Consensys announced plans on September 9 to operate MetaMask as a separate entity from its Ethereum infrastructure business, giving the consumer wallet and protocol builder distinct management and investment priorities. The structural change raises a fundamental question for ether holders: how much blockchain activity will directly benefit the networks that use ETH?
Under the announced structure, Consensys Software Inc. continues as MetaMask, while the company's protocols and institutional infrastructure operations become a newly formed Consensys entity. This new company includes the Linea blockchain and software tools such as Besu and Teku. Joe Lubin serves as chairman and CEO of MetaMask and executive chairman of Consensys, with Mike Kriak as CEO of the infrastructure business. The separation is expected to be completed by the end of 2026 and will require no action from users.
Wallet Economics Operate Separately from Network Fees
A wallet functions as the interface through which users choose what to hold, trade and spend, creating business opportunities separate from blockchain transaction charges. MetaMask's fee structure illustrates this distinction: its swaps service charges a 0.875% MetaMask fee in addition to the network fee and exchange rate spread—different payments for different parts of the same transaction.
MetaMask's Money Account product, introduced on June 30, further demonstrates this separation. The service converts deposits into the mUSD stablecoin and operates on the Monad blockchain rather than Ethereum Mainnet. Deposits enter a DeFi vault that allocates funds across lending markets, with Veda providing infrastructure and Steakhouse curating the vault. This structure allows the consumer proposition to center on dollar balances rather than holding ETH, meaning deposits do not automatically translate to Ethereum block space demand.
Institutional Infrastructure Uses Ethereum Software Without Mainnet Transactions
The institutional side of the business presents a similar distinction. Besu, part of the infrastructure portfolio, supports private permissioned networks that are separate from Ethereum Mainnet. These networks typically use their own chain identifier and proof-of-authority consensus, meaning institutions can use Ethereum-compatible software without making each transaction an Ethereum Mainnet transaction. The software relationship remains real, but a Mainnet gas bill requires activity on Mainnet specifically.
Direct Routes to ETH Demand Remain
MetaMask remains Ethereum-first while supporting multiple ecosystems, and the new Consensys retains public-network work alongside its institutional business. On public Ethereum, gas is paid in ETH, with the base fee burned and priority fees going to validators. This creates a direct fee relationship with the asset.
Linea, the Layer 2 blockchain remaining with the infrastructure business, also maintains a connection to ETH. Its July 2025 tokenomics document identifies ETH as its gas token and describes a design allocating 20% of gas fees after Ethereum Layer 1 costs to ETH burning.
The separation establishes distinct operating mandates for both businesses, allowing Ethereum software to reach more users and institutions through multiple channels. However, the extent to which this growth benefits ETH will be determined by which networks handle transactions, what fees they generate, and how much of those fees reaches Ethereum or uses ETH directly.
