MetaMask Reaches 100 Million Downloads, Unrelated to ETH Demand

The separation of MetaMask and ConsenSys demonstrates that the expansion of the Ethereum ecosystem and the demand for Ethereum (ETH) do not always move in the same direction. On the 9th, ConsenSys announced that it would operate MetaMask and its institutional infrastructure business independently. MetaMask has recorded over 100 million downloads across approximately 190 countries, but this does not indicate the transaction volume on the Ethereum mainnet. While MetaMask provides access to various blockchains and financial services, not all transactions occur on the Ethereum mainnet. For instance, MetaMask's 'Money Account' is launched on Monad and operates with mUSD, where transactions on Monad incur no fees. Therefore, an influx of funds into the Money Account does not imply an increase in gas demand on the Ethereum mainnet. Additionally, MetaMask's swap fees are charged separately from network fees, meaning that an increase in transaction volume does not correlate with gas demand on the Ethereum mainnet. Similarly, transactions occurring on permissioned networks for institutional infrastructure differ from those on the Ethereum mainnet. ConsenSys aims to complete the separation process by the end of 2026. This separation illustrates that the scope of Ethereum's utilization and the demand for ETH are distinct.