What the Consensys Cutbacks Mean
for MetaMask and Multichain
Users
What the Consensys Cutbacks Mean for MetaMask and Multichain Users
by Bitcoinist
5 hours ago
in Industry
0
On the surface, the crypto industry appears to be in good health. BTC has been
flirting with all-time highs, institutional adoption is ramping up and volume
has been holding steady. There’s a lot to be bullish about in Q4. Which is why
the news that Consensys was laying off more than 160 employees, citing
macroeconomic reasons, came as a surprise.
Best known for developing web3 wallet MetaMask, Consensys is a tech giant of
the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн world, employing more than 800 staff. That number has now been
whittled down as the company sheds 20% of its workforce , with CEO Joseph
Lubin blaming everything from heavy-handed SEC regulation to a macro outlook
that necessitated slimming down.
While the transition to a leaner company is likely a sound strategy from an
operational perspective, it raises questions about the future of MetaMask,
Linea – the Consensys EVM L2 – and the Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ecosystem at large. In a year
where ETH has lagged badly behind SOL and BTC, and other networks including
TON have gained market share, Consensys and MetaMask are simply not as
relevant as they once were.
While the company has no intention of halting development of its core
products, the news has given DeFi users an additional incentive to explore
alternative web3 wallets and networks – and there’s no shortage of solutions
seeking to entice them. Whichever wallet can master the multichain universe
won’t just gain market share from MetaMask – it will position itself as the
gateway to web3, with all the upside and weight that carries.
Life After MetaMask
MetaMask isn’t going anywhere. But its users may be. Not on account of
anything Consensys has announced, but due to a gradual transition away from
EVM-focused wallets to alternatives that can offer entry to the broader
multichain landscape. Like MetaMask, Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is very much still alive. But
it’s clear to anyone who’s spent five minutes in crypto that the chokehold
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum once had over onchain volumes and innovation is long gone.
Solana has been the primary beneficiary, cornering the degen market with its
high throughput, low fees, fast confirmation times, and poly-memecoin
landscape. But it’s not the only chain to which these qualities apply;
networks such as Sui, TON, and to a lesser extent Tron have all taken a bite
out of Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum’s lunch. These are chains that MetaMask doesn’t touch and thus
for chain-hoppers chasing the latest opportunities, it’s been necessary to
seek out alternative web3 wallets, and there are plenty of candidates to
choose from.
Ctrl (formerly XDEFI) is probably best placed to succeed here, offering broad
multichain support coupled with useful features such as gas abstraction on
every chain. Ctrl’s value proposition is that it puts an end to the days when
DeFi users would need half a dozen browser extensions to keep up with the
latest farms, DEXs, and narratives as they pop up on far-flung networks.
For navigating TON, meanwhile, Tonkeeper is by far the dominant wallet and for
good reason: it’s easy to use, available for multiple devices – including
Telegram – and natively integrates a wide range of TON dapps. It’s not a
like-for-like MetaMask replacement but it does embody the sort of innovation
that’s characterized a new breed of web3 wallets, leaving the Consensys
counterpart playing catch-up.
Web3 Is Changing
Joe Lubin is no fool and he knows which way the wind is blowing. As he
acknowledged in a blog post confirming the shake-up, “Looking ahead, I see a
next-generation economy not dominated by large monolithic companies; instead,
smaller, agile, AI-supercharged companies with Web3-based coordination tools
will operate more efficiently.”
AI is changing everything it touches and crypto has embraced it harder than
perhaps any other tech sector. Now it’s the turn of AI to reshape the sector
in its image. Indeed, the signs are already there: in the AI memecoins pulling
crazy numbers on Pump.fun; in the Telegram bots powered by AI that provide
market insights, trading strategies, and filter out the noise. These are all
areas where Consensys and MetaMask have yet to set foot, while nimbler
upstarts, including wallet developers, have wasted no time in stamping their
mark.
The question for Lubin and Consensys is whether they stick with what they know
or take risks and branch out into blockchains and technologies unknown.
There’s still plenty of life in Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and Consensys is still a major
developer of solutions for its ever-evolving L2 ecosystem, including Linea
which remains a company priority. In the meantime, web3 rivals sense an
opportunity to gain ground and make their mark on multichain.
Image by Photospirit from Pixabay
