Web3firmandMetamask’sparentcompanyConsensysannouncedonitsblogonOctober29thatitwaslayingoff160employeesacrossseveraldepartments,equatingtoabout20%ofitsworkforce.ThecompanyexplainedthatthemassivefeesitincurredduringitslegalbattleswiththeU.S.SecuritiesandExchangeCommission,plusmacroeconomicfactors,contributedtothedecision.
Thecompanyappreciatedthelaid-offemployees’contributiontoConsensysandtheweb3industry’ssuccess.Consensysstillpromisedemployeesseverancedependingontheirtenures,anextendedexercisewindowof36months,extendedhealthcarebenefits,andoutplacementservices.
ConsensyspointedoutthemacroeconomicfactorsaffectingWeb3,includingrisinginterestrates,tighteningliquidity,worrisomeinflationrates,andmore.Thecompanyfurtherhighlightedthecommission’scontributiontothecryptoindustry’slackofaclearregulatoryframework.AccordingtoConsensys,thelackofclaritymakesitunnecessarilyhardforinvestors,developers,businesses,andotherstoengagewiththemarkets.
Additionally,thecompanyhighlightedthateverylegalbattlebycryptocompanieswiththeU.S.SECrepresentsproductiveinvestmentandemployees’jobslostduetothecommission’sabuseofpower.TheblockchainfirmalsosaidthatCongresshasdonenothingtostopthecommission’smisconduct.Consensysfurtherexpressedworrythatthegovernment’sattackontheindustrymightcostmorecompaniesthatundergoinvestigationorendupsued.
Consensysstillhopestomaintainfinancialstability
2/5
Eveninthefaceofthesechallenges,ourecosystemisontheprecipiceofbecomingagloballysystemicallydefiningforce,withweb3-nativecompaniesmakinggreatstridesandmoretraditionalcompaniesleaningintoweb3.
—JosephLubin(@ethereumJoseph)October29,2024
Consensysassuredusersthatitsbusinesswasstillstrongandresilientdespitethegrowingmacroeconomicissues.Thecompanyrevealedinitsblogthatitwasdedicatingmoretimetorefiningandrefocusingitsbusinessstrategyandobjectives.
TheWeb3firmconfirmedthatsuchreasonsledtothecompany’sdecisiontoright-size.AccordingtoConsensys,thereformswillallowthecompanytonavigatethemarketsmoreeasily.Thecompanyalsohopesthatthechangeinstrategywillhelpitachievelong-termsustainability.
JoeLubinappreciatedthechangesrecordedintheweb3industry.AccordingtoLubin,theweb3industryisabouttogomainstream,withtraditionalcompaniesalsolookingtojointhespace.
TheConsensysCEOexpectsthatmonolithiccompanieswilllosetheirtouchwhileopeningdoorsforsmallercompanies.Lubinalsopredictedthatsmallercompanieswilltakeadvantageofemergingtechnologies,includingAI.
Metamaskdrivesweb3development
LubinreiteratedConsensys’smissiontodriveinnovationinWeb3,mentioningthatLineaandMetamaskwereattheforefrontofWeb3development.Accordingtothefirm’sCEO,Metamaskhasbeendrivingsecureassetstoragewhileempoweringindividualsglobally.TheCEOalsoconfirmedthewallet’scontributiontoWeb3innovationsasdevelopersexperimentedonMetaMask.
TheConsensysfounderalsohighlightedsomechangesuserscanexpectontheplatformtoencourageweb3adoption.Userscanexpectimprovementsintheplatform’sUXandUIandMetaMask’smulti-chaincapabilities.MetaMaskwillalsoreceiveadditions,suchastherecentMetaMaskcard,toimprovetheplatform’sutility.
Consensysfurtherinsistedonitsfocusondecentralization,acoremissionoftheEthereumproject.Assuch,thecompanyhopestoprogressivelydecentralizeitsproductswhilefocusingondecentralizingitsplatform.Lubinsaidthatthecompany’smissionwastoevolveintoaNetworkState.
cryptopolitan.com