ConsenSys Introduces Linea

The Ethereum ecosystem welcomes a new layer-2 scaling solution as ConsenSys begins onboarding partners to its Linea network, which has achieved significant scaling benchmarks during testing.

Linea is a layer-2 scaling network for Ethereum that enables developers to build or migrate decentralized applications.

It operates with zero-knowledge proofs and is equivalent to the Ethereum Virtual Machine (EVM), meaning its applications can interact with the Ethereum blockchain seamlessly.

During the extensive testnet phase, approximately 5.5 million unique wallets conducted over 46 million transactions.

During its testing period, ConsenSys detailed enhancements to Linea’s performance, transaction costs, and user experience.

The gradual alpha release began on July 11 with over 100 partners, and ConsenSys boasts a 15-fold reduction in transaction fees compared to Ethereum’s mainnet.

Linea also integrates with ConsenSys’ Ethereum browser wallet MetaMask, granting Linea users access to its token bridge, swap, and purchase capabilities.

Joseph Lubin, founder and chief executive officer of ConsenSys, cited the number of layer 2 Ethereum scaling protocols and solutions as a critical factor driving the development of Web3 applications and features:

“With the Merge to Proof of Stake and the broad traction of the rollup-centric roadmap, Ethereum L2s are set to play a crucial role in making great advances in scalability and usability.”

The announcement highlights decentralized finance (DeFi) applications migrating to Linea to take advantage of its fast finality, capital-efficient bridge, and security inherited from Ethereum’s mainnet.

In addition, the network provides lower gas fees, high throughput, and low latency, which are essential components for powering nonfungible tokens, blockchain games, and social applications.

ConsenSys also launched its Linea Ecosystem Investment Alliance (EIA), which will see over 30 venture capital firms provide ecosystem builders with capital and advisory assistance.

Linea’s alpha mainnet launch will employ safeguards to protect users, decentralized applications, and the network.

This includes limiting launch partners’ access to the network during the initial week.

ConsenSys plans to launch the network on July 17 with the ETHCC in France. Withdrawal limits may be imposed for the first 90 days.

Before releasing LIna to the general public, the company will conduct a bug bounty and monitor system performance.

In 2023, Ethereum layer 2 will be a significant topic of discussion. In March 2023, the Layer 2 development firm Polygon also goes public with its zkEVM network.

This year, Starknet, whose founder Eli Ben-Sasson pioneered zk-proofs, has prioritized increasing the network’s throughput.