Linea: Everything You Need to Know About the Ethereum Layer-2 Network Airdrop and Token

Ethereum layer-2 network Linea goals to make use of its upcoming LINEA token as an incentive to attract the world’s capital to Ethereum. 

Described by backers as probably the most Ethereum-aligned layer-2 community, Linea will provide native yield to ETH stakers, in addition to an ecosystem fund made up of round 54 billion LINEA tokens to attract customers to its community. 

Linea’s long-awaited token technology occasion (TGE) is approaching September 10. Right here’s a have a look at every little thing you have to find out about what the LINEA token is and who can declare it.

What’s the LINEA token?

Distributed by Swiss nonprofit the Linea Affiliation, LINEA is the native token of the Ethereum layer-2 community of the identical identify. The community was developed by Ethereum software program growth agency, Consensys, and Linea is described an “extension” of the established layer-1 community. (Disclaimer: Consensys is one of 22 investors in an editorially unbiased Decrypt). 

In contrast to different layer-2 community tokens, LINEA is not going to act because the native gasoline token for the Linea community. As an alternative, Linea will use ETH as its gasoline token to pay transaction charges. The LINEA token additionally differentiates itself from different layer-2 community tokens, because it doesn’t have any governance powers and it’s topic to a buyback and burn mechanism. 

In different phrases, utilizing a portion of the ETH income it earns from transaction charges, the community will purchase LINEA and subsequently burn it, or successfully take away it from the circulating provide. 

The token will preserve a complete provide of 72,009,990,000 LINEA, or 10 occasions the preliminary circulating provide of Ethereum. 

When is LINEA dropping?

The LINEA token technology occasion (TGE) will happen on September 10, at which level any eligible airdrop contributors can start the declare course of. 

Eligible events can have as much as 90 days to assert their LINEA tokens. After that point, any unclaimed LINEA tokens will probably be added to the ecosystem fund and subsequently distributed by the Linea Consortium. 

Who will get the LINEA airdrop?

The LINEA token will probably be distributed in three main buckets: early customers, ecosystem contributors, and the Consensys treasury. 

10% Early Adopters

Early customers of Linea’s community that earned factors through the Linea Voyage and Linea Surge campaigns are eligible to assert their respective share of round 10% of the LINEA provide. With a view to be eligible, marketing campaign contributors will need to have achieved at the very least 2,000 factors within the Voyage marketing campaign and 15,000 factors within the Surge marketing campaign. 

This standards and the elimination of round 800,000 sybil wallets, or those that tried to recreation the system to earn the token, left round 750,000 eligible wallets to separate 9.3 billion LINEA tokens. 

An additional 1% of the early adopters bucket is put aside for strategic builders within the Linea ecosystem, however these tokens will probably be straight distributed and won’t be claimed as a part of the airdrop.

An airdrop eligibility checker was launched by Linea on September 3. 

75% Linea Ecosystem Contributors

The biggest chunk of LINEA tokens, 75% of the overall provide, will probably be awarded to energetic contributors throughout the Linea ecosystem and distributed by a collective physique of Ethereum-aligned entities dubbed the Linea Consortium. 

Made up of companies like publicly traded Ethereum treasury SharpLink Gaming, ENS Labs, Eigen Labs, and Consensys, the consortium is remitted to distribute the ecosystem fund to these serving to propel the Linea community and Ethereum. 

“It’s customers, it’s builders, it’s liquidity suppliers, it’s establishments, it’s creators… something or anybody that’s going to assist make Ethereum and Linea profitable,” Head of Linea Declan Fox told Decrypt in July. 

Small parts of the 75% have already been permitted for distribution by the consortium, together with 4% at TGE for liquidity suppliers in the course of the Linea Surge occasion. Distribution of an extra 1 billion LINEA tokens was permitted as a part of Linea Ignition, a liquidity bootstrapping occasion working by way of October 26. 

15% Consensys Treasury

The ultimate 15% of the LINEA provide is put aside for Consensys, the event agency that incubated the layer-2 community. All 15% of the tokens put aside for the software program agency are locked up for 5 years.