What is Linea?
Linea, a ConsenSys-built Layer 2 network, officially launched its Mainnet Alpha on July 12th. Over two weeks after going live, the Linea ETH Bridge has secured over 17,000 ETH (worth around $32 million), with over 102,000 unique addresses.
ConsenSys stated that it has no plans to distribute Linea Token, but the heat from the previous Linea Voyager airdrop attracted many low-net-worth users after the mainnet launch. According to Dune Analytics data, nearly 86,000 addresses deposited ETH worth less than 0.1 ETH, representing approximately 85% of all addresses.
See More: Overview of ConsenSys Linea Ecosystem
Below are some of featured projects on Linea:
Wallet
Wallet Fluvi
Fluvi is a multi-chain smart contract wallet that garnered considerable attention at the Linea Voyager event. Users can log in using their Google account, with features of private key recovery not required, seamless syncing across many devices, gasless transactions, a transaction shopping cart, a customizable function store, and 2FA protection. Some of Fluvi’s gas-free transaction partners are Velocore, Pancakeswap, Compound, and Sushiswap.
Fluvi reported that it recorded 116,000 downloads and 300,000 bundled transactions and generated 139,000 addresses within this time period. Fluvi will focus on areas such as anonymous syncing, diverse login and 2FA options (such as passkey, Apple, Twitter, Ledger, TOTP, passkey, and other 2FA options), fault protection options, Omnichain Gas Tank, which allows any token to be used as gas payment and key fields such as mobile APP in the future.
Third-Party Bridge
Owlto Finance
Linea’s official account has often retweeted Owlto, a third-party cross-chain bridge. Owlto supports cross-chain operations between Linea and Ethereum, Arbitrum, Arbitrum Nova, Optimism, and zkSync Era. Its fees include bridge fees paid to the platform and liquidity providers, as well as gas costs. Furthermore, compared to Cross-Rollup bridges based on Rollup, asset transfers on Owlto are carried out directly between two EOA addresses without interaction with smart contracts. It means that the sender connects directly with the liquidity provider’s EOA address.
Beosin, Owlto Finance’s security audit, states that its basic contract passed the GPT4 test.
Merkly
Merkly, which is supported by LayerZero, