Ethereum co-founder and Consensys Chief Executive Joseph Lubin expects tens of thousands of companies to establish operations across the Ethereum ecosystem within the next two to three years. He believes businesses will use a combination of Ethereum’s main network, Layer 2 systems, and private permissioned Ethereum Virtual Machine environments as blockchain technology becomes integrated into mainstream corporate infrastructure.
Lubin compared the coming transition with the early expansion of the commercial internet. Companies initially treated the web as a separate communications channel, but it eventually became essential infrastructure for payments, commerce, customer relationships, data, and internal operations. He expects blockchain networks to follow a similar path as businesses adopt tokenized assets, programmable payments, digital identity, and automated settlement.
The forecast is based on a global corporate universe of roughly 200 million to 300 million companies. Lubin does not expect all of them to move onchain immediately, but he argues that the first large wave could involve tens of thousands of businesses building directly on Ethereum-compatible infrastructure. Over time, he believes most companies will interact with Web3 systems in some form.
Corporate Activity Could Reshape Ethereum Economics
A significant increase in enterprise adoption could strengthen Ethereum’s economic model. More transactions across the main network and Layer 2 platforms would generate fees, while settlement activity on Ethereum could increase demand for block space and ETH. Even when activity occurs on scaling networks, those systems ultimately rely on Ethereum for security, data availability, or final settlement.
Lubin expects this growth to increase revenue across the broader Layer 1 ecosystem while reducing the liquid supply of ETH through staking and fee burning. Ethereum’s proof-of-stake system requires validators to lock tokens to secure the network, and part of each transaction fee is permanently removed from circulation. If corporate demand grows faster than new issuance, the resulting supply pressure could support the asset’s long-term value.
His argument does not depend on Ethereum mainnet fees becoming expensive. Lubin has said that Layer 1 fees should remain low enough to encourage broad participation, while value can accumulate through higher transaction volume, settlement demand, staking, and the expansion of connected networks. This approach differs from models that rely primarily on users paying high fees directly on the base chain.
Ethereum Faces Competition and Execution Risks
Corporate adoption is already emerging through tokenized money market funds, stablecoins, cross-border payments, digital bonds, and private blockchain networks. Major banks and asset managers are testing Ethereum-compatible systems because they can combine public network standards with permissioned controls. Consensys has also developed enterprise-focused products such as Besu, which allows institutions to operate private EVM networks.
However, Lubin’s forecast remains highly ambitious. Enterprises often move slowly because of regulation, cybersecurity requirements, privacy concerns, legacy technology, and the difficulty of coordinating multiple counterparties. Ethereum also faces competition from Solana, purpose-built financial blockchains, private distributed ledgers, and emerging payment-focused networks.
The next phase will depend on whether companies can find applications that deliver measurable savings or new revenue rather than simply demonstrating blockchain technology. If tens of thousands of firms begin settling assets, issuing tokens, or managing transactions through Ethereum-compatible systems, the network could experience an adoption cycle comparable to the early commercial internet. That outcome would strengthen Ethereum’s role as infrastructure for digital finance and deepen ETH’s position as both a productive asset and a settlement token.
