ConsenSys Reduces Staff By 11% As Its Chief Economist Exposes The Adoption Formula

Key Points:

• ConsenSys, the organization that owns MetaMask, is laying off 11% of its staff, blaming previous collapses for the “uncertain market conditions” that led to this decision.
• Even though they had already been widely publicized, Lex Sokolin, the chief crypto economics officer of ConsenSys, told a few days before the layoffs’ official announcement that the industry was still far from widespread acceptance globally.

ConsenSys, the organization that owns MetaMask, is laying off 11% of its staff, blaming previous collapses for the “uncertain market conditions” that led to this decision.

ConsenSys CEO Joseph Lubin spoke about the ecosystem’s “wide pall” that “poorly behaved” actors in centralized finance (CeFi) have cast in a blog post published on January 18 for the blockchain company.

The move, according to Lubin, would affect 96 people and is a part of attempts to concentrate resources on the company’s core industries.

Even though they had already been widely publicized, Lex Sokolin, the chief crypto economics officer of ConsenSys, told a few days before the layoffs’ official announcement that the industry was still far from widespread acceptance globally.

We are still in the early stages of this technology. The general population doesn’t understand it, he claimed.

Over 30 million users per month were utilizing MetaMask to access DeFi protocols, mint and trade NFTs, and take part in DAOs during the previous bull run, said Consensys. That is a drop in the ocean internationally, although being encouraging.

“MetaMask has 30 million monthly users and in Web3, there are maybe 500 million addresses,” Sokolin said. “But that’s not five billion people.”

Asked when crypto will see mainstream adoption, Sokolin said it was all about having enough compelling use cases for crypto, as well as a thriving ecosystem to support it.

He also rejected the idea that it would come as a result of better user experience and more transparent regulations.

“They’re not the things that people say [such as] ‘when is UI going to be better,’ or ‘when is regulation going to make it better.’ Those are important, but […] they’re not the catalyst,” said Sokolin adding:

“The catalyst of things is, one: Is there going to be enough stuff to buy on Web3 that I want to own?”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News