ConsenSys has recently weathered bad press over reported disputes among shareholders in the Ethereum software company. But numbers shared today as part of a $200 million fundraising announcement make clear: people are using its products. (Case in point, and a disclaimer: You're reading this article on Decrypt, which receives funding as part of ConsenSys Mesh.)
The company announced today that its flagship portfolio product, the Ethereum wallet MetaMask, is now being used by 21 million people each month. As recently as April, when DeFi activity was ramping up and NFT mania was in full force, MetaMask had 5 million monthly active users. That's a 420% increase in seven months; 11 million of those users have entered within the last three months as DeFi and NFT adoption show no signs of abating.
MetaMask's operation lead Jacob Cantele told Decrypt, "Most of our recent growth has been driven by growth in the gaming vertical, with hundreds of games topping our analytics charts. We're also seeing greater diversification in use cases over time, with people who onboarded to play a game discovering DeFi and more."
Not only have MetaMask's users grown over the years, so too have its services. At the outset, it was a browser plugin for Ethereum. Back in 2017, when Ethereum users rushed to buy up some of the first NFTs, CryptoKitties, they used MetaMask to send their ETH and claim their non-fungible tokens. The wallet was the onramp to decentralized finance—the applications that enable people to borrow, lend, or trade funds without the approval of a third party—before DeFi had truly taken off.
It has since expanded to add a mobile app and other features that overlap with the DeFi applications it helped enable, including its Swaps feature for trading Ethereum-based tokens. MetaMask boasts that the feature is beh...