the usage of software cryptocurrency wallet, Metamask is observed in the past six months. The report from the leading blockchain software technology company, ConSensys confirms that the accumulation of transaction volume of MetaMask has doubled to $2 billion recently. Undeniably, the quick growth of MetaMask is a result of interest in the Global south.
Ethereum Wallet’s Usership Increases Multifold
Allowing users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications, MetaMask’s previous month’s transaction was $1 billion. Surging multifold in just a span of six months, this immense increase in usage has grown by a factor of five. Marking the Ethereum and DeFi wallet monthly active users to 5 million.
ConsenSys reported that “MetaMask’s quick growth stems from an interest in the Global South, with India, Indonesia, Nigeria, and Vietnam leading the way in terms of adoption.”
ConsenSys suggests that “Its app is popular in developing countries because many users in those areas trust crypto over traditional banking services or cannot access banking services at all.”
“Increasingly, the use MetaMask is to earn a supplemental income or to make long-term investments,” ConsenSys added.
The blockchain software technology ConsenSys drew attention to the NFT boom, which has attracted users for tokenized artwork, game items, and collectibles. According to the ConsenSys report, “NFT transfers are the second most common use case for MetaMask after token swaps.”
Use of MetaMask for Other Purposes
Multiple wheels drive Metamask to its present position. Global adoption of the software currency wallet is one of them. The latest swap feature by MetaMask is further adding to the wallet’s growth. The swap feature facilitates traders, allowing them to find the best rates across multiple decentralized exchanges. Also, the fee charged for this latest feature is significantly low. According to the data, MeraMask is charging as low as 0.875% service fee only.