The Ethereum ecosystem is witnessing the introduction of another layer-2 scaling solution with the onboarding of partners to ConsenSys’ Linea network. Linea, an Ethereum layer-2 scaling network, allows developers to create or migrate decentralized applications for Ethereum. By utilizing zero-knowledge proofs and being Ethereum Virtual Machine (EVM) equivalent, Linea enables seamless interaction between its applications and the Ethereum blockchain. The network has successfully undergone an extensive testnet period, processing over 46 million transactions through 5.5 million unique wallets. ConsenSys has made significant improvements to Linea’s performance, transaction costs, and user experience during this testing phase.
Enhancements and Integration
The alpha release of Linea began on July 11, welcoming more than 100 partners. ConsenSys proudly claims that Linea offers faster throughput and transaction fees 15 times lower than those on Ethereum’s mainnet. Additionally, Linea has integrated with ConsenSys’ Ethereum browser wallet MetaMask, granting Linea users access to its token bridge, swap, and buy functionality.
ConsenSys’ founder and CEO, Joseph Lubin, emphasizes the importance of layer-2 Ethereum scaling protocols and solutions in advancing the development of Web3 applications and functionality. He also highlights the role played by the Merge to Proof of Stake and the growing traction of the rollup-centric roadmap in this advancement.
Migrating DeFi and Powering Other Applications
The announcement shared with Cointelegraph highlights that decentralized finance (DeFi) applications are shifting to Linea to benefit from its fast finality, capital-efficient bridge, and inherited security from Ethereum’s mainnet. Moreover, Linea offers lower gas fees, high throughput, and low latency, making it suitable for powering non-fungible tokens (NFTs), blockchain gaming, and social applications.
ConsenSys has also introduced the Linea Ecosystem Investment Alliance (EIA), which involves more than 30 venture capital firms providing capital and advisory assistance to ecosystem builders.
The alpha mainnet launch of Linea incorporates safeguards to protect users, decentralized applications (DApps), and the network itself. During the first week, only launch partners will be allowed to execute calls to the network. ConsenSys plans to open up the network during ETHCC in France from July 17, with potential limits on withdrawals during the initial 90 days. The firm will conduct a bug bounty and closely monitor system performance before fully opening Linea to end users.
In 2023, Ethereum layer-2 solutions have been a significant topic of discussion. Polygon, a layer-2 development firm, launched its zkEVM network to the public in March 2023. Additionally, Starknet, led by Eli Ben-Sasson, the pioneer of zk-proofs, has focused on increasing the throughput of its network this year.
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