Over the weekend, MetaMask, a popular Ethereum wallet and decentralized app browser, reported an all-time high in its swaps volume. In a tweet, the platform confirmed that its swaps volume exceeded $1 billion on Saturday, March 12th.
MetaMask also revealed that its one-day swaps volume reached over $402 million, marking the highest daily trading volume since its launch. The top three tokens swapped on the platform were Wrapped Ether (WETH), Uniswap (UNI), and Compound (COMP). The platform’s growth is attributed to the increasing adoption of DeFi protocols and applications, which are built on top of Ethereum.
Metamask group manager Dan Finlay says on an upcoming episode of The Scoop podcast commenting on the crazy weekend volume on Metamask :-
“It’s a lot of just speculative panic. People aren’t sure what they can trust. And everybody seems to want something stable,” he said. People were “making some pretty big moves in response to this situation.”