Ethereum

MetaMask releases metrics that show how it’s being used

Quick Take

  • MetaMask has compiled data on what users are using it for
  • In the month of April, at least 1.1 million transactions went through MetaMask
  • 76 percent of the transactions were initiated by a dApp where there was a contract interaction happening

MetaMask, the popular Ethereum web browser that allows users to run dApps without running a full-node, recently shared a Medium post with some data points on exactly how it’s being used.

In order to receive quantitative data, back in March, Metamask users were asked to opt in to a metrics system through an extension that would report basic UI metrics. Out of 275,000 users, 72.6 percent decided to take part.

The data collected represents the group that decided to opt in, called “As measured”, where as the projected amount if behavior was the same for the users who opted-out is referred to as “Estimated actual.”

Over the past two months Metamask saw 89,000 new wallets created and 53,000 imported wallets. One trend noticed is that users only completed the new wallet on-boarding process 79 percent of the time, which coincides with the challenges that come with getting new users in control of their own private keys.

Usage

Weekly Active Users

Measured – 65,000

Estimated Actual – 90,000

Monthly Active Users

Measured – 192,000

Estimated Actual – 264,000

Metamask defines “active” as whenever a user interacts with the browser in any way. This could be anything from just checking their balance to interacting with a dApp. What they found is that people are using the browser quite often, the average active user visiting MetaMask 4.9 times a week.

Transactions

In April alone, there were 1.1 million transactions through MetaMask, with an estimated 1.51 millions transactions. Sixty-three percent of these transactions were happening on Ethereum’s Mainnet, however they also experienced 71,000 transactions on other networks showing that their browser is going beyond just Ethereum.

Metamask wants to be much more than just a wallet where users send and receive Ethereum or tokens, which the data clearly show. By looking at the transactions on the Ethereum mainnet, 76 percent were initiated by a dApp where there was a contract interaction happening. 

When breaking down the transactions by function they found that 18 percent were for token transfer, 12 percent for ETH send, 3 percent for approve, 2.5 percent for transfer from, 0.2 percent for contract deployment, and 64 percent for other contract interactions. 

dApp usage

When looking at dApp usage, MetaMask found that thousands of different applications were contributing to the transactional volume. The top five applications currently on the Ethereum Mainnet were 0x Universe, Cryptokitties, Dice 2 Win, Axie Infinity, and Fork Delta. The top five overall on the site came out to be Remix, 0x Universe, Cryptokitties, MyEtherWallet, and Fork Delta. 

Breaking these down reveals the web browser is being used for a wide assortment of different purposes whether that is  for games, collectibles, developer tools, etc. 

Remix, an online compiler for Solidity, being the most used application shows how MetaMask currently has a very large developer user base. 

Metamask hopes to use these metrics to see where they can improve their product to fit what users need the most. “We’re stoked to see such widespread dapp usage, and we’ll continue to build features that make devs’ & users’ lives easier!”