After years of exploring the Linea landscape, the $LINEA token has finally arrived via airdrop.
Whether you own $LINEA, use the network or are just curious to understand what makes it so different in comparison to other L2 tokens, then let us unravel everything you need to know!
What is Linea?
First launched in July 2023, LineaBuild is an Ethereum Layer 2 network that was built by Consensys, the same team that created leading Web3 wallet MetaMask, and other powerful Ethereum-focused products.
Linea’s mission is to become the go-to network for $ETH capital, for both retail and institutional investors!
How Does Linea Work?
All Layer 2s promise they have the best scaling solution for Ethereum, but what if Linea actually did?
From capital-efficient native yield to $ETH and $LINEA token burns, Linea has created a one-of-a-kind network that drives growth for both its own Layer 2 and the Ethereum Layer 1.
The impeccable dual-burn mechanism drives value for both Linea and Ethereum for every transaction that occurs on the Linea Layer 2.
20% of the fee is burned as the $ETH token, and 80% is used to buy back $LINEA on the open market to then burn them into oblivion, making $ETH and $LINEA scarcer by the transaction.
As for the capital-efficient native yield, here’s where things get interesting…
Unlike other Layer 2s, when you bridge to Linea, your $ETH automatically gets natively staked on Ethereum, which passively generates staking rewards. Those rewards are then redistributed to liquidity providers and the ecosystem!
Oh, and don’t worry, your $ETH remains liquid, and you can swap, bridge, and do whatever you want. It’s just $ETH with a little upgrade…
Linea Ecosystem & Stats
Linea is a zkEVM rollup striving to create the perfect on-chain experience for $ETH HODLers. They boast blazing speed and ultra-cheap transactions with Ethereum-grade security, and are home to over 10.17M users who believe in that ‘somETHing’ special.
On average, Linea is facilitating around 200k transactions per day through its native hub and ecosystem of around 180 dApps. Aave, Uniswap, you name it, your favourite ETH-native protocols are on there.
The question you’re probably asking now is, can Linea uphold network activity now that their airdrop has gone live?
Well, according to this tweet from Joseph Lubin, $LINEA HODLers can expect future surprises from both MetaMask and Linea. This will come in the form of tokens, but “mostly” in other tokens, so there could very well be another $LINEA airdrop on the table.
Is it worth the HODL?
Each to their own is the answer to that one. Do you believe in that somETHing they are offering?
$LINEA Token
To set things straight, $LINEA is neither a gas token nor a governance token (right now). $LINEA is used to fund builders, users, liquidity providers, and Ethereum public goods. Also, as we mentioned, revenue from the network is used to buy back and burn $LINEA tokens.
Conclusion
At the time of writing, the $LINEA token is trading at $0.02865 with a market cap of $443.7M. Since its TGE, which occurred on September 10th, $LINEA has declined roughly 38.41% from its ATH of $0.04657. With over 700k+ users claiming the $LINEA airdrop, who knows what the future holds?
Official Linea Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
