30+ Million Active Users/Month, MetaMask Nears Highest User Record

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Almost Reaches January 2022 Record

The figure is close to reaching the highest peak seen in January 2022, MetaMask said, when it recorded 31.7 million monthly active users. Bitcoin (BTC) and ethereum (ETH) were back then coming down from their own highs and are currently trading at comparable levels.

Also Read What Is All-Time High (ATH)?

Bitcoin has more than doubled in price over the past six months while ethereum is up about 70%. MetaMask reported passing 10 million monthly active users in August 2021.

Crypto Wallet Extension 

MetaMask allows users to manage and carry out their crypto transactions through browser extensions and mobile apps. "A user is considered anyone who has the MetaMask extension or mobile app installed," Barbara Schorchit, senior product manager at Consensys, told Blockworks.

"We define a monthly active user as someone who either loaded a page in the MetaMask extension or opened the mobile app at least once during a rolling 30-day period. These moments, the 2022 bull market peak and today's numbers, represent two record highs for MetaMask."

A number of competitors have gained momentum over the past year — including Rabby, Rainbow, Zeal, and Phantom — suggesting that MetaMask may still hold market share as web3 expands.

Also read MetaMask, what is it and what are its advantages?

MetaMask, built by Ethereum development studio Consensys, revealed a surge in active users along with announcing that the web3 Blockaid security tool will now be enabled by default for some blockchains.

The Fort Worth-headquartered company first integrated Blockaid into its offerings last October as part of a beta phase, allowing users to opt into a system that was initially described as experimental.

MetaMask enabled Blockaid alerts on Ethereum mainnet by default via its browser extension last month, and now they are doing the same for Polygon, Arbitrium, Optimism, Avalanche, BNB Chain, and Linea via apps and extensions.

Protection Through Blockaid

Blockaid automatically sends alerts to users about potentially dangerous transactions, including those related to phishing, fraud and hacking attempts. MetaMask's 576,000 unique users activated Ethereum Blockaid alerts during the beta phase, which prevented more than 30,000 malicious transactions, Schorchit said.

Blockaid protects user privacy by simulating transactions before they occur rather than sharing real data with third parties.

"By proactively preventing malicious transactions, we not only improve security, but also empower our users to navigate the web3 space with more confidence," said Dan Finlay, MetaMask founder and chief ethos officer at Consensys, in a statement.

He added: "This is an important step to ensure that MetaMask remains the leader in secure and self-service crypto wallets for both new and experienced users."

Meanwhile, Ido Ben-Natan, CEO at Blockaid, said that malicious activity had "threatened to hinder opportunities for wider mass adoption" of web3. Blockaid is also used by DEX aggregator 1inch, as well as wallets Rainbow, Zerion, and CoolWallet.

Blockaid was founded in 2022 by former staff of Israel's cyber intelligence unit "Unit 8200", analogous to the United States' National Security Agency (NSA).

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The emergence of Blockaid

The startup emerged from stealth mode last October when it announced the close of a $33 million Series A led by Ribbit Capital and Variant. It was the first to detect and flag a Ledger Connector Kit phishing attack late last year, which resulted in more than $600,000 in crypto being stolen. Estimates suggest that $1.7 billion in crypto was stolen in 2023 overall.

Consensys reported that Blockaid's previous integration to protect OpenSea NFT traders was adopted by 4% of MetaMask users and avoided $500 million in theft. Blockaid said it had stopped more than 1.3 million malicious transactions overall.

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