Texas, US, August 16, 2023 — Today, the leading web3 software technology company, Consensys, announces the completion of the public launch of its Layer 2 blockchain solution Linea. This milestone follows the Linea mainnet going live at EthCC in Paris. In the first month of Linea’s mainnet going live, the L2 blockchain saw a record level of on-chain activity with over 2.7 million transactions and $26M of tokens bridged, making it the fastest-growing zkEVM.
As part of the completion of the public launch, Linea has deployed its ERC20 token bridge with a canonical token list that will allow all Third Party Bridge Partners integrated on Linea to empower users across the globe to bridge ERC20 tokens to the Linea Network, unlocking a wave of DeFi applications. To mark this significant event, Linea has collaborated with MetaMask, Banxa, Circle, and Transak to create an offer for early users. For two weeks from August 17th to 31st, Linea users can benefit from a zero network fees and gateway fees rate to on-ramp to the network by using MetaMask’s Buy crypto aggregator to purchase USDC.e. USDC.e is USDC on Linea that has been bridged from Ethereum by Linea’s ERC20 token bridge. For more details, please refer to the terms and conditions.
One month in and Linea Mainnet has seen over 150 partners deploy dapps, more than 100k weekly active users, and more than 2.7M transactions. Linea is currently processing an average of 1.5 transactions per second, at 1/15th the cost of fees on Ethereum mainnet — A price that will continue to shrink as we reduce the rollup costs paid to Ethereum and pass on these cost savings to Linea users.
A Public Release Unleashing New Use Cases
This release makes available on Linea the bluechip ERC20 tokens like stablecoins, liquid staking ETH and memecoins, and unlocks a constellation of new scalable dapps across Decentralized Finance (DeFi), gaming, and identity to decentralized social networks and NFTs. DeFi applications are choosing Linea for its fast finality, capital-efficient bridge, and inherited Ethereum security. NFTs, gaming, and social apps benefit from the zkEVMs EVM Equivalence, low gas fees, high throughput, and low latency.
With Linea now available on MetaMask and other wallets, everyone anywhere can now swap their favorite tokens (including stablecoins), lend and borrow assets, engage with more complex DeFi use cases, and also buy and sell NFTs, including in-game items. They can also leverage the power of Account Abstraction to pay fees with dollar-backed tokens.
To further stimulate innovations on Linea, Consensys launched the Ecosystem Investment Alliance (EIA), an investment syndicate of over 30+ leading venture capital firms to support builders through validated interest, dedicated capital, and a clear pipeline to the network. Builders are encouraged to apply to the EIA here! Finally, as part of the launch the linea team unveiled their first major NFT collection with an open mint for all Voyage participants. To date 27k participants have minted the Omega NFTs, and a total of 350k NFTs have been airdropped to participants who helped to shape and strengthen the network ahead of its mainnet launch—cementing its place as one of the largest collections in Ethereum history.
Declan Fox, Product Lead for Linea, expresses excitement about the alpha mainnet launch stating that: "The public release of Linea is a major milestone, but only the beginning of our continued commitment to collaborate with the broader Linea ecosystem and community, to build a mature rollup secured by Ethereum. The positive response from our launch partners highlights Linea's benefits: ultimate security, unparalleled efficiency, and seamless integration with popular Consensys products like MetaMask and Infura. This reinforces Linea as the top choice for users seeking a cutting-edge zk solution, delivering a frictionless and secure experience for all.”
Linea's Commitment to Security and Progressive Decentralization
Ensuring the security of mainnet alpha is a top concern and an ongoing endeavor. The team behind Linea has established an initial security council to respond to urgent issues, while the team actively pursues a progressive enhancement of the system's decentralization and trust minimization over time.
The roadmap can be broken down into five phases, which the team intends to deliver sequentially in collaboration with the broader Linea ecosystem and community. Each phase moves the Linea network closer to its target state of being a mature rollup secured by Ethereum.
By embracing the challenges of the blockchain trilemma and harnessing the power of zk technology, Linea pioneers a groundbreaking era of progressive decentralization. Through its phased approach, Linea paves the way for an inclusive, secure, and resilient blockchain ecosystem, empowering users and fostering trust in a decentralized future.
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Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform,Infura, Linea, Truffle, Diligence, and our NFT platform, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io.