ConsenSys, the creator of diverse blockchain products like MetaMask and Infura, launched a zkEVM Layer2, Linea, last year, entering the competitive L2 arena. This article will provide you with a comprehensive understanding of Linea’s features and benefits, and guide you step-by-step into the Linea ecosystem!
What is ConsenSys? Exploring Its Relationship with Linea
Consensys, a blockchain software company founded in 2014 by Ethereum co-founder Joseph Lubin, is dedicated to developing the Ethereum network ecosystem and has created many Ethereum development tools and related applications.
Among the many products of Consensys, the most famous is the blockchain wallet MetaMask, easily recognizable by its lively fox logo. Since its launch, MetaMask has attracted a substantial user base, now boasting over 30 million active users. Additionally, Consensys’s blockchain development platform, Infura, is also popular among developers, with registration numbers reaching 400,000.
Beyond products for general consumers, Consensys also provides consultancy services to global corporations like Microsoft and Shell, helping them implement blockchain solutions successfully in their respective industries.
What is Linea? Unveiling ConsenSys’s zkEVM Layer2 Solution and Its Impact
Linea, developed by the ConsenSys team, is a zkEVM Layer2 (L2) solution aiming at combining the security and performance of zkProofs with full EVM compatibility. In this way, developers can easily build scalable dApps or migrate existing ones to Linea. It also offers users a more efficient and cost-effective transaction environment compared to Ethereum mainnet.
Despite a later launch date (July 2023) compared to other zkEVM L2s like Polygon zkEVM and zkSync Era, Linea has garnered a substantial developer base, thanks to ConsenSys’s reputation and technical support, as well as its developer-friendly environment.
Moreover, official initiatives like the Linea Voyage campaign have been instrumental in guiding users on how to utilize various apps within the Linea ecosystem, also attracting those interested in potential airdrops.
In just six months since its mainnet launch, Linea has achieved significant milestones:
- Over 2.2 million unique users
- More than 280 ecosystem apps
- Total Value Locked (TVL) exceeding $190 million
- Over 37 million total transactions
These figures highlight Linea’s strong presence in the competitive landscape of Layer 2 solutions!
Evaluating Linea: A Major Ethereum Scaling Solution?
In the ever-evolving realm of L2 blockchain solutions, Linea distinguishes itself with its distinct characteristics and challenges. We’ll delve into what makes Linea unique, exploring its advantages and disadvantages to grasp its influence in the blockchain sphere.
- Easily Migratable – With bytecode-level compatibility, Linea ensures that existing Ethereum applications can be seamlessly migrated.
- Advanced ZK Technology – Utilizing the latest zero-knowledge technology, Linea delivers boundless scalability, rapid transaction confirmations, and secure privacy.
- Cost-Effective – Transactions on Linea are significantly cheaper than on the Ethereum mainnet, often costing just a few cents.
- Well-Funded – Consensys has raised $726 million in multiple funding rounds, with notable investors like Microsoft, Softbank, and Temasek, ensuring that Linea will have abundant financial and resource support for its future development.
- Substantial Tool Support – As a ConsenSys product, Linea integrates seamlessly with tools like MetaMask and Infura. Linea’s mainnet is pre-configured in MetaMask, and developers benefit from using Infura’s API for rapid DApp deployment.
- Fierce Rivalry – The Layer-2 sector is considered one of the most competitive areas in crypto, with contenders such as Arbitrum and Base vying for dominance in the L2 space.
- Challenges in Implementation – The deployment of Zero-Knowledge Proofs (ZKPs) is intricate and demands substantial resources, needing specialized expertise and considerable computational power.
- Upfront Costs – The initial setup expenses for ZKPs can be a hurdle for certain projects, presenting an entry barrier.
Linea’s Future Outlook: Advancing in Layer2 and the Prospect of Airdrops
Compared to other Layer-2 solutions, Linea, backed by ConsenSys, has distinct advantages in terms of resources and online traffic. Despite the current L2 landscape being dominated by Optimistic Rollups like Arbitrum and Optimism, it’s undeniable that the overall development of L2 is gradually shifting towards zk technology, with Linea emerging as a strong contender.
