Linea: Consensys L2 Ethereum officially launched

Joseph Lubin Ethereum

Joseph Lubin – co-founder of Ethereum and CEO of ConsenSys during PBW 2023 – ©

With 150 partners and a TVL greater than 30 million dollarsthe Linea Layer 2 network is now fully functional. Consensys targets in particular DeFi applications.

Ethereum now has a network layer 2 zero-knowledge proofs more. A competitor has arrived, and not a small one at that. Behind Lineathe following Consensysthe company of Joe Lubin, the co-founder ofEthereum.

In July, Linea’s Mainnet Alpha made its debut. Now, in line with the roadmap, the public network is fully open.

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ERC20 token bridge goes live

Linea poster one month of operation. And for its creator, adoption is unquestionably on the up. Consensys claims nearly 3 million transactions for a TVL today exceeding $30 million. According to NFTScan, more than 8,000 NFT have already been launched on the network.

Summary: Linea is “the fastest-growing zkEVM “. As part of the finalization of its public launch, the project has completed a major milestone by deploying its ERC20 token bridge. The bridge is accompanied by a “canonical list of tokens”.

These components are key. Through them, Linea’s “Third Party Bridge Partners” enable users to integrate ERC20 tokens into the network, unlocking “a wave of DeFi applications”.

Costs set to fall on Linea

However, one month’s use is not enough to guarantee the success of an L2 network. Consensys has therefore teamed up with leading partners: MetaMask, Banxa, Circle and Transak. The aim is to create an offer for early adopters.

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The Lubin-led publisher thus announces the free of charge (network and gateway) from August 17 to 31 for Linea users. Free, but not for everything. No charge applies to USDC.e purchases from MetaMask.

Please note thatUSDC.e is a USDC on Linea that has been connected to Ethereum via L2’s ERC20 token bridge. And to motivate usage, Consensys adds that the network enables more transactions to be managed for one cost divided by 15 compared with the Ethereum mainnet.

L2 for stablecoins, staking and memecoins

What’s more, this rate should continue to fall “as we reduce the rollup costs paid to Ethereum and pass these savings on to Linea users”, promises the publisher.

Thanks to LineaConsensys aims to provide a technical response to existing needs (stablecoins, liquid staking tokens and other memecoins), but also to enable the development of new use cases (DeFi, gaming and decentralized identity, etc.).

DeFi applications choose Linea for its speed, capital-efficient bridge and legacy Ethereum security. NFT, gaming and social applications benefit from zkEVM EVM equivalence, low gas charges, high throughput and low latency,” boasts ConsenSys.

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