"Time is the wisest counselor of all." - Pericles

GM.

As Q3 2023 draws to a close, I am reflecting on what MetaMask Institutional (MMI) achieved over the last quarter. Time can and should be considered a powerful ally that product teams have. Like wind within sails, it can be harnessed to create focus and urgency. It can be used for continuous discovery, learning and iteration. Within product experiences, time is also a crucial element. Reducing latency is one (of many) critical components in delighting users. Time, therefore, is ever-present.

Within MMI, our focus is always to lean into this power of time. We focus on building features and products as fast as humanly possible. We focus on reducing latency to delight our users. The third quarter was mostly dedicated to this theme – a quarter where we increased the speed of our products, allowed our users to harness the power of crypto rails for payments and reduced the time (engineering hours) it takes to make our products great.

“People don't buy what you do; they buy why you do it. And what you do simply proves what you believe” – Simon Sinek

MMI’s vision is to bridge every organisation into web3. We believe web3 will have colossal influence on the world, especially finance, and we focus on providing unrivalled access to this technology. Empowering organisations to monitor, manage, control and report on their web3 assets across three core product experiences (i) via the MMI Extension, which facilitates access to the long tail of permissionless innovation (ii) via the Portfolio Dashboard, a curated web3 read-and-write tool (iii) programmatically via our SDK and APIs. We build these experiences for our core users who are on-chain traders, inventors and builders.

“Move fast. Speed is one of your main advantages over large competitors.” – Sam Altman

Growth

Despite the muted institutional on-chain activity in the last quarter, we saw meaningful assets deployed using MMI. The average monthly valuation of accounts connected to MMI increased 41.79% in Q3 compared with Q2, while our revenue increased 8% quarter-over-quarter. A trend that we are incredibly excited by is the increased on-chain activity we are seeing within Latin America. Historically, this region made up a small amount of our new onboarded organisations. However, since Q2, we have seen a meaningful increase in signed organisations. Today, some of the largest organisations in the region are using MMI to access web3.

Extension & Integrations

Historically, MMI was a fork of MetaMask, meaning we updated the MMI Extension with the latest changes in MetaMask. In Q3, we completed an initiative we had been working on for the last six months, of merging MMI’s codebase into MetaMask. MMI and MetaMask are now one and the same. With this merge, we rolled out a new and improved user interface (UI). MMI’s user experience (UX) and user interface (UI) will continue to change materially in the quarter ahead as we build tailored experiences for our users. The MMI Extension continues to see exceptionally high engagement and retention. Mixpanel’s benchmark and data show average web and mobile applications average eight-week retention rates below 20%. The MMI Extension retention rates are consistently more than 3X these rates.

Portfolio Dashboard

Our quarter was dedicated to latency and dependency. We re-architected the MMI Portfolio Dashboard, removed APIs and built new ones. We improved our user onboarding experience, reducing onboarding times six-fold. We also reduced latency across the product 16X, making the experience faster and more delightful for our users. Lastly, we rolled our Crypto Payments as the default payment method, removing dependency on traditional, inefficient, slow payment rails.

DeFi Services

Our DeFi services teams build rich data services to power the MMI Portfolio Dashboard and other Consensys experiences. Historically, we have built DeFi adapters to provide in-depth DeFi data, from valuations to profit and loss, performance, total value locked, annual percentage rate and annual percentage yield. In Q3, we moved to open-source this work to benefit the broader ecosystem. The team has focused on making the developer experience exceptional. This means any DeFi Protocol engineer can spend less than four hours building a DeFi adapter that will power the MMI portfolio dashboard (or any client that uses the open-source adapters library).

Execution

In Q3, we enabled tiered fees and withdrawals in the MMI Staking marketplace. We also added Figment to our list of partners in providing staking infrastructure. The MMI marketplace now offers the most choice, the lowest fees and (we would say) the very best reporting compared to any institutional staking platform.

Q4

Our focus in Q4 will be to launch a suite of updated features. We believe reporting remains an essential and underserved need within institutional crypto. We have a range of advanced features that we will ship over the next 90 days. We will also empower our users with more APIs. Lastly, we have some exciting public announcements coming out throughout the quarter. As always, we’ll continue to focus on delighting our users by shipping the best features as fast as we possibly can.

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