Background:

• 10M + Downloads on Google Play
• "Trusted by over 30 million users worldwide" with extensions available in several web browsers.
• "MetaMask provides an essential utility for blockchain newcomers, token traders, crypto gamers, and developers."
• An ERC20-compatible wallet providing access to many blockchains including L2's.

Purpose:

• How many total MetaMask wallet holders are there?
• What’s the average value of ETH held in wallets?
• What percentage of wallets are engaging in a higher order activity?

Methodology:

• As downloads and installs are off-chain, it is difficult to determine how many wallet holders there are.
• As a proxy, we can use on-chain data from the MetaMask swap router to estimate.
• Data will be taken from ETH mainnet, although it is also possible to use MetaMask's swapping feature on other chains such as Polygon.

MetaMask website

An impressive 1MM+ wallets have used the MetaMask swap router, which is well below the downloads indicated by Google Play, but still indicates strong usage.

Additionally, someone(s?) has a ridiculous amount of ETH 😃, which has hurt our average. The above summary provides an average as well as a median and 75%tile of ETH held by wallets using the swap router. We see the the normal wallet is actually far below the indicated average.

The above graphic indicates first usage of a distinct address using the Swap router. We see spikes of activity in May and Dec of 2021, which corresponds with price drops in the crypto markets.

Given that we checked Eth balances of these wallets, I was curious as to how many are engaged in Eth staking. We find that only 1.36% have used either Lido, Rocket Pool, or the Eth 2.0 deposit contract to stake Eth.

On the other hand, we find a healthy ~31% of these wallets have minted an NFT. If this sample is representative of all actual MetaMask users, that demonstrates a sizable interest in minting.