MetaMask Users Growth

Using this article, we aim to determine the number of Metamask wallet holders, as well as the growth rate of new users on MetaMask. How much ETH is usually held in wallets? What percentage of wallets are engaged in higher order activities, such as stake?

Introduction

MetaMask is a browser extension that allows users to create Ethereum wallets conveniently with the convenience of an extension, and it can be installed the same way as other extensions. This wallet allows users to store any Ethereum token and transact with any Ethereum address through MetaMask.
Decentralized applications (dapps) and cryptocurrencies form the foundation of the decentralized internet, Web3. User interfaces are needed for them to be used. In an ideal world, the user interface would be elegant, intuitive, and easy to use. MetaMask is one of the top crypto wallets, utilizing browser integration and good design to offer access to Web3, decentralized finance, and NFTs.

This graph shows how MetaMask is growing in terms of its new users over time. We can see that the new users growth is not really significant initially. But later in March 2021, we saw an increasing trend in new user growth. The trend of new user growth is declining from Jan 2022 onwards. The number of new users reached a maximum of 31.84K during May 02-08, 2021.

From the below graph, we can see that MetaMask’s new users are much higher in November 2021. Eventually, it is declined. Crypto markets are volatile, so this might be the reason. 

By viewing the cumulative new users growth from the graph below, we can see the total number of Metamask wallets is 1.29M

This graph shows the number of wallets based on the distribution of their ETH balance. This means we can estimate the average amount of ETH held in wallets. According to the graph below, most users have less than 0.5 ETH as their balance. More than 89.19% of total wallets had balance categories that were less than 0.5 ETH. Here we can see 94 wallets are below 1000 ETH, and 1,055,671 are above 0.5 ETH.

Below is a graph showing the activities performed by the Top 50 MetaMask users. We can see that many MetaMask users perform the AirdropRewardsClaim activity. The second position is occupied by NameRegistered after this activity. In total, 37.28% of total Users were accounted for by the top two activities (AirdropRewardsClaim and NameRegistered) and 53.52% by the top three activities (AirdropRewardsClaim, NameRegistered, and LockedEther).

Based on the above analysis, we can see there are currently 1.29M MetaMask wallet holders. A majority of total wallets had balance categories that were less than 0.5 ETH, based on average ETH held in wallets.  The activity AirdropRewardsClaim is ranked as the top activity performed by top 50 MetaMask users, and almost 20% of them perform this activity. 

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