ConsenSys, the prominent Ethereum software company, has officially launched the token generation event (TGE) for its Layer-2 network, Linea.
The launch includes a substantial airdrop of over 9.36 billion LINEA tokens, a move that is expected to not only reward early adopters and developers but also to kickstart a new chapter for the Ethereum ecosystem.
The race for Layer-2 dominance intensifies
Linea is a zkEVM rollup, a sophisticated technology designed to scale Ethereum by bundling transactions off-chain and then submitting a cryptographic proof of their validity to the mainnet. What sets Linea apart is its compatibility with existing Ethereum applications, allowing developers to seamlessly migrate or build new decentralized applications (dApps) without significant changes to their code. This ease of use is a key factor in attracting projects and users, as demonstrated by the network’s rapid growth since its initial operational launch.
The project has an “ecosystem-first” approach, with a significant 85% of the token supply allocated to the community, including a 10% portion fully unlocked for early users and builders. A core element of the token design is its deflationary mechanism. One-fifth of all network transaction fees, paid in ETH, will be burned at the protocol level, with the remaining 80% used to buy and burn LINEA tokens. This dual burn mechanism is intended to create a continuous deflationary pressure on the token supply, while also sending value back to the Ethereum Layer 1, aligning the incentives of both networks.
The project’s team has emphasized that the token’s purpose is to fund Ethereum-aligned public goods, further solidifying its commitment to the broader ecosystem. As the race for Layer-2 dominance intensifies, Linea’s TGE and unique design are setting a new standard for how a scaled-up Ethereum can function.
Source: https://coinidol.com/consensys-linea-goes-live/
