Ethereum pockets and browser extension MetaMask achieved one other main milestone in August, as its month-to-month lively userbase topped 10 million for the primary time, additional highlighting the rising demand for DeFi belongings.
MetaMask credited a confluence of things for its exponential progress, together with the fast adoption of Ethereum sensible contract know-how, the continued enlargement of DeFi protocols and the profitable launch of its token swap answer. The corporate additionally credited the nonfungible token growth for attracting extra customers to its know-how.
As Cointelegraph reported, MetaMask registered its one-millionth month-to-month lively consumer in October 2020, up from 545,000 in July of the identical yr. A lot of that progress was attributed to the so-called “DeFi Summer season” that swept the crypto markets in mid-2020. Though DeFi confirmed indicators of cooling later within the yr, it stays one of many hottest corners of the cryptocurrency market.
On the time of writing, greater than $155 billion in complete worth has been locked into the DeFi ecosystem. Whole worth locked (TVL) refers back to the belongings at the moment being staked on a particular DeFi protocol. As Cointelegraph not too long ago reported, liquidity market protocol Benqi noticed its TVL eclipse $1 billion lower than every week after launching.
Past Ethereum, DeFi communities look like proliferating on different chains as effectively. Binance Sensible Chain and Polygon have registered appreciable progress in latest months due to decrease charges and improved effectivity.
On the identical time, nevertheless, hackers and different malicious actors proceed to focus on decentralized finance protocols. DeFi lending protocol Cream Finance grew to become the most recent to be exploited, as hackers managed to steal almost $19 million from the platform earlier this week. One other DeFi mission, xToken, not too long ago suffered its second main exploit in 4 months.