This infographic provides a very interesting overview of the Web3 wallet ecosystem as of September 2025.

We can clearly see that MetaMask is still the dominant player in terms of monthly active users, with 30M users and an impressive lifetime reach of 143M. However, despite this massive user base, its annualized revenue ($56M) is significantly lower compared to Phantom, which generates $191M with just 17M monthly active users. This shows how effective Phantom’s monetization model is, especially among Solana traders who tend to trade more actively with lower swap fees.

Trust Wallet stands out with a huge lifetime download count of 210M, highlighting its popularity among mobile users. Still, its revenue numbers are closer to MetaMask, meaning it hasn’t yet managed to turn that massive adoption into higher income at the same scale.

On the other hand, Rabby represents the newer wave of wallets, targeting DeFi users specifically. With 4M active users and $17M annualized revenue, its much lower swap fee (0.25%) makes it attractive for more advanced traders who are sensitive to costs.

Overall, this chart shows that while MetaMask continues to dominate in terms of adoption and brand recognition, Phantom is proving that strong revenue can come from a smaller but highly engaged audience. Trust Wallet remains the go-to for mobile mass adoption, while Rabby is carving out a niche among DeFi power users.

👉 The big takeaway: The Web3 wallet race is not only about user numbers, but also about the quality and type of users each platform attracts.

This infographic provides a very interesting overview of the Web3 wallet ecosystem as of September 2025.

We can clearly see that MetaMask is still the dominant player in terms of monthly active users, with 30M users and an impressive lifetime reach of 143M. However, despite this massive user base, its annualized revenue ($56M) is significantly lower compared to Phantom, which generates $191M with just 17M monthly active users. This shows how effective Phantom’s monetization model is, especially among Solana traders who tend to trade more actively with lower swap fees.

Trust Wallet stands out with a huge lifetime download count of 210M, highlighting its popularity among mobile users. Still, its revenue numbers are closer to MetaMask, meaning it hasn’t yet managed to turn that massive adoption into higher income at the same scale.

On the other hand, Rabby represents the newer wave of wallets, targeting DeFi users specifically. With 4M active users and $17M annualized revenue, its much lower swap fee (0.25%) makes it attractive for more advanced traders who are sensitive to costs.

Overall, this chart shows that while MetaMask continues to dominate in terms of adoption and brand recognition, Phantom is proving that strong revenue can come from a smaller but highly engaged audience. Trust Wallet remains the go-to for mobile mass adoption, while Rabby is carving out a niche among DeFi power users.

👉 The big takeaway: The Web3 wallet race is not only about user numbers, but also about the quality and type of users each platform attracts.