There are a bunch of server and even more client implementations. Yes, @element still has a lot of influence, but The @matrix Foundation is doing it's best to get independent and is funded by a really diverse ecosystem.

For example I'm the founder of a company based in #Dresden building on #matrix. Our Open Source client SDK #trixnity is used in the TI-Messenger of every German public health insurance company but one - so possibly millions of users. We also have an Open Source client #Tammy. Yes, we still have the problem, that Element is recommended by a lot of people but the same problem applies to a lot of Open Source ecosystems including #xmpp.

I'm pretty sure the ecosystem would survive without Element despite the fact that Element is doing a good job in pushing the ecosystem in the right direction despite the VC.