A Deep Dive Into MetaMask Users’ Most Common Activities

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The purpose of this article is to look at what are the most common transactions being conducted by Metamask users? An analysis should be created that shows the most common wallet activities and the most common platforms for those activities.

In order to continue, let’s briefly discuss MetaMask. 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.

From the below graph, we can see the number of transactions made by MetaMask users over the past three months. May 1, 2022, recorded the maximum number of transactions with 296.51K. The maximum number of users was 74K on April 30, 2022. We see both the number of transactions and the number of MetaMask users are declining. 

Analyzing The Most Common Activities By MetaMask Users On Different Ecosystems

Below is a graph displaying the most app categories MetaMask users have been using over the past 3 months . Most MetaMask users use dApp, which accounts for almost 35.88% of total transactions, while the top two apps (dApp and NFT) account for almost 59.75%.The lowest total Transactions by MetaMask users were 28.18K (cex) and the highest total Transactions by MetaMask users were 4.11M (dApp). 

The graph below shows the most popular activities performed by MetaMask users during the past three months. Almost 1.5M users are performed in the Worth Activities, which are over a quarter of total Users (25.84%) 

In the following sections we can see the transactions performed by different ecosystems over the past three months, as well as how many users were interacted by using these ecosystems.

Layer2 EcoSystem

Here from the below graphs we can see the transactions performed by Layer2 ecosystems over the past three months, as well as how many users were interacted by this ecosystem. From the below graph we can see more than 50% of transactions performed by layer2 contract with MetaMask users are done with the Hop protocol . Transactions with the hop protocol: usdt l1canonicaltoken contributed to 42.46 percent of total transactionsThe lowest number of Transactions is 898 (immutable x: bridge) and the highest number is 937.06K (hop protocol: usdt l1canonicaltoken). The maximum number of transactions was 45.06K on May 12, 2022.

From the heat map we can see during the week May8-14 2022 there are a lot of transactions were done by Layer2 contracts using MetaMask users .

The following graph shows that almost 75% of the MetaMask users interact via Layer2 contracts, which are based on the Hop protocol. A total of 79.7% of all users contributed to the Top 2 activities (hop protocol: usdt l1canonicaltoken, hop protocol: usdc l1canonicaltokenNames) The lowest total number of Users is 698 (hop protocol: usdc l1amb) and the highest number of Users is 460.22K (hop protocol: usdc l1canonicaltoken). June 1, 2022 saw a maximum of 17.32K users.

CEX Ecosystem

Graphs below show how CEX ecosystems performed transactions over the past three months, and how many users they interacted with. Based on the below graph, we can see that 83% of CEX contract transactions are made using Binance USD. Initially, cryptocom coin transactions were seen, but they went extinct later on. Metamask users conduct almost all activities in this CEX contract with bitcoin transactions.

From the heat map we can see during the week May8-14 2022 there are a lot of transactions were done by CEX contracts using MetaMask users . The following graph shows that almost 79% of the MetaMask users interact via CEX contracts, which are based on the binance protocol. The gemini dollar has the lowest total Users, 58, and the binance usd has the highest total Users, 8,761. The total Users in April 20, 2022 is lower than normal, while the ones in April 23 and April 3 are higher than normal.

dApp Ecosystem

These graphs show how dApp ecosystems performed transactions over the past three months, and how many users they interacted with. According to the below graph, 65% of dApp contract transactions are made with wrapped Ethereum.  The top 3 activities (weth, strongblock:Service, and base registrar implementation) contributed to 82.14% of all transactions.

From the heat map we can see during the week May1-7, 2022 there are a lot of transactions were done by dApp contracts using MetaMask users . The following graph shows that almost 75% of the MetaMask users interact via dApp contracts, which are based on the weth . May 2, 2022 observed a maximum of 45.06K users .

Defi Ecosystem

These graphs show how Defi ecosystems performed transactions over the past three months, and how many users they interacted with. In total, the Top 2 names of the activity (Arbitrum:Bridge and Arbitrum:inbox) contributed for 36.97% of total Transactions and the Top 3 names of the activity (Arbitrum:Bridge, Arbitrum:inbox, and Wrapped UST) contributed for 53.67% of total Transactions. The highest number of transactions is 44.09K (arbitrum: bridge). During June 22, 2022, there were a maximum of 9.47K transactions, which was most likely caused by the Arbitrum.

From the heat map we can see during the Jun22, 2022 there are a lot of transactions were done by defi contracts using MetaMask users . The following graph shows that mpre than 50% of the MetaMask users interact via defi contracts, which are based on the Arbitrum . Jun 22, 2022 observed a maximum of 8.03K users .

DEX Ecosystem

These graphs show how DEX ecosystems performed transactions over the past three months, and how many users they interacted with. Top 1 (metamask: swap router) activity accounts for more than 50% of total transactions.  There are 700.99K transactions (metamask: swap router) with the highest number of transactions. After the metamask:swap router activity by DEX contract, USDC-WETH 500 10 UNI-V3 VP and Uniswap v2: HXY-HEX transactions followed.

From the heat map we can see during the last week of April and May 2nd week , 2022 there are a lot of transactions were done by DEX contracts using MetaMask users . The following graph shows that mpre than 55% of the MetaMask users interact via DEX contracts, which are based on the metamask:swap router . April 30, 2022 observed a maximum of 18.41K users .

NFT Ecosystem

These graphs show how NFT ecosystems performed transactions over the past three months, and how many users they interacted with. Top 1 (opensea: wyvern exchane v2) activity accounts for more than 80% of total transactions.  There are 2.27M transaction (opensea: wyvern exchane v2) with the highest number of transactions. A maximum of 45.18K transactions was observed on April 7, 2022. The majority of MetaMask users perform their transactions through opensea.

Initially, we can see a large number of transactions performed by NFT collections. However, there is a downward trend after that. Perhaps all this is the result of crypto market volatility.  Over 80% of MetaMask users interact via NFT Collections, which are built on the opensea: wyvern exchange version 2. 

Token Ecosystem

Based on these graphs, you can see how many users have interacted with Token ecosystems over the past three months. More than a quarter of total Transactions were for Apecoin: ape token names of the activity. The highest number of total transactions is 243.73K (apecoin: ape token). The maximum number of transactions was 70.43K on May 1, 2022.

From the heat map, it is evident that a substantial number of transactions were conducted using Token contracts using MetaMask users on May 1, 2022. It can be seen from the following graph that more than 25% of the MetaMask users interact with Token contracts based on the ape token. 

Observations

  • According to the above analysis, a decline in the number of transactions and the number of MetaMask users has been observed in the last three months. Crypto market volatility might be caused by this.
  • Based on the most frequently used app categories for MetaMask, most users use dApp, which makes up almost 35.88% of all transactions, while the top two apps (dApp and NFT) make up almost 59.75%.
  •  Based on what activities are performed by these different ecosystems, we can see that almost 1.5M users are in the wrappedethereum (weth) activities, which is more than a quarter of all users.

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