Big Growth Data • CoinLaw

MetaMask serves over 30 million lively customers with an eight-year monitor document, in response to MetaMask disclosures. Phantom serves greater than 15 million month-to-month lively customers throughout Solana, Ethereum, Polygon, Bitcoin, and Base, in response to Phantom. The hole appears to be like decisive on paper, but Phantom’s person base has grown roughly 28 occasions since early 2023, whereas MetaMask’s headline determine has held flat for 3 years.

The info covers month-to-month customers, swap charges, funding rounds, multi-chain protection, income per greenback of quantity, and the safety incidents shaping every pockets’s repute.

Key Takeaways

• Consensys raised a $450 million Collection D led by ParaFi Capital at roughly a $7 billion valuation, with MetaMask surpassing 30 million month-to-month lively customers (greater than 42% progress from 4 months earlier), in response to Consensys.
• Phantom raised a $150 million Collection C at a $3 billion valuation, co-led by Sequoia Capital and Paradigm, greater than double its earlier valuation, in response to Phantom.
• Phantom served greater than 15 million month-to-month lively customers throughout Solana, Ethereum, Polygon, Bitcoin, and Base on the time of the Collection C announcement.
• MetaMask fees a 0.875% service price on in-wallet swaps and bridge transactions, whereas Phantom fees a 0.85% in-app swap price on choose pairs.
• Phantom Pockets’s annualized charges reached $170.91 million with cumulative charges of $517.62 million, in response to DefiLlama.
• Phantom’s property underneath custody surpassed $25 billion, with weekly income peaking at $44 million and Phantom briefly outpacing MetaMask on annualized income mid-year.
• Deal with poisoning assaults focused greater than 17 million distinctive pockets addresses on Ethereum and BNB Chain between July 2022 and June 2024, with 6,633 confirmed circumstances and not less than $83.8 million in losses, in response to arXiv analysis.

Editor’s Alternative

• Phantom raised $109 million in its Collection B at a $1.2 billion valuation, rising from 40,000 customers at Collection A to 2.1 million by Collection B, with about 100,000 new customers per week, in response to CEO Brandon Millman.
• Phantom processed roughly 850 million on-chain transactions in 2024 and facilitated over $20 billion in annual swap quantity, ending the yr with over 10 million month-to-month lively customers.
• MetaMask launched native Solana assist, with each account now containing 3 addresses by default: one EVM, one Solana, and one Bitcoin.
• MetaMask rolled out native Bitcoin assist following its July 2025 Solana launch, eliminating the necessity for separate wallets or wrapped tokens for greater than 30 million month-to-month lively customers.
• MetaMask generated $8.75 in income per $1,000 in buying and selling quantity, barely larger than Phantom’s $8.50, with Phantom accounting for roughly 35% of Solana’s complete quantity on high-activity days.
• Phantom served roughly 7 million month-to-month lively customers in February 2024, up from 600,000 a yr earlier, a roughly 12x bounce monitoring Solana’s worth restoration.

MetaMask, owned by Consensys, grew to become the world’s main self-custodial pockets by surpassing 30 million month-to-month lively customers, greater than 42% progress from 4 months earlier. EVM dApp connectivity outlined the product for years and constructed a moat that rivals struggled to cross.

MetaMask nonetheless describes itself as a really protected selection with over 30 million lively customers and an eight-year monitor document, with default Blockaid safety alerts which have prevented an estimated $5 billion in person losses since rollout. Native Bitcoin assist arrived following the July 2025 Solana launch, eradicating the necessity for separate wallets or wrapped tokens to carry BTC for greater than 30 million month-to-month lively customers. Throughout CoinLaw’s pockets and change protection, the directional shift towards self-custody has accelerated after every main change failure, and MetaMask captured the EVM share of that migration first.

Phantom Overview: The Solana-Native Challenger

Phantom grew from 40,000 customers at Collection A to 2.1 million by Collection B, onboarding about 100,000 customers per week, in response to CEO Brandon Millman. Phantom Applied sciences Inc. raised $150 million in its Collection C at a $3 billion valuation, co-led by Sequoia Capital and Paradigm, with Millman focusing on non-crypto-native shoppers via simplified peer-to-peer payments.

On the Collection C announcement, Phantom served greater than 15 million month-to-month lively customers throughout Solana, Ethereum, Polygon, Bitcoin, and Base. Phantom’s positioning shifted towards a consumer finance app that occurs to be self-custody.

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Month-to-month Energetic Customers: The Headline Hole

MetaMask experiences over 30 million month-to-month lively customers with an eight-year monitor document. Phantom experiences greater than 15 million month-to-month lively customers throughout 5 chains as of its Collection C announcement.

