Try Quests to earn cryptoOpen Analytics Bounty: ETH
Topic : Metamask Stats
Why did I pick this topic?
Metamask is the most popular wallet on Ethereum blockchain and is it experiencing lots of transactions and interactions from millions of users everyday.
We can say Metamask is one of the important sections for Ethereum blockchain
And if it is hacked, people will lose their trust in Ethereum.
Over time, Metamask has proven itself to be reliable and safe and it can be used for many jobs like bridge, swap, stake and etc.
What we will cover in this dashboard?
- Monthly number of wallets and transactions by sections
- Monthly user activity by transaction type
- Top sections by number of wallets and transactions
- Top sections and platforms by Metamask users
- Daily Metamask New User Count and Cumulative
- Metamask users ETH distribution
Method
For exploring Metamask users activities and overall stats i used Ethereum data from Flipside.
I worked with both of old and new Ethereum data on flipside and used these tables to grab the data that i want:
ethereum.core.fact_event_logs
flipside_prod_db.ethereum.events_emitted
ethereum.core.dim_function_signatures
Also i filtered metamask data with its contract address:
==0x881D40237659C251811CEC9c364ef91dC08D300C==
I didnt used any specific time range and analyzed some of data daily and monthly and some in general and they are all over time
What is Metamask and why we should use it?
__MetaMask__is a browser plugin that serves as an Ethereum wallet, and is installed like any other browser plugin. Once it's installed, it allows users to store Ether and other ERC-20 tokens, enabling them to transact with any Ethereum address.
By connecting to MetaMask to Ethereum-based dapps, users can spend their coins in games, stake tokens in gambling applications, and trade them on decentralized exchanges (DEXs). It also provides users with an entry point into the emerging world of decentralized finance, or DeFi, providing a way to access DeFi apps such as Compound and PoolTogether.
==MetaMask== provides the simplest yet most secure way to connect to blockchain-based applications. You are always in control when interacting on the new decentralized web.
Observations
- November 2021 had the highest number of wallets and August 2021 had the highest number of transactions
- After June 2020 both number of transactions and wallets started to increase and People started getting familiar with crypto
- Both number of Wallets and transactions by sections started to decrease after recorded their ATH
- It looks like after August 2021 people started to know NFTs more and made more transactions on Ethereum NFTs
- Seems like wallets always using dApps and DEXs more than other sections
- After October 2020 dApps transaction share decreased slowly and people started to know more platforms to interact
- Number of Metamask users peaked at Dec 2021 and after that it decreased smoothly like BTC and ETH price
- I marked 7 actions ==( Swapping, Signing, Transferring, Deposit, Withdrawal, Minting, Staking/Unstaking )== that metamask users do in a pie chart above and between these 7, users mostly swapping and signing and many users (6.6M) are doing actions that not marked here and marked as “Other Activities”
- cex is the least popular section between metamask users
Observations
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DEXs are so popular between metamask users and they are using them the most
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The Metamask Swap has been used by most users, but this is not too accurate because we Only have the users that used Metamask Swap
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Binance is the most popular DEX between metamask users
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Augur is the most popular dApp between metamask users
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Arbitrum is the most popular DeFi between metamask users
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Hop Protocol with almost 670K unique wallets is the most popular layer2 platform and
There is a difference of almost 500,000 users between the first and the second layer2 platform
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Opensea is the most popular NFT market place for metamask users or actually for ETH users
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DEXs have almost 1.3M metamask users and dApps and layer2 are on the second and third place and they have pretty much the same number of users
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dApps have the highest number of transactions than others, almost 21M
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These charts telling us that the number of users has nothing to do with the number of transactions
Observations
- Most of Metamask users have under 1 ETH and with the price of ethereum today they have under 1450$ in their wallets
- Only 84 users have above 1K ETH and we can call them whales because that is a lot of money
- Daily number of metamask users had its peak at Dec 25 2021 and dropped slowly after that and from that time until now it dropped almost 85% and this lack of users is because of the bearish market and people are getting disappointed about crypto and its comeback
- Almost 99% of metamask users have under 10 ETH
Conclusion
- Metamask having 1.37M users and total 5.3M transactions made from metamask users over time
- dApps and DEXs were so popular between metamask users and they interacted with them so much
- Seems like users doing so much swapping and signing and btw signing is used for most of transactions with different types and so many other stuff
- Metamask swap and uniswap are the most popular DEXs for metamask users
- After mid 2021 number of wallets and transactions started to drop slowly
- DEXs have the highest number of metamask users and dApps and NFTs have the highest number of transactions made by metamask users
- 99% of Metamask users holding under 10 ETH in Their wallets