From MetaMask to LINEA, the glorious journey of Consensys, the giant in the Ether ecosystem

Author: Deng Tong, Golden Finance

On October 29, 2025, according to Axios, Consensys plans to go public and has selected JPMorgan Chase and Goldman Sachs as the lead underwriters for its IPO. This listing will be one of the most significant public offerings for an Ethereum infrastructure company to date.

A Consensys spokesperson stated that there are currently “no announcements to make, but the company will continue to evaluate various development options. The company has been exploring opportunities to expand its influence.” Although official statements remain cautious, the market generally regards this planned IPO as an important milestone in the maturation of the cryptocurrency industry.

This article reviews Consensys’s business lines, recounts its journey of glory, and analyzes multiple factors that favor Consensys’s listing.

1. Consensys’s Journey: Six Major Business Lines Lighting the Way

Founded in 2014 by Ethereum co-founder Joseph Lubin, Consensys’s mission is to build core infrastructure for the Ethereum ecosystem. Over the past decade, Consensys has continuously expanded its business lines, evolving from an incubator for Ethereum developer communities into a diversified Ethereum infrastructure giant covering wallets, developer tools, enterprise services, Layer-2 networks, and ecosystem investments.

(# 1. MetaMask

MetaMask is Consensys’s flagship product. Since its launch in 2016, it has become the primary gateway for millions of users to interact with Ethereum, BNB Chain, Polygon, Solana, and other blockchains.

MetaMask offers account management, dApp access, NFT storage, DeFi trading, and hardware wallet support. As a consumer-facing portal, it provides Consensys with the most direct brand recognition and traffic base.

On August 21 this year, MetaMask announced the official launch of its native stablecoin MetaMask USD (mUSD). MetaMask stated that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0’s decentralized infrastructure. On October 8, MetaMask announced the official rollout of its Perps trading feature on its mobile app. On October 28, MetaMask announced the launch of multi-chain accounts, increasing asset loading speed by 30 times.

)# 2. Linea

On March 28, 2023, ConsenSys opened its testnet to all developers, users, and protocols, and officially renamed its zkEVM Layer-2 extension solution from ConsenSys zkEVM to Linea. Linea is Consensys’s self-developed zkEVM Layer-2 scaling solution aimed at reducing Ethereum transaction costs and improving execution efficiency. Built on zk-rollup technology, it is fully compatible with the Ethereum Virtual Machine, allowing developers to migrate applications without code modifications. Linea integrates deeply with MetaMask and Infura, enabling seamless access via wallets and direct network connection through Infura.

On July 29, Linea announced it would become the first Layer-2 network to implement an Ethereum burn mechanism at the protocol level, burning 20% of net transaction fees. It also released a token distribution plan, allocating 85% of tokens to ecosystem development, including 75% for development funds and 10% for early user incentives. On September 10, Linea officially conducted its Token Generation Event (TGE).

On October 21, Consensys founder Joseph Lubin stated, “It will bring the next-generation tokenomics platform and launchpad for @LineaBuild. Moreover, if we can accelerate the penetration of prediction markets like @Polymarket and @MyriadMarkets globally, we can integrate collective intelligence and market forces into governance and decision-making at all levels of society.”

3. Infura

Infura is a blockchain infrastructure platform launched in 2016. It provides stable API and node access services for Ethereum, IPFS, and Layer-2 solutions. Often regarded as “Ethereum’s AWS,” it supports mainstream applications such as Uniswap, Aave, MetaMask, and OpenSea.

Infura offers reliable RPC access for developers, enabling them to deploy and operate dApps without running their own nodes. On October 6, Consensys founder and Ethereum co-founder Joseph Lubin stated that a “token-driven economy” is about to enter Consensys’s product ecosystem, including Infura.

4. Besu

In 2018, Consensys Besu (formerly PegaSys) was introduced to develop enterprise-grade Ethereum clients supporting both public and permissioned (private) blockchain deployments. In August 2019, the PegaSys team officially donated its core product Pantheon to the Linux Foundation’s Hyperledger project and renamed it Hyperledger Besu. In 2020, Consensys continued leading the development and commercial support of Besu, integrating it into its enterprise services, providing long-term maintenance, security audits, and compliance consulting.

