CEO Joseph Lubin cites uncertain market conditions caused by recent falls as the reason for the layoffs at ConsenSys, the firm behind MetaMask.
The CEO of a blockchain company, Joseph Lubin, stated on January 18 that poorly behaved centralised finance (CeFi) actors had thrown a vast pall on the ecosystem they all needed to fight through.
Lubin stated that the decision, which would affect 96 workers, is part of the company’s strategy to refocus its efforts on its core operations.
Today we need to make the extremely difficult decision to streamline some of ConsenSys’ teams to adjust to challenging and uncertain market conditions.https://t.co/Svuk9yYj6J
— Joseph Lubin (@ethereumJoseph) January 18, 2023
Lex Sokolin, chief cryptoeconomics officer of ConsenSys, said a few days before the layoffs that the sector still needed to reach broad acceptance worldwide.
Consensys claims that at the height of the previous bull run, over 30 million users per month were utilising MetaMask to gain access to DeFi protocols, mint and trade NFTs, and take part in DAOs. Though encouraging, that’s a speck in the larger scheme of things.
Sokolin estimated that of the 500 million addresses in Web3, 10% belong to MetaMask’s monthly user base. But there aren’t five billion people living there.
Asked about the timeline for widespread crypto adoption, Sokolin cited the need for a robust ecosystem and compelling crypto use cases to support cryptocurrencies.
In a recent blog post, Lubin explained that the firm would prioritise workforce streaming and core value drivers like the end-user custody solution MetaMask, the developer platform Infura, and new offerings. This is expected to foster the development of Web3 commerce and communities of decentralised autonomous organisations (DAOs).