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ConsenSys, MetaMask’s parent company, is laying off 11% of its workforce, with CEO Joseph Lubin blaming “uncertain market conditions” caused by the recent meltdowns.

In a January 18 blog post by ConsenSys CEO Joseph Lubin, the blockchain company’s CEO said that “misbehaved” centralized finance (CeFi) players have cast a “widespread cloud over our ecosystem that we we will all have to cross”.

Lubin said the decision will affect 96 employees and is part of plans to focus resources on its core businesses.

Speaking to Cointelegraph a few days before the official announcement of the layoffs – although they had already been widely reported – Lex Sokolin, ConsenSys’ chief cryptoeconomics officer, said the industry was still a long way from mass adoption. worldwide.

“We’re still in a place where it’s an emerging technology. It’s not quite well understood by the general public,” he said.

According to Consensys, during the last bull run, more than 30 million users each month were using MetaMask to access DeFi protocols, create and trade NFTs, and participate in DAOs. Although promising, it is a drop in the ocean on a global scale.

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

When asked when crypto would see mainstream adoption, Sokolin said it’s all about having enough compelling use cases for crypto, as well as a thriving ecosystem to support it.

Lex Sokolin, Chief Cryptoeconomist, ConsenSys Source:

He also dismissed the idea that it would result from a better user experience and clearer regulations.

“It’s not the things that people say [such as] ‘when will unemployment insurance improve’ or ‘when will regulation improve it’. These are important, but […] they are not the catalyst,” Sokolin said, adding:

“The catalyst for things is one: will there be enough things to buy on Web3 that I want to own?”

“If I live in Web3 and my avatar and my social networks and my data and my status as a person, prestige, community membership […] is related to the fact that I own digital objects […] you will inevitably come to a place where everyone wants to do business transactions in Web3.

“So for me, economic adoption is the most important thing. Because it’s going to pull the rest into the ecosystem.

Related: Crypto Adoption in 2022: What Events Moved the Industry Forward?

In his latest post, Lubin said the company will focus on spreading its workforce and focus its business on key value drivers, including end-user custody solution MetaMask, Infura development platform and “new offerings” that develop Web3 commerce and decentralized autonomous organization. (DAO).