JPMorgan Chase collaborated with Consensys on its Onyx blockchain platform, utilizing Besu technology for enterprise network development. The European Investment Bank (EIB) and the French central bank’s digital bond pilot projects also adopted Besu-based private blockchain architectures.

5. Codefi

In September 2019, Consensys launched Codefi. Codefi is Consensys’s enterprise-level fintech platform dedicated to helping banks, asset managers, and corporate clients build asset management, settlement, and compliance processes on blockchain. Codefi has participated in projects such as the French central bank’s digital currency experiment, JPMorgan’s Onyx project, and multiple European banks’ on-chain bond issuance pilots.

6. Mesh

In February 2020, Lubin announced the formation of Consensys Mesh, “a global decentralized entrepreneurial ecosystem,” aimed at supporting the development of the Ethereum ecosystem through investment, incubation, and accelerator programs. Mesh has invested in projects like Gitcoin, Livepeer, Phantom, and MetaMask Snaps, focusing on infrastructure, DeFi, DAOs, NFTs, and privacy computing.

2. The Timing Is Right: Consensys Approaching the Listing Window

1. The Wave of Cryptocurrency Companies Going Public

On June 5 this year, Circle went public on the New York Stock Exchange. Industry insiders suggest that the success of large IPOs like Circle could stimulate other companies to follow the stablecoin trend rapidly. Companies such as Ionic Digital, Gemini Space Station, Inc., and BitGo, Inc. have submitted IPO applications. The successful IPO paths of Circle and Coinbase are providing a reference for other crypto enterprises.

2. Continued Regulatory Relaxation

Under the leadership of the Trump administration, the US has adopted a more friendly stance toward cryptocurrencies. The SEC approved spot Bitcoin ETFs and dismissed multiple lawsuits against crypto companies. Meanwhile, Congress is advancing stablecoin legislation, establishing clearer compliance frameworks for the industry. Five days ago, Trump appointed Mike Selig as CFTC Chair to promote modernization of US cryptocurrency regulation.

Additionally, Trump himself is a stakeholder in cryptocurrencies. According to a survey by the Financial Times, Trump and his family earned over $1 billion pre-tax profit from crypto-related businesses in the past year. The survey indicates that Trump’s crypto empire includes digital trading cards, Meme coins, stablecoins, tokens, and decentralized finance platforms.

3. Traditional Financial Institutions Entering the Market

Giant firms like BlackRock and Visa are not only supporting crypto companies but also actively launching crypto-related services. BlackRock reportedly planned to participate in Circle’s IPO with over $150 million, providing significant trust and capital backing, signaling that traditional finance is willing and prepared to engage with crypto asset companies. Yesterday, Visa announced plans to support four different stablecoins across four blockchains; on July 30, Visa’s CEO stated that the best way to spend with stablecoins is through Visa. The entry of traditional financial institutions helps shift the crypto narrative from fringe to mainstream, reduces fundraising difficulties for crypto companies, and benefits industry development.

3. Conclusion

Circle’s IPO success can be seen as a milestone of true integration between crypto finance and traditional finance. Over the past year, native crypto companies like Circle, Galaxy Digital, eToro, and Exodus have gone public, marking the entry of digital asset businesses into mainstream finance.

For ordinary investors, this wave offers more investment opportunities. The current market includes publicly traded exchanges, self-custody wallets, institutional infrastructure providers, and fintech apps integrating crypto trading and staking. This diversification reflects the maturing of the cryptocurrency industry, shifting away from speculative trading toward genuine business models and long-term strategic visions.

Importantly, going public also introduces higher accountability. Public companies must meet stricter financial reporting, compliance, and governance standards, making them more attractive to institutional capital. Listing enables these companies to raise funds responsibly under regulatory oversight and expand their scale. In short, the entry of crypto enterprises into the public stock markets marks a key step toward establishing institutional credibility, market discipline, and sustainable growth.