MetaMask and Consensys split exposes the gap between Ethereum adoption and ETH demand

Consensys announced plans on Sept. 9 to operate MetaMask separately from its Ethereum infrastructure business, giving the consumer wallet and the protocol builder distinct management and investment priorities. For holders of ether, the split puts a practical question at the center of the growth story: how much activity will reach the networks that use ETH?The clearest example is already inside MetaMask. Its Money Account runs on a separate blockchain, Monad, while the new Consensys will include software used for both public Ethereum and private institutional networks. The economic effect depends on where transactions happen and who receives the fees.Under the announced structure, the existing Consensys Software Inc. continues as MetaMask. Its protocols and institutional infrastructure operations become a newly formed company carrying the Consensys name, including the Linea blockchain and software such as Besu and Teku. Joe Lubin leads MetaMask as chairman and CEO and serves as executive chairman of Consensys, whose CEO is Mike Kriak.The businesses are set to operate independently, according to MetaMask's announcement, with the separation expected to be completed by the end of 2026....