Consensys' Ethereum L2 Linea launches TGE after a brief interruption and performs 9.4 billion token airdrops

According to Coinjie.com, Linea, the Ethereum Layer 2 network built by Consensys, opened the application for its native asset LINEA on Wednesday and held a token generation activity, launching a 90-day window with a deadline of December 9. TGE includes over 9.36 billion LINEAs allocated to qualifying addresses, and any unclaimed tokens will be returned to the Linea Alliance Ecosystem Fund to support the Linea and Ethereum ecosystems. Qualification snapshots were taken in July, while the inspection portal was launched last week. The project says that users must also claim from the same address holding the LXP/LXP-L balance. Ian Wallis, who is responsible for business development, told The Block that the token is designed to reward contributors and fund public goods related to Ethereum. He believes that neutral distribution may attract institutions seeking “risk-adjusted benefits in DeFi.” The network has been operating since July 2023 and is designed as a zkEVM rollup compatible with existing Ethereum applications. The previously announced distribution framework allocates 85% of the supply to the ecosystem, including 10% fully unlocked to early users and builders, and 75% allocated to the team as one of the largest ecosystem funds in the crypto space. The Linea Alliance (members include Consensys, Eigen Labs, ENS, SharpLink Gaming and Status) oversees the fund. There is no team or VC allocation and the token will not be used for on-chain governance. Instead, strategic decisions are handled by consistent agencies. Linea also outlines a cost design that says it is a first in Layer 2. One fifth of all online transaction fees paid in ETH will be destroyed at the protocol level, while the remaining 80% of the fees will be spent on buying and destroying LINEA, which theoretically puts deflationary pressure on the token. The project positioned LINEA as “Silver of ETH”, with native gains on the bridge assets, and the dual destruction mechanism aims to return value to Ethereum Layer 1 over time. Wallis added that Binance Alpha has been integrated with Linea, OKX’s XLaunch is running DEX trading activities, LINEA tokens will be debuted first, and “many Tier-1 exchanges” are scheduled to go public, with more announcements coming later. The Block previously reported that earlier in the day, Linea network experienced a brief service outage. Blockchain data shows that the problem has been resolved before TGE.