ConsenSys-Backed Layer 2 Linea Unveils Zero-Knowledge zkEVM Rollup with ERC-20 Token Bridge

By 0xK2 08/16/23 11:03 PM

Layer 2 Linea has marked a groundbreaking milestone with the official launch of its mainnet, accompanied by the deployment of an ERC-20 token bridge. Linea’s zero-knowledge Ethereum Virtual Machine (zkEVM) rollup solution promises to revolutionize the DeFi landscape and usher in a new era of efficiency, speed, and affordability.

Enabling Third-Party Bridges and Expanding DeFi Horizons

The deployment of the ERC-20 token bridge not only solidifies Linea’s presence but also opens its doors to third-party bridges seeking to integrate with its network. This strategic move is expected to spark a wave of innovation within the DeFi sector, as developers and creators now have the opportunity to leverage Linea’s robust infrastructure to build and launch a diverse range of decentralized applications.

One of the immediate outcomes of this integration is a boon for users of MetaMask’s Buy crypto aggregator. Over the next two weeks, these users will enjoy a reprieve from network fees when on-ramping the USD Coin (USDC.e), a wrapped version of Circle’s dollar-backed stablecoin. This initiative further demonstrates Linea’s commitment to user experience and accessibility, providing a glimpse into the potential that zkEVM rollups hold for mainstream adoption.

Ethereum’s Dazzling Constellation of Rollups

Linea stands among the illustrious lineup of rollup solutions within Ethereum’s ever-expanding ecosystem. Since its debut in July, the network has rapidly gathered momentum, attracting over 150 decentralized applications (dApps) to its fold. Remarkably, the platform has garnered an impressive weekly active user base of over 100,000, reaffirming the allure of zkEVM rollups.

According to L2 Beat, an authoritative source on layer-2 solutions, Linea has processed approximately $2.8 million in transactions within the past month. The platform’s total value locked (TVL) currently stands at $31.63 million, constituting approximately 0.3% of the aggregate market share across all Ethereum layer-2 solutions.

Empowering Developers with Familiarity and Innovation

Linea’s uniqueness lies in its adherence to Ethereum’s core design principles while introducing accelerated transaction speeds and reduced costs. Declan Fox, Linea’s esteemed product lead, elucidates that Linea functions as a “type 2” zkEVM, ensuring compatibility with existing Ethereum applications. For Solidity developers, transitioning to Linea is seamless, as the platform maintains a familiar development environment akin to Ethereum’s.

Amidst its ongoing accomplishments, Linea is not resting on its laurels. The Linea team is actively engaged in the development of Vortex, an innovative prover technology. Vortex adopts a two-step approach, incorporating both an inner proof and an outer proof. Utilizing lattice-based cryptography, the inner proof is rapidly generated and subsequently compressed iteratively through self-recursion, culminating in an outer proof settled on the Ethereum network. This revolutionary mechanism allows for the swift and cost-effective production of proofs, underscoring Linea’s commitment to efficiency and affordability.

Furthermore, Linea is actively exploring avenues to harness the potential of besu as its execution client, thereby advancing the platform’s journey towards decentralized network nodes.

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