Analysis Of MetaMask Vs. Coinbase Platforms

Source : MetaMask

The aim of this article is to explore How many users are swapping via MetaMask compared to other platforms? What is the volume done by these users? Comparing the two, and showing transaction volumes, average amounts swapped, and fees over a chosen period of time .

MetaMask

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.

Coinbase

As we can see in the Other platforms section, Coinbase is another platform. On Coinbase’s secure online platform, crypto currencies can be bought, sold, transferred, and stored. In order to become the leading global currency conversion brand, coinbase aims to make financial systems open throughout the world.By this Coinbase platform makes it easy for you to buy and sell digital currency. On Coinbase, you can send or receive digital currency to friends, merchants, and online wallets for free. Keeping your data secure and backed up is handled by Coinbase. With Coinbase you are able to get wallets, exchanges, merchant tools, and merchant services all in one place. A number of applications are being developed for Coinbase using its  API.The customer is responsible for any external transaction fees. Coinbase users can send money to each other for free.

Our main objective here is to compare the two platforms (MetaMask and Coinbase), through comparing transaction volume, average amount swapped, and fees on both platforms.  MetaMask only supports Ethereum-based tokens and digital assets, but Coinbase Wallet hosts a variety of blockchain assets including Bitcoin, Litecoin and Bitcoin Cash as well as Ethereum Classic, XRP, Stellar Lumens, Dogecoin, and Dash. The purpose of this article is to compare MetaMask and Coinbase in a variety of aspects.

Here form the below graph we can see the number of users who performed swaps on both MetaMask and Coinbase Platforms for the past 3 months . Out of the two platforms, Metamask contributes the most users (76.69%) . In Coinbase, the total number of users is 91.88K, while Metamask’s total number is 302.31K, which means Metamask has almost three times as many users as Coinbase. It is apparent that Metamask users are declining gradually. There might be a reason for it because of the volatility in the crypto market.

As shown in the below graph, there are the percentages of users who perform swaps on MetaMask and Coinbase on a weekly basis. The number of MetaMask users is almost always higher than 70% when we compare total users. 

According to the below graph, MetaMask has almost three times more users than Coinbase over the past three months. Among the two apps, Metamask accounts for 76.69% of all users

The below graph shows the distribution of Coinbase users and Metamask users for the past 3 months. The majority of the users in both cases fall into the category of small fish (<$1K). 

Here from the below graphs we can see the swap volume by users of MetaMask and Coinbase Platforms for past 3 months period. Volume (US Dollars) between March 25, 2022 and June 23, 2022 was 502.92M. App Metamask contributes 85.36 percent to the total Volume(usd) of the two platforms. In terms of total Volume(usd), Coinbase has the lowest total Volume(usd) at 73.64M, and Metamask has the highest total Volume(usd) at 429.29M. The highest volume (usd) was observed on April 29, 2022 with 15.53M. According to their previous days, May 13, 2022’s Total Volume(usd) is lower than normal and May 8, 2022 and May 11, 2022’s Total Volume(usd) are both higher than normal.

We can see that more than 75% of the swap volume is generated by MetaMask platform if we compare the swap volume by users on both platforms on a weekly basis. This means almost 3 quarters of the total swap volume is generated by MetaMask platform.

Here from the below graphs we can see the average swap amount by users of MetaMask and Coinbase Platforms for past 3 months period. From the two platforms, App Metamask contributes the most (55.71%) to the total average swap amount.It is Coinbase that has the lowest average swap amount (9.17M) and Metamask that has the highest average swap amount 11.53M. It was observed that the maximum Avg Swap Amount in April 20, 2022 was 3.15M, and that the minimum Avg Swap Amount in June 2, 2022 was 19.62K.

We can see that more than 55% of the average swap amount is generated by MetaMask platform if we compare the average swap amount by users on both platforms.

Out of the two apps, App Metamask contributes the most (83.61%) to the total Fees According to the total fees, the lowest is $736.36K (Coinbase) while the highest is $3.76M (Metamask). Both platforms observed maximum fees of $137.18K on April 29, 2022. According to comparisons with their previous days, the total fees on May 13, 2022 are lower than normal and higher than normal on May 8, 2022 and April 20, 2022.

Here we can see the average fee collected per transaction by users on both platforms for the past three months. Here we can see the average fee collected per transaction by Metamask users is significantly higher than the average fee collected by Coinbase users. 

Conclusion

In the above analysis, we can see there are almost three times as many users swapping through MetaMask as through Coinbase. For the past three months, if we compare the transaction volume, average swapped amount, and fees and average fees collected per transaction, MetaMask has a higher transaction volume, average swapped amount, and fees collected per transaction than Coinbase.

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