In the Web3 era, crypto wallets are not merely places to store digital assets, but also serve as “gateways” for users to access the entire decentralized ecosystem – from DeFi trading and NFT collecting to participating in DAOs and staking. Among the hundreds of Web3 wallets available today, MetaMask has emerged as one of the most familiar and widely used names, becoming the default choice for tens of millions of users worldwide.
Let’s explore everything about MetaMask in this article!
1. Overview & Formation Context
– MetaMask is a decentralized (non-custodial) crypto wallet developed by ConsenSys in 2016. – It allows users to store, manage, and interact with digital assets on Ethereum and other EVM-compatible blockchains such as BNB Chain, Polygon, Arbitrum, and Optimism.
More than just a wallet, MetaMask is regarded as a gateway into the Web3 world:
- Connects directly to thousands of DApps (DeFi, GameFi, NFT marketplaces, DAOs).
- Supports token swaps, ETH staking, and even crypto purchases with fiat through integrated partners.
- Available both as a browser extension (Chrome, Firefox, Brave…) and a mobile app (iOS, Android).
Thanks to its convenience, seamless integration, and massive community, MetaMask has become the most widely used Web3 wallet worldwide, with tens of millions of active monthly users.
2. Token and Tokenomics
A key distinction between MetaMask and many other Web3 projects is that it has not launched an official token. While most wallets and DeFi protocols issue tokens to attract communities and incentivize usage, MetaMask has so far remained focused on developing its product and ecosystem. This has created both a “gap in expectations” among users anticipating an airdrop, and a signal that the development team prioritizes real value over chasing short-term trends.
Despite not having a token, MetaMask still operates with a sustainable revenue model:
- Primary revenue source – MetaMask Swap: The built-in token swap service charges users a small fee (around 0.875%) for each transaction, which directly contributes to MetaMask’s revenue.
- Proven financial results: According to DeFiLlama, MetaMask generates about $57 million in annual revenue. In the past 30 days alone, its aggregator recorded over $515 million in trading volume, proving that MetaMask is not just a wallet but also a “DeFi trading gateway” handling hundreds of millions of dollars each month.
- Diversified services: Beyond swaps, MetaMask has expanded into ETH staking and integrated fiat on/off ramps via third-party partners. These services enhance user convenience while creating additional revenue streams for the platform.
3. Strengths & Weaknesses
I have summarized the pros and cons below !
= > These pros and cons highlight MetaMask’s dominance, yet also its flaws that could open the door for competitors
4.Opportunities and Threats
=> Overall, MetaMask is in a leading position but also faces the risk of being dethroned if it fails to innovate in time. The growth opportunities are tremendous, yet the challenges are equally fierce.
5. Industry Competitors
In this article, I will focus on two of the most well-known competitors: Coinbase Wallet and Trust Wallet.
* MetaMask 🦊:
- Revenue & Fees (Annualized): ~ USD 57.1 million
- 30-Day DEX Aggregator Volume: ~ USD 515.6 million
* Coinbase Wallet 💼
- Fees (Annualized): ~ USD 1.63M
- Revenue (Annualized): ~ USD 1.63M
*Trust Wallet 📱
- Fees (Annualized): ~$3,72M
- Revenue (Annualized): ~$3,72M
From a financial perspective:
MetaMask significantly outperforms both Trust Wallet and Coinbase Wallet in terms of revenue:
- MetaMask: ~USD 57.1 million / year
- Trust Wallet: ~USD 3.72 million / year
- Coinbase Wallet: ~USD 1.63 million / year
=> This means MetaMask’s revenue is nearly 15 times higher than Trust Wallet’s and more than 35 times higher than Coinbase Wallet’s.
Will MetaMask, with its outstanding revenue today, have enough strength to maintain its number one position, or will Trust Wallet and Coinbase Wallet gradually close the gap in the future?
Disclaimer: This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.
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