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Ethereum Wallet MetaMask Passes 30M Users, Plans DAO and Token

Popular Web3 wallet MetaMask continues to grow rapidly.

2 min read
Image: MetaMask

In brief

  • MetaMask is a popular tool millions use to navigate Web3.
  • ConsenSys CEO Joe Lubin says an upcoming DAO will help fund new pieces of MetaMask.

Crypto software giant ConsenSys announced on Tuesday that its popular wallet MetaMask, which people use to store Ethereum and other cryptocurrencies with Web3 applications, now has over 30 million monthly active users.

That figure reflects a 42% increase in the last four months, when MetaMask reported 21 million users, and comes as it is positioning itself to be a key player in the emerging Web3 economy.

"A global user base relies on MetaMask to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany, and Nigeria represent some of MetaMask’s most active markets," ConsenSys said in a statement.

MetaMask, whose competitors include Coinbase Wallet and MyEtherWallet, primarily is used by consumers to navigate Web3, but the service has also offered an institutional version to help businesses and professional investors do the same.

According to ConsenSys CEO Joe Lubin, MetaMask is pursuing "progressive decentralization" while also prioritizing security and improving an interface that some regard as clunky.

"There’s a great user interface that we’re going to launch pretty soon," said Lubin in an interview with Decrypt.

As part of its plan to pursue its various goals, MetaMask soon will be launching a Decentralized Autonomous Organization or DAO—a popular crypto governance tool often described as an internet community with a bank account.

"There is a DAO that is being being formed right now in the context of MetaMask," Lubin added. "It won’t govern MetaMask, but it will enable the creation of novel new pieces of MetaMask to be funded."

Lubin did not provide further details about the DAO or a date for its launch, but did confirm that MetaMask is intending to launch a token.

Rumors of a token have been swirling for months. Some early MetaMask adopters are hoping they will be entitled to receive one—other crypto projects like Uniswap have rewarded early users in such a fashion—but key figures in the project have offered few clues about how the token launch will unfold.

At Ethereum Denver last month, MetaMask head of operations Jacobc.eth said the token launch will proceed cautiously and that it will "not [be] a cash grab."

ConsenSys announced the new user tally for MetaMask, one of its flagship products, on the same day it disclosed it had raised a $450 million Series D round that values the company at over $7 billion.

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