MetaMask has seen its monthly active users (MAUs) surge to over 30 million, nearly doubling from about 19 million reported in September 2023. This increase could signify a significant uptick in activity within non-custodial sectors, such as decentralized finance (DeFi) and non-fungible token (NFT) minting.

The rise in MetaMask users has caught the attention of a crypto commentator on X, referencing Blockworks, suggesting a resurgence in the broader crypto market, particularly in compatible networks like Ethereum.

It's worth noting that the growing MetaMask user base aligns with the recovery of Bitcoin and Ethereum prices from late Q3 2023 through Q4 2023 to current levels.

Ethereum, currently trading around $3,000, has garnered optimism among traders and supporters who anticipate further price gains, buoyed by ongoing network upgrades, including the impending mainnet rollout of Dencun.

Additionally, the rebound in decentralized finance (DeFi) activities has been notable, with total value locked (TVL) increasing nearly twofold from around $40 billion to over $74 billion as of mid-February 2024, based on DeFiLlama data.

The number of users engaging in DeFi and NFT activities tends to correlate with crypto prices. During the peak of crypto prices in Q4 2021, MetaMask witnessed record-high user numbers, accompanied by increased DeFi and NFT activities across compatible platforms.

As MetaMask offers a non-custodial wallet, giving users direct control over their assets, the surge in user numbers could instill renewed confidence in the market, potentially driving further price appreciation.

In addition to user growth, MetaMask has introduced a new Blockaid alert system to safeguard users, with plans to extend the feature to mobile users in the near future. Earlier this year, ConsenSys collaborated with MetaMask to launch a validator staking feature, providing users with the ability to stake their ETH without the need for node ownership or technical management complexities.