The expansion trajectory diverges sharply on an extended view: Phantom served roughly 7 million month-to-month lively customers in February 2024, up from 600,000 a yr earlier, a roughly 12x year-over-year bounce that tracked Solana’s worth restoration from $11 in late 2022 to round $115 in February 2024. Phantom ended 2024 with over 10 million month-to-month lively customers, having processed roughly 850 million on-chain transactions and facilitated over $20 billion in annual swap quantity throughout the yr.

Quotation Capsule: Based on Phantom Applied sciences, the pockets served greater than 15 million month-to-month lively customers at its January 2025 Collection C shut, up from over 10 million on the 2024 year-end. The five-chain protection, together with Solana, Ethereum, Polygon, Bitcoin, and Base, sat behind that progress.

Whether or not MetaMask’s person base has grown with out disclosure or plateaued at thirty million is the open query for the EVM-versus-multichain pockets race.

Funding and Valuation Trajectory

Consensys closed a $450 million Collection D led by ParaFi Capital, with participation from Temasek, SoftBank Imaginative and prescient Fund 2, Microsoft, Anthos Capital, Sound Ventures, and C Ventures, valuing the corporate at roughly $7 billion. That spherical included MetaMask in its funding thesis however funded the broader Consensys stack, together with Infura.

Phantom raised $109 million in its Collection B led by Paradigm at a $1.2 billion valuation, with Andreessen Horowitz, Variant, Solana Ventures, and Soar Capital additionally collaborating. Phantom Applied sciences Inc. raised a $150 million in Collection C funding at a $3 billion valuation, co-led by Sequoia Capital and Paradigm, greater than double its prior valuation.

Supply: Consensys, Phantom Applied sciences, Bloomberg

The valuation hole narrows when adjusting for scope: Consensys funds Infura, Linea, and MetaMask, whereas Phantom is wallet-only.

Supported Chains and Multi-Chain Technique

MetaMask launched native Solana assist, with each account containing one EVM tackle, one Solana tackle, and one Bitcoin tackle by default. Bitcoin assist adopted, letting customers purchase Bitcoin with fiat, make on-chain Bitcoin transfers, and swap between BTC, EVM-native property, and SOL with out separate wallets.

Phantom launched public multichain assist for Ethereum and Polygon, increasing from Solana-only to three-chain protection in a single app. Phantom expanded to Base in 2024 and added Bitcoin Ordinals and BRC-20 in late 2023, becoming a member of its current Solana, Ethereum, and Polygon networks.

Quotation Capsule: in response to MetaMask, each pockets account now contains one EVM tackle, one Solana tackle, and one Bitcoin tackle by default, with extra networks anticipated in subsequent releases. Phantom shipped Ethereum and Polygon assist in April 2023 and added Bitcoin Ordinals plus BRC-20 protection in late 2023.

Supply: MetaMask, Phantom

Multi-chain breadth, not function parity on Ethereum, has develop into the pockets class’s defining axis.

Transaction Charges and Swap Prices

MetaMask applies a 0.875% service price on all in-wallet swaps and bridge transactions executed via its built-in aggregator. Phantom fees a barely decrease 0.85% on in-app swaps for choose pairs, with cross-chain bridges including a roughly 0.3% bridge supplier price plus fuel on each supply and vacation spot chains.

Community fuel charges on Ethereum can attain $5 to $50 per transaction throughout peak demand, whereas Solana fuel usually prices lower than $0.01 per transaction. The headline swap-fee hole between MetaMask and Phantom sits at 2.5 foundation factors in Phantom’s favor, sufficiently small that the underlying community price differential, which might be three to 4 orders of magnitude on Ethereum versus Solana, dominates the all-in price for many customers.

MetaMask describes itself as a really protected selection with over 30 million lively customers and an eight-year monitor document throughout the Chrome extension, iOS, and Android. Phantom processed roughly 850 million on-chain transactions throughout all its surfaces in 2024, with an set up base adequate to assist over 10 million month-to-month lively customers by year-end.

Each wallets ship as a Chrome extension plus iOS and Android apps. Phantom’s mobile-first onboarding and peer-to-peer funds sit nearer to the buyer finance app class, whereas MetaMask’s cell expertise nonetheless leans on the extension’s dApp-connection psychological mannequin. Neither firm publishes month-to-month extension installs alongside MAU.

Income and Annualized Charges

Phantom Pockets generated annualized charges of $170.91 million with cumulative charges of $517.62 million as tracked by DefiLlama, plus 30-day charges of $14.01 million and 24-hour charges of $469,059. Mixed with Phantom Perps, the entire Phantom protocol annualized income reaches roughly $268.2 million.

MetaMask generated $8.75 in income per $1,000 in buying and selling quantity, barely larger than Phantom’s $8.50 on the identical level. Phantom accounted for roughly 35% of Solana’s complete quantity on high-activity days, and Phantom’s property underneath custody surpassed $25 billion, with weekly income peaking at $44 million and Phantom’s annual revenue briefly surpassing MetaMask.

Quotation Capsule: in response to DefiLlama, Phantom Pockets’s annualized charges stood at $170.91 million with cumulative charges of $517.62 million since launch, plus 30-day charges of $14.01 million and 24-hour charges of $469,059. Mixed with the perpetual futures product, complete Phantom protocol annualized income reaches roughly $268.2 million.

Solana price economics, the place customers transact incessantly as a result of fuel is negligible, generate extra swap income per lively person than the Ethereum mainnet mannequin.

The Solana Surge Impact

Phantom reported roughly 7 million month-to-month lively customers in February 2024, up from 600,000 a yr earlier, a roughly 12x year-over-year bounce that intently tracked Solana’s community revival, together with the Jupiter and Jito airdrops, the rise of Bonk and different memecoins, and a restoration in SOL worth from $11 in late 2022 to round $115 in February 2024.

Phantom processed roughly 850 million on-chain transactions and facilitated over $20 billion in annual swap quantity throughout 2024, ending the yr with over 10 million month-to-month lively customers. Phantom then climbed to greater than 15 million month-to-month lively customers on the Collection C shut.

Phantom accounts for roughly 35% of Solana’s complete quantity on high-activity days. The pockets adoption hole mapped onto Solana ecosystem exercise, not onto a pockets function delivery calendar.

Safety Incidents and Deal with-Poisoning Threat

Educational analysis from arXiv recognized roughly 270 million on-chain address poisoning attempts focusing on greater than 17 million distinctive pockets addresses on Ethereum and BNB Chain between July 2022 and June 2024, with 6,633 confirmed profitable assaults leading to not less than $83.8 million in losses. A crypto dealer misplaced $50 million in a single tackle poisoning assault, the latest in a sample that included an estimated $68 million wrapped Bitcoin loss in Could 2024 from the identical method.

MetaMask notes that tackle poisoning continues to be probably the most reported rip-off sorts affecting customers in 2024 and 2025, with default safety alerts powered by Blockaid screening transactions in actual time and stopping an estimated $5 billion in person losses since rollout. Phantom has not been named within the main address-poisoning incident experiences, partly as a result of Solana’s tackle format is visually distinct from EVM addresses, making spoofing more durable.

Supply: MetaMask, arXiv analysis, Phantom

Head-to-Head Comparability Desk

MetaMask edges Phantom on income per $1,000 in buying and selling quantity at $8.75 to $8.50, whereas Phantom captures roughly 35% of Solana’s complete quantity on high-activity days, in response to DefiLlama and protocol-revenue knowledge. The total per-dimension breakdown sits beneath.

Verdict by Use Case

MetaMask wins on EVM dApp depth, whereas Phantom wins on Solana-native movement with roughly 35% of Solana quantity on high-activity days. Every verdict beneath pairs the use case with the pockets that matches per the info tracked throughout the comparability, so you’ll be able to match your major chain and buying and selling frequency to the best default.

• Ethereum-first DeFi: MetaMask wins in your EVM-native workflow, given its dApp integration and Blockaid alerts that prevented an estimated $5 billion in person losses.
• Solana ecosystem exercise: Phantom wins in the event you commerce on Solana, given roughly 35% of Solana quantity on high-activity days.
• Cross-chain breadth: Phantom wins in the event you want broad protection out of the field, given Base assist added in 2024, plus Bitcoin Ordinals and BRC-20 in late 2023.
• Institutional or enterprise dApp builders: MetaMask wins, given Consensys’s broader stack together with Infura and Linea.
• Price-sensitive frequent merchants: Phantom on Solana, the place your fuel prices are usually lower than $0.01 per transaction versus Ethereum’s $5 to $50 at peak.

Ceaselessly Requested Questions (FAQs)

Conclusion

MetaMask nonetheless serves over 30 million month-to-month lively customers with an eight-year monitor document. Phantom climbed to greater than 15 million month-to-month lively customers throughout Solana, Ethereum, Polygon, Bitcoin, and Base. Phantom Applied sciences Inc. raised $150 million at a $3 billion valuation, co-led by Sequoia Capital and Paradigm. Phantom Pockets generated annualized charges of $170.91 million as tracked by DefiLlama. Phantom’s weekly income peaked at $44 million throughout high-activity durations.

MetaMask stays the default in case your exercise sits on Ethereum and EVM L2s, whereas Phantom suits in case your buying and selling is Solana-native. Each wallets now ship cross-chain protection, although Phantom shipped earlier, so your selection between the 2 more and more hinges on which chain you transact on most.