MetaMask cites 'global south' for their 5x increase in users

The Ethereum wallet service and browser extension, Metamask has recorded 5 million monthly active users for the first time, reaching a major milestone in the growth of decentralized applications.

MetaMask cites 'global south' for their 5x increase in users

The adoption increased in just six months after MetaMask reached its 1 million active users. From October 2020, the service platform has grown over five times. MetaMask adoption has surged in the so-called "global south", a phrase used to describe emerging economies in Asia, Africa, and South America.

MetaMask mobile adoption is booming especially in the countries like Vietnam and Nigeria. Nigeria has emerged lately as a major center for cryptocurrency adoption as more of its citizens utilize Bitcoin (BTC) and other virtual assets to escape the inflation and navigate capital controls the country is facing.

MetaMask was initially released in 2016 but surged in popularity during the height of the DeFi boom in 2020, as it attracted more investors to use the application to fund their token purchases.

MetaMask has not only helped to facilitate the growth of not only DeFi, but it boosted decentralized exchanges as the metamask has always been in the center as these were the venues for finding low-cap altcoin gems not yet available on major exchanges like Coinbase, Kraken or even Binance.

DeFi undoubtedly remains one of the hottest trends in the cryptocurrency market, with total value locked (TVL) of around $114 billion which peaked above a record of $123 billion earlier this month, according to industry data.