ConsenSys, a prominent blockchain technology company, has introduced Linea zkEVM, a scaling network aimed at further enhancing the scalability of the Ethereum blockchain. Linea has demonstrated faster throughput and significantly lower transaction costs compared to Ethereum’s layer 1.
Linea is a layer-2 scaling network for Ethereum that leverages zero-knowledge proofs. It allows developers to build or migrate decentralized applications seamlessly onto the Ethereum blockchain. During an extensive testnet phase, Linea processed over 46 million transactions involving approximately 5.5 million unique wallets. ConsenSys has outlined performance improvements in terms of transaction costs, user experience, and overall network efficiency throughout the testing period.
The alpha release of Linea began on July 11, with over 100 partners joining the network. ConsenSys boasts faster throughput and transaction fees that are 15 times lower than those on Ethereum’s mainnet. Additionally, Linea integrates with ConsenSys’ popular Ethereum browser wallet, MetaMask, granting Linea users access to token bridge functionality, swapping, and buying capabilities.
Joseph Lubin, the visionary founder and CEO of ConsenSys, underscores the significant role that layer-2 Ethereum scaling protocols and solutions play in advancing the capabilities of Web3 applications. He emphasizes the alignment of ConsenSys’ Linea launch with Ethereum’s ongoing roadmap, which encompasses vital developments such as the transition to Proof of Stake and the widespread adoption of rollups. Lubin’s recognition of these scaling advancements reflects his commitment to fostering a robust ecosystem that propels Ethereum’s growth and enhances its potential for decentralized innovation.
Linea’s launch has garnered attention from decentralized finance (DeFi) applications, which are eager to leverage its fast finality, efficient bridge for capital movement, and inherited security from Ethereum’s mainnet. The network also 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 unveiled the Linea Ecosystem Investment Alliance (EIA), where more than 30 venture capital firms will provide capital and advisory support to ecosystem builders within the Linea network.
To ensure a secure and stable environment, Linea’s alpha mainnet release incorporates safeguards to protect users, decentralized applications (DApps), and the network itself. Initially, only launch partners will be permitted to execute calls on the network during the first week. ConsenSys plans to progressively open up the network, with a full public release scheduled during the ETHCC event in France starting from July 17. Some withdrawal limitations may be implemented during the initial 90 days, and ConsenSys will conduct a bug bounty program and closely monitor system performance before opening Linea to end users.
The focus on Ethereum layer-2 scaling solutions has been a prominent theme in 2023. Polygon, a leading layer-2 development firm, introduced its zkEVM network in March 2023, while Starknet has been dedicated to increasing the throughput of its network this year under the guidance of its founder, Eli Ben-Sasson, a pioneer of zk-proofs.
