The Ethereum wallet interface and browser extension MetaMask has recently achieved a milestone 1 million monthly active users, highlighting the enormous adoption underway. The rise runs in parallel with the DeFi trend, capped off recently by the explosion in users rushing to claim new Uniswap tokens.
Here’s how all these different projects and applications are all connected and why they all grew alongside one another.
The DeFi Summer Of Love Leads To Undeniable Ethereum Adoption
All summer long, there was no talking about the crypto market without also referencing the surge in decentralized finance. The booming bandwagon pulled the crypto market out from the <span class="wpg-tooltip-term-title">Bear</span></h3><div class="wpg-tooltip-content">Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/bear/">» Read more</a><p></div>”>bear market and up from Black Thursday lows.
Although these DeFi tokens are hurting right now due to valuations getting too hot too soon, there’s no turning back the time on adoption.
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DeFi had the side effect of onboarding a large number of users onto the Ethereum network in one way or another. Most DeFi projects and their tokens are built on Ethereum, using the ERC20 smart contract standard.
The trend