Linea Ecosystem Update: Consensys’ L2 Contender

Summary

• Linea’s TVL has grown to over $31 million, experiencing rapid growth in its user base and on-chain activity.
• Linea is empowering stakeholders through the launch of the Linea Voyage XP Program, a non-transferable SBT that rewards contributions to the ecosystem.
• Linea will unveil its upcoming DeFi Voyage and retroactively allocate Voyage XP to users and dapps that participated in previous Voyages.
• Linea’s DeFi Voyage is poised to deliver a comprehensive six-week immersion into the world of DeFi, catering to both web3 novices and seasoned investors.

In July 2023, Linea unveiled its mainnet alpha release, marking a significant milestone in its journey. With a robust testnet phase involving 5.5 million unique wallets and over 46 million transactions, Linea’s ConsenSys-powered zkEVM rollup has proven itself as a cost-effective Layer 2 network, offering scalability to Ethereum.

Linea empowers developers to seamlessly create scalable decentralized applications (dapps) or migrate existing ones, all without the complexities of altering code or rewriting smart contracts. Following an exclusive launch with Linea’s partners, the alpha release became accessible to the public a week later. Since then, Linea has rapidly ascended to become one of the fastest-growing zkEVMs, greatly enriching the Ethereum user experience. This article examines the key metrics and developments within the expanding Linea ecosystem.

Linea Onchain Metrics

The Linea network is rapidly growing in prominence boasting impressive statistics. A Dune analytics dashboard shows that the Total Value Bridged has surged to 104,219 ETH (equivalent to over $188 million), having also recorded over 13.59 million transactions, according to data sourced from Lineascan.

Total Value Locked (TVL)

Linea Total Value Locked(TVL). Source: DeFiLlama

Linea proudly boasts a consistent and impressive growth in its Total Value Locked (TVL), now standing at an impressive $31.45 million, according to DeFiLlama data.

Daily Active Addresses

Daily Active Addresses chart. Source: Artemis

Data from Artemis reveals that on October 9, 2023, the network experienced a remarkable surge in its daily user activity. The number of unique wallet addresses engaging in transactions within a single day peaked at 78.54k, signifying a burgeoning and active user base.

Daily Transactions

Daily Transaction chart. Source: Artemis

On the very same day, Linea recorded a substantial daily transaction count, with a total of 373.93k transactions taking place on the network. These metrics underscore the network’s growing popularity and robust on-chain performance.

Linea Ecosystem Updates

To ensure progress towards decentralization, Linea is taking active steps by empowering stakeholders through the launch of the Linea Voyage XP Program, a non-transferable Soulbound token (SBT). Linea Voyage XP evaluates the contribution of users and decentralized applications (dapps) who participate in Voyage activations and community development, thereby strengthening the ecosystem.

In addition to the Voyage XP, Linea will unveil its upcoming DeFi Voyage and retroactively allocate Voyage XP to users and dapps that participated in the previous two Voyages. The retroactive issuance of XPs will be substantiated by cryptographic evidence like the Whitelist, Voyage NFT, Linea Gas Passes, or Discord Roles acquired during these activations. These initiatives exemplify Linea’s dedication to the path of decentralization.

A Look at Linea Voyages

Testnet Voyage

Linea kickstarted its journey with the inauguration of its Testnet Voyage back in May. The innovative endeavor provided users with a unique opportunity to delve into the boundless potential of an L2 network. Linea leveraged this voyage to rigorously stress-test the network under the weight of extensive transaction volumes across diverse activities. By the time the mainnet was ready for its alpha release, an impressive 500,000 users had collectively executed 50 million transactions in collaboration with 50 dapp partners over a span of nine weeks. The unwavering support of Linea’s dedicated early community played an indispensable role in honing the network for this significant milestone, and as a token of gratitude for their contributions, Linea distributed a series of tiered Linea Voyage NFTs.

Entertainment Festival

In September, Linea shifted its focus to catalyzing the gaming ecosystem with the inauguration of the Entertainment Festival. This extravaganza introduced over 40 gaming dapps to users, opening doors to exciting gaming opportunities on L2s. Over the course of this six-week festival, more than 100,000 users completed nearly 5 million quests and crafted close to 15,000 game scene designs. In recognition of their contributions to the festival and the growth of Linea’s gaming ecosystem, top gamers were rewarded with Linea Gas Passes and impressive gamer technology.

DeFi Voyage

The spotlight now turns to DeFi, as Linea prepares to embark on its next venture. Unlike its preceding voyages, this DeFi Voyage has been meticulously crafted to be less labor-intensive than the Testnet Voyage, incorporating a more streamlined and organized structure than the Entertainment Festival. This strategic approach reflects Linea’s commitment to responding to the valuable feedback from its community and applying the lessons from previous journeys to ensure a successful DeFi Voyage.

Linea’s DeFi Voyage, a collaborative venture with Intract and MetaMask Learn, is poised to deliver a comprehensive six-week immersion into the world of DeFi, catering to both web3 novices and seasoned investors. The countdown to the DeFi Voyage has commenced, with more details about the voyage and the initial task forthcoming.

Final Thoughts…

With a rapidly expanding user base and impressive on-chain metrics, Linea is making remarkable strides in the blockchain ecosystem, solidifying its position as a leading zkEVM rollup network. Linea’s popularity is on the rise. Moreover, Linea’s commitment to decentralization is evident through initiatives like the Voyage XP Program, designed to empower and reward users and dapps contributing to the ecosystem. As Linea gears up for its DeFi Voyage, the future looks promising, and users eagerly anticipate the further evolution of the promising Layer 2 network.

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