MetaMask-Consensys split separates wallet fees from ETH demand

Consensys announced on Sept. 9 that it will separate MetaMask from its protocol and infrastructure operations and create two independent companies by the end of 2026. The company said the reorganisation will allow each business to pursue different management and investment priorities.

Under the plan, Consensys Software Inc. will continue as MetaMask. A newly formed Consensys entity will hold protocol and institutional infrastructure assets, including the Linea blockchain and software such as Besu and Teku. Joe Lubin will be chairman and CEO of MetaMask and will serve as executive chairman of the newly structured Consensys, whose CEO will be Mike Kriak. MetaMask said users do not need to take any action and that apps, assets, keys and access will not change.

MetaMask charges a platform fee on token swaps that the company lists separately from network fees and quoted exchange rates; the current swap fee is 0.875%. Wallet operator fees go to the wallet business, while network fees depend on the blockchain that processes each transaction and where those fees are paid.

MetaMask introduced Money Account on June 30. The product converts deposits into an mUSD stablecoin and runs on the Monad network rather than Ethereum Mainnet. Deposits are placed into a DeFi vault that allocates funds across lending markets; Veda supplies the infrastructure and Steakhouse curates the vault. MetaMask describes the account as not a bank product, warns that returns are variable and lists smart-contract, liquidity and protocol risks that could lead to losses.

On the institutional side, Besu supports permissioned networks that operate separately from Ethereum Mainnet. Permissioned networks typically use distinct chain identifiers and proof-of-authority consensus with approved validators, so transactions on those networks do not generate Mainnet gas fees. Fee sponsorship arrangements, in which a third party pays a user’s Mainnet gas bill, change who supplies ETH but do not remove the underlying Mainnet fee.

Public Ethereum requires gas paid in ETH. The protocol’s base fee is burned and the priority fee is paid to validators, so activity on Mainnet directly affects ETH supply and validator income. Linea, which will sit with the infrastructure company, identified ETH as its gas token in a July 2025 tokenomics document and described a design allocating a portion of gas fees to ETH burning and the remainder to LINEA burning; that document reflects a prior design rather than a current measurement of ETH burning.

Tracking where transactions take place, which networks handle them, what fees those networks generate and whether fees are denominated in ETH will indicate how on-chain activity affects ETH. For MetaMask users, key facts are which MetaMask service is in use, the wallet fees versus network fees charged for a transaction, and the specific risks tied to products such as Money Account.

Both the consumer-facing wallet company and the protocol-focused infrastructure company intend to continue work related to public Ethereum and to other blockchain ecosystems. The separation formalises distinct operating mandates for the wallet and for institutional protocol services.