One more figure to illustrate the power of the Ethereum blockchain. The growth of DeFi and NFTs is causing the number of MetaMask wallets to explode. ConsenSys benefits directly from this.

Killing Ethereum is impossible – nor desirable for that matter. This message is carried by an executive from Solana, a blockchain yet competing and regularly presented as an “Ethereum Killer”.

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However, the domination of Ethereum is such today that it seems very difficult to imagine seeing it totally eclipsed. In the most dynamic markets like NFTs and DeFi, Ethereum reigns supreme – but certainly not without sharing.

21 million MetaMask wallets

A new indicator now makes it possible to measure the full power of Ethereum and its technologies in the blockchain ecosystem. It’s about the number of MetaMask wallets and its explosive growth.

ConsenSys, its editor headed by Ethereum co-founder Joe Lubin, has just raised $ 200 million thanks in particular to the success of MetaMask. And for good reason since the wallet now has 21 million monthly users.

A few months earlier, in April, MetaMask totaled 5 million. The math is simple. In the space of 7 months, ConsenSys saw its application massively gain new users.

Its adoption growth is 420%. And this success, MetaMask owes it in large part to DeFi and NFT. 11 million new users have been conquered thanks to the rapid development of these two sectors on Ethereum.

A MetaMask executive, Jacob Cantele, points out to Decrypt that the wallet draws its growth in particular from the gaming sector. It is indeed a promising market for NFTs, as reflected in the results of a title such as Axie Infinity.

Ethereum, the all-powerful despite the competition

But to attract users, ConsenSys has also focused on the functionality of its application, also available on mobile. Thanks to the Swaps function, available since March, MetaMask facilitates interactions with DeFi protocols.

And the publisher no longer targets only retail users. With MetaMask Institutional, it also opens the doors to a very lucrative market. The solution allows them to use DeFi smart contracts.

Development is not going to stop anytime soon. By raising $ 200 million, its creator can think big and further establish his dominance. The publisher plans to add features to alert users to fraudulent tokens and airdrops.

Ethereum may be challenged by blockchains with strong differentiators like Solana and Avalanche, but it hasn’t said its last word. In addition, the growth of the market and the interconnections between networks allow the coexistence of several of these technologies.

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