In this article, we will delve into the Linea Ecosystem, highlighting intriguing and essential Dapps available on it!
What is Linea? A ZK-Rollup Solution by ConsenSys
Linea is a ZK-Rollup scaling solution developed by ConsenSys, a leading blockchain software company. It aims to address the scalability and security challenges of the Ethereum mainnet by providing a more efficient and secure way to process transactions.
Linea utilizes ZK-Rollup technology, which bundles multiple transactions together and generates a cryptographic proof that can be verified on the Ethereum mainnet. This allows for faster and cheaper transactions while maintaining the security of the underlying blockchain.
Linea is a rising star among L2 solutions. Since its launch in July 2023, it has witnessed rapid ecosystem growth and user adoption, becoming the third-largest zk-rollup L2 by TVL, reaching a staggering $567 million.
If you’re intrigued by the dApps on Linea but don’t know where to start, let’s explore some of the remarkable projects on this burgeoning platform!
Top DApps Within the Linea Ecosystem
Linea boasts a diverse and dynamic ecosystem brimming with innovative projects. Beyond DeFi, you’ll find bridges, social platforms, developer tools, and NFT marketplaces, all working together to propel Linea’s growth. Let’s explore some of the key players shaping the future of this thriving L2 network:
Lynex
Lynex is a decentralized exchange (DEX) and liquidity marketplace on Linea, serving as a platform for users and DAOs to participate in diverse activities within its vibrant protocol ecosystem.
On Lynex, users can engage in token swapping and provide liquidity to earn $LYNX rewards, as well as participate in voter bribery to influence token emission. Currently, Lynex is the largest DEX on the Linea network, boasting a TVL of $23 million.
Renzo
Renzo is a liquidity staking protocol based on EigenLayer. By restaking ETH or WETH on Renzo, users will receive ezETH and earn ETH staking rewards. In addition, users can also accumulate EigenLayer and Renzo Points, which will be used as the basis for future EigenLayer and Renzo airdrops.
Driven by the expectation of airdrops and the rising price of ETH, Renzo’s TVL has continued to rise, and it has become the restaking protocol with highest TVL on Linea, reaching $97 million.
Mendi Finance
Mendi Finance, a decentralized lending protocol on Linea, caters to individuals, institutions, and other protocols seeking financial services. It operates as an open-source platform where users can deposit assets, leverage them as collateral, and borrow funds.
For asset suppliers, Mendi Finance offers impressive APYs: over 20% for USDT, more than 15% for USDC, and 10.2% for WETH (users can accumulate Renzo’s ezPoints simultaneously).
Deri
Deri, as implied by its name, is a DeFi protocol specializing in derivatives trading. It provides an all-in-one platform for on-chain hedging, speculation, and arbitrage, currently supporting four main types of derivatives: futures, options, power perpetuals, and Gamma swaps. Meanwhile, Deri caters to diverse customer needs by offering two trading modes: Lite and Pro.
While options trading is relatively nascent in the DeFi space, Deri mainly offers products centered around BTC and ETH. Despite this, Deri has emerged as the largest derivatives protocol on Linea, boasting a TVL of $14 million.
Linea Name Service
Linea Name Service is the omniname service on Linea allows users to secure a unique domain across all blockchains by registering a name.
Once you input your preferred name and confirm its availability, you can proceed to register the domain for your chosen duration. Currently, the cost to register a domain for one year is approximately $8.
TOMO
Tomo is the leading social wallet on Linea. It aims to transform users’ online identities into a universal social wallet, promoting authentic, spam-free connections and financial rewards.
Tomo borrowed some features from friend.tech. By purchasing a “Key,” users can directly engage with creators, participate in private discussions, and explore the new digital art with Tomoji.
Tomo also uses ERC-4337 technology, allowing users to deposit ETH through various chains. The platform provides automated bridging to the Linea chain.
XY Finance
XY Finance is a cross-chain bridge aggregator that operates on 20 EVM chains. XY Finance’s user-centric approach allows for easy token swaps between different chains, ensuring the best route and optimal prices for users.
Through XY Finance, users can effortlessly transfer assets to Optimism and explore the diverse Dapps on the Optimism network. This article will conclude with a detailed guide on how to use XY Finance!
Interacting with Dapps on Linea! Unlock Potential Airdrop Rewards
According to the official FAQ from Linea, they do not have any plans to launch their own token. Currently, ETH is used as the native token on Linea, for users to pay transaction gas fees.
However, Linea has already held a variety of ecosystem events where users can accumulate LXP by participating regularly. The community generally considers these points as the basis for future airdrops. Therefore, actively using Dapps on Linea may potentially bring you airdrop rewards!
(Curious about how to qualify for Potential Linea Airdrop? Just check our Linea Airdrop Guide! )
How to Bridge Tokens to Linea?
After exploring the key Dapps on Linea, the final step is to transfer your assets to Linea.
As mentioned earlier, XY Finance provides a seamless and efficient method for bridging assets to Linea. Don’t waste your time! You can now bridge tokens to Linea with this simple guide:
- Visit XY Finance and connect your Wallet.
- Select the network you want to transfer tokens from (Ethereum, Polygon, Arbitrum, Avalanche, Optimism + 15 others).
- Select the token you want to bridge from your network to Optimism and input the amount.
- Review and confirm the transaction. Your tokens will arrive in under 5 minutes.
(Encountering any problems while bridging? Check out our comprehensive tutorial.)
You’re all set! Start exploring the Linea ecosystem now!
About XY Finance
XY Finance is a cross-chain interoperability protocol aggregating DEXs & Bridges. With the ultimate routing across multi-chains, borderless and seamless swapping is just one click away.
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