MetaMask Sees 5.50% Drop in Weekly Transactions

MetaMask also experienced a 2.93% decrease in weekly active users (WAU).

According to Dune data, MetaMask shows a decline among large crypto wallets with advanced features. 

Despite this decline, the platform continues to lead its sector. As of Jan. 29, MetaMask processed the most daily transactions, totaling 193,303.

OKX followed in second place with 86,890 transactions, and Bitget ranked third with 71,374 transactions.

 

Number of wallet transactions. Source: Dune

MetaMask versus the competitions

In terms of weekly growth, MetaMask has been surpassed by other wallets. For instance, Bitget experienced a 35.56% increase in active users and a 7.41% rise in transactions during this period.

Zerion became the growth leader, with active users increasing by 40.33% and transactions rising by 53.62% during the week.

Rainbow also showed positive dynamics, with WAU growing by 36.63% and transactions increasing by 49.74%.

WAU and transactions during the week on crypto wallets. Source: Dune

Zerion experienced the most significant growth this week, possibly attributed to the platform’s recent announcement of a USD Coin (USDC) giveaway on Farcaster, albeit for 600  USD Coin (USDC).

https://twitter.com/zerion/status/1754889328549831035?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener

Additionally, this weekly growth could be influenced by the wallet’s focus on non-fungible tokens (NFT) and decentralized finance (DeFi) assets.

Earlier, we discussed the NFT sales volume, which decreased by nearly 37%, and a 41% increase in the total number of transactions.

This data could suggest a potential revival in the NFT market or a temporary surge. However, it is interesting that MetaMask Bridge, facilitating transactions across various chains, recorded the highest transaction volume on Arbitrum on Jan. 29.

Ethereum follows in second place with 335,680 transactions compared to Arbitrum’s 232,410 transactions.

MetaMask Bridge statistics. Source: Dune

However, examining the MetaMask Bridge transaction counts reveals a relatively low level since the end of November 2023.

For example, on Jan. 29, the bridge handled only 1100 transactions, with Ethereum leading at 379, followed by Arbitrum with 200.

Change of transactions on the MetaMask bridge. Source: Dune

Indeed, Zerion’s emphasis on integrations with decentralized finance and Web3 could contribute to its outperformance in weekly figures compared to MetaMask. We have previously written about how these are some of the most important crypto narratives to watch in 2024.