What Is MetaMask?

MetaMask is a free web and mobile crypto wallet that allows users to store and swap cryptocurrencies, interact with the Ethereum blockchain ecosystem, and host a growing array of decentralized applications (dApps). It is one of the most widely used crypto applications in the world. Over ten million active monthly users logged into MetaMask in August of 2021.

In earlier versions, MetaMask was only available as a desktop browser plugin for Firefox and Chrome, but in September 2020, MetaMask Mobile was released for both Android- and iOS-powered devices. MetaMask quickly established itself as the standard bearer for self-managed, non-custodial crypto wallets — in part thanks to its user experience (UX) and frequent updates. It has played an essential role in raising the standards of usability in blockchain and crypto technology, laying the foundation for the explosive growth of sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs) by simplifying and streamlining the Ethereum user experience into one simple wallet interface.

How Does MetaMask Work?

MetaMask has three primary uses: storage, swaps, and dApp access. Collectively, these functions encompass everything a normal crypto user would likely ever need to interact with Ethereum.

Crypto storage: MetaMask’s built-in crypto wallet can be used to store tokens that are built on Ethereum’s ERC-20 and ERC-721 token standards, and users can easily create and navigate between multiple wallet addresses within the app. The application’s advanced encryption technology allows users to securely store their wallet passwords and private keys within their own browser via a MetaMask extension, which gives them more control over both their public and private keys. Additionally, new users are provided with a set of seed phrases when they first create an account, which can be used to recover their account if necessary.

Analysis

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Not all of these ETH addresses are Metamask wallets. I searched web to find a number of Metamask wallets and according to this https://earthweb.com/metamask-statistics/, there are around 20 million monthly Metamask wallets.

The above number is around 6 percent of 20 million mentioned in the above article. It means that Metamask wallets don't engage with its swap feature very often and prefer to use other platform for swapping maybe because of higher fee of Metamask swap feature.

So the above number can't be a good estimate for total number of Metamask wallets. and it's better to say that: There are 1.254 million wallets engaged with swap feature of Metamask.

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The result shows that Swap has 100% engagement, which makes sense, because we define Metamask wallet as wallet that have interacted with Metamask Swap Router

The following highest engagement (in descending order) is Transfer > Deposit > Withdraw >= Claim > Mint > Stake.

• Number of Metamask wallets is about 1.27 millions, 1.76% of all wallets on Ethereum.
• Average number of ETH in Metamask wallets is 0.92 ETH.
• 41.15% are dead wallets, 50% hold ETH just for paying gas fee, top 8.85% hold ETH for investment.
• The high order activities are Swap(100%), Transfer(62%), Deposit(43%), Withdraw(30%), Claim(29%), Mint(25%) and Stake(21%).

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MetaMask’s open platform also plays a key role in promoting Ethereum-based dApp development for coders and technologists. For developers building a dApp, Metamask is pre-loaded with fast connections to Ethereum and several test networks via Infura. These built-in connections allow developers to begin building a new dApp on Ethereum without the need to set up and run a full network node. This can be helpful for bootstrapped entrepreneurs looking to build immediately, whether they are creating a simple browser-friendly user interface (UI) or a full-fledged, mainnet-ready dApp that will support an entirely new decentralized marketplace.

Additionally, since MetaMask extensions are compatible with popular browsers like Chrome, Firefox, and Safari, the application makes it easier for developers to create new applications that are designed to work within traditional browsers. Thus, MetaMask’s role in enabling dApp adoption is two-fold: It provides a portal for end users to access dApps, while also enabling developers to streamline their path to getting those applications to market.

MetaMask extension itself does not have access to any of your personal information, the web browser you access it through might. And while your browser won’t have access to your private passphrases or other sensitive data, most browsers are designed to collect information about when and how you use any integrated app or plug-in. Additionally, since MetaMask stores private keys within the user’s browser, the theft of this data remains theoretically possible, if still unlikely.

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MetaMask has a trade function that lets you execute peer-to-peer (P2P) token swaps directly from your wallet. Instead of transacting through an order book, exchange, or decentralized exchange (DEX) liquidity model, these swaps aggregate data from multiple DEXs, DEX aggregators, and automated market makers (AMMs). MetaMask swaps allow users to trade crypto directly without having to interact with any other custodial or intermediary platform, thus reducing friction, limiting slippage, and lowering costs.

Access to dApps: MetaMask users can also use the wallet to directly access a wide range of Ethereum-based dApps, crypto lending products, Ethereum-powered games, NFTs, and more. Additionally, MetaMask’s built-in crypto wallet makes it easy for users to spend, send, or stake their crypto anywhere within the Ethereum ecosystem without having to manage external wallet integrations or unnecessary transactions. As a result, MetaMask directly provides users with an easy entry point into the world of DeFi and other blockchain-based sectors and services.

In 2020,

Conclusion

Metamask wallet has become a very attractive and popular wallet with the ability of users to interact with other platforms. As we have seen, only in interaction with two platforms, the swap volume of this wallet has reached about 1.5 billion dollars in the last 2 years. Months. And more than 600,000 swap transactions have been sent to this wallet. And the average volume of swaps in this wallet in interaction with only 2 platforms was about 23 million dollars. Metamask seems to be the most widely used wallet in the Ethereum network, with its various features, many users use it for various activities.

MetaMask provides a simple and flexible way to store crypto, swap tokens, and interact with dApps and decentralized services on the Ethereum blockchain. By expanding MetaMask’s range to incorporate Binance Smart Chain, the MetaMask team is moving beyond the boundaries of the Ethereum ecosystem in order to accelerate the growth of a wider decentralized internet.

Analyzer

Discord: superfly#5104

Twitter: superfly_5104

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MetaMask was updated to allow for integrations with Binance Smart Chain (BSC). This means users can now switch freely between their Ethereum and Binance crypto wallets, trade on DEXs from either network (albeit not simultaneously), and access dApps from both ecosystems. So while MetaMask was primarily focused on Ethereum development initially, the decision to expand access to other blockchain networks underscores its main goal of establishing an interoperable and interconnected Web3 ecosystem.

For developers building a dApp, Metamask is pre-loaded with fast connections to Ethereum and several test networks via Infura. These built-in connections allow developers to begin building a new dApp on Ethereum without the need to set up and run a full network node. This can be helpful for bootstrapped entrepreneurs looking to build immediately, whether they are creating a simple browser-friendly user interface (UI) or a full-fledged, mainnet-ready dApp that will support an entirely new decentralized marketplace.

Additionally, since MetaMask extensions are compatible with popular browsers like Chrome, Firefox, and Safari, the application makes it easier for developers to create new applications that are designed to work within traditional browsers. Thus, MetaMask’s role in enabling dApp adoption is two-fold: It provides a portal for end users to access dApps, while also enabling developers to streamline their path to getting those applications to market.

Methodology

> I have used

ethereum.core.ez_dex_swaps

ETHEREUM.CORE.FACT_TRANSACTIONS

ETHEREUM.CORE.FACT_EVENT_LOGS

flipside_prod_db.ethereum.erc20_balances

> to get the charts, tables and data above.

> EVENT_NAME IN('Transfer','Approval','Swap','Sync','Deposit','Claimed', > 'Withdrawal', 'Mint', 'Paid', 'Burn', 'Staked', 'Unstaked', 'Trade', > 'Borrow', 'AddLiquidity', 'Buy')

CONTRACT_ADDRESS = lower('0x881D40237659C251811CEC9c364ef91dC08D300C')