Furthermore, throughout its testnet phase and since the mainnet launch, Linea has engaged and educated users about its ecosystem through “The Linea Voyage” campaign. The points earned from these campaigns are widely regarded by the community as potential indicators for future Linea airdrops. With the allure of these airdrops still in play, Linea is poised to continue attracting new users.
What is Linea Voyage XP?
To acknowledge the contributions of community members to the growth of the Linea ecosystem, the Linea team will airdrop soulbound tokens called Linea Voyage XP (LXP) to users. Voyage XP tokens do not hold any monetary value, are non-transferable, and cannot be bridged to other networks. However, within the Linea community, they are generally seen as a basis for potential future Linea airdrops, and they can be obtained by anyone who has participated in past Linea Voyage Campaigns.
How to Get Linea Voyage XP?
According to Linea’s official statement, eligible users need to pass the Proof of Humanity by 1/22 to qualify for future receipt of Linea Voyage XP.
Participants of the Linea DeFi Voyage have already received the Linea Voyage XP airdrop on 1/27. Users who have participated in other Linea campaigns will also gradually receive airdrops in the future.
Linea vs. other L2 solutions
According to L2BEAT data, Linea ranks 10th in TVL among all Layer 2s. While this ranking isn’t particularly high, Linea stands second in the zkEVM L2, trailing only behind zkSync Era, which launched four months earlier.
Comparative Analysis of L2 Solutions: Linea vs others
Further comparisons of Linea with other mainstream L2s using zk-Rollup technology show that Linea leads in metrics like TVL, 30-day transaction amount, and total unique addresses, with its main competitor still being zkSync Era.
However, it’s noteworthy that The Linea Voyage campaign concluded at the end of last December, which has impacted Linea’s recent transaction numbers. Although the 30-day transaction amount is still at 13.3 million, the Daily TPS has dropped to just 1.5.
|30D TX Amount
|Total Unique Address
Ecosystem on Linea
Since its launch in July 2023, the Linea ecosystem has experienced swift growth. We have carefully selected a variety of significant projects for you to explore, showcasing important advancements and potential applications.
Dex – Xfai
Xfai is a decentralized exchange, based on a new type of double-weighted constant product market maker model. Users are able to trade assets on the Xfai DEX with minimal slippage, provide liquidity, as well as participate in staking.
Lending – Mendi Finance
Mendi Finance is a decentralized lending protocol for individuals, institutions and protocols to access financial services. It is a permissionless, open source protocol serving users on Linea. Users can deposit their assets, use them as collateral and borrow against them.
Derivatives – Satori
Satori is a decentralized financial derivatives platform that features an “off-chain aggregation and on-chain settlement” design, combining the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.
Tool – Linea Name Service
The first omniname service on Linea allows you to secure your unique domain across all blockchains by registering a name.
Social – TOMO
Tomo is an innovative Web3 SocialFi application that directly connects influencers and followers, thereby empowering creators to monetize their content. In turn, fans get exclusive access to creators’ feeds, chat rooms, and direct messages.
Besides the mentioned protocols, Linea hosts a multitude of other protocols ripe for exploration by users. All of these can be accessed through the official Linea ecosystem website!
How to bridge to Linea?
After getting acquainted with Linea and its ecosystem, you’ll be set to bridge your assets and start your journey!
The process of bridging to Linea is straightforward. We suggest using XY Finance for its superior multi-chain routing capabilities, enabling effortless and boundless swapping with just one click.
Compared to Lineal’s native bridge, which only supports cross-chain between ETH and Linea, XY Finance is definitely a more convenient and efficient option for users.
(Fully understand XY Finance: What is XY Finance? The cheapest cross-chain bridge aggregator that operates on 20 EVM chains)
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 Linea 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.)
All set now! Let’s press the button and embark on your adventure through the Linea universe!
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.