Total Metamask Users

    Q1. How many total Metamask wallet holders are there? What’s the average value of ETH held in wallets? What percentage of wallets are engaging in a higher-order activity, like staking?

    Introduction

    This dashboard will include the analysis for the following aspects of Metamask:

    • The count of unique Metamask wallet holders.

    • The total amount of ETH held in those Metamask wallets.

    • The average amount of ETH held per wallet.

    • (As a bonus) The total amount of fees paid by Metamask users, in ETH and in USD.

    Methodology

    For this bounty, I have used the 0x881d40237659c251811cec9c364ef91dc08d300c contract and counted how many unique wallets have interacted with it as a definition of a distinct Metamask user.

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    Total Metamask wallet holders

    Let's begin the analysis by looking at the total count of unique wallets that have interacted with the 0x881d40237659c251811cec9c364ef91dc08d300c contract.

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    This is a fairly big number, however, it does not seem to be a correct count of all of the Metamask wallets... An article claiming to be an official source for Metamask statistics state states that "there are more than 21 million monthly active users of Metamask" as of right now - which means that my count only accounts for around 6% of the total number! The reason for this inconsistency is the assumption made in the introduction section, namely the definition of a distinct wallet. I am accounting here only for wallets which have swapped an asset on Metamask, which means that I am missing out on a big number of users who are using the wallet for a different reason - such as, for example, just to buy an asset and hold it in their wallet. It surprises me to an extent that the number of swappers is so small compared to the total number of 21M!

    By looking at another article, we can see that in August 2021, the official total number of Metamask (active) users was at almost 12.5M - this number is already far from what we have calculated using the definition suggested by Flipsdie. What is great to see, on the other hand, is the growth of Metamask: from 12.5M in August last year, to over 21M today - almost double the users within less than a year!

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    Next, let's investigate the money side, namely how much ETH is being held by all of the wallets (using the 'swap' definition), as well as what is the average amount of ETH being held per each wallet.

    How much ETH is being held by Metamask users?

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    Note: This query only captured some of the wallets that I have counted in the first part of this dashboard. Due to this reason, the results should be taken with a pinch of salt, as even though the definition of a Meatamask user is already quite constraining, these results cover even less coverage.

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    As a bonus, let's look at the daily amount of fees paid by Metamask users, as well as the total amounts paid next!

    Fees paid by Metamask users

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    We can see that the amount of fees paid spikes on several days, probably due to more traffic in the market and the number of transactions increasing rapidly.

    Note: For this part of the dashboard, I have used the older Ethereum tables, namely the ethereum.transactions table instead of the new core table.

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    And that is a lot of gas money!

    Conclusion

    This dashboard has investigated the number of Metamask users. As we have seen, it is very difficult to get the accurate number, and the definition used in this analysis did not allow me to get anywhere close to the actual 21M number. However, I tried my best to get some insights into how much ETH is being held in total and on average per each wallet given the constraining definition I was working with. As a bonus, I was also curious to see how much fees Metamask users have paid on a daily basis, as well as in total, and we can all agree that it is a lot of money!