How Uniswap & DeFi Drove Ethereum Wallet MetaMask To 1M Users

Tony "The Bull" Severino

Last Updated: October 7, 2020 1:00 am

3 mins read

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The Ethereum wallet interface and browser extension MetaMask has recently achieved a milestone 1 million monthly active users, highlighting the enormous adoption underway. The rise runs in parallel with the DeFi trend, capped off recently by the explosion in users rushing to claim new Uniswap tokens.

Here’s how all these different projects and applications are all connected and why they all grew alongside one another.

The DeFi Summer Of Love Leads To Undeniable Ethereum Adoption

All summer long, there was no talking about the crypto market without also referencing the surge in decentralized finance. The booming bandwagon pulled the crypto market out from the bear market and up from Black Thursday lows.

Although these DeFi tokens are hurting right now due to valuations getting too hot too soon, there’s no turning back the time on adoption.

Related Reading | DeFi Overtakes Ethereum In The Media, Data Shows

DeFi had the side effect of onboarding a large number of users onto the Ethereum network in one way or another. Most DeFi projects and their tokens are built on Ethereum, using the ERC20 smart contract standard.

The trend has made Ethereum a top market performer, which has held up better than the rest of the DeFi space, and it also spilled into wallet MetaMask.

MetaMask Monthly Active Users Versus DeFi TVL | Source: MetaMask & DeFi Pulse

Uniswap Pushes MetaMask Over 1 Million Monthly Active Users

Browser-based Ethereum wallet MetaMask recently revealed a milestone 1 million monthly active users just as the decentralized finance space started to pull back. But although asset prices may be falling, users have already onboarded on the platform and many others thanks to the recent trend in the crypto industry.

DeFi helped MetaMask grow, clearly, as the total value locked and active users climbed at the same velocity in parallel. MetaMask can be used to interact with DEX interfaces and store ERC20 tokens for swapping on automated market-making protocols like Uniswap.

UNIUSDT Growth Sends MetaMask Userbase Surging To Over 1MM Active Users | Source: TradingView

MetaMask’s growth is also largely due to Uniswap’s sudden dominance. And what really sent these numbers into the stratosphere, was a stimulus check-like free 400 UNI tokens, that were worth some $1,200 roughly when they were first able to be claimed.

To claim these tokens, it required the use of a wallet like MetaMask to access, and some ETH for gas fees. Together, the DeFi rising tide lifted all these boats, until the tide began to turn.

But although things may be switching direction for the short-term, long-term, decentralized finance, MetaMask, and Ethereum will be just fine.

Featured image from DepositPhotos, Charts from TradingView, MetaMask & DeFi Pulse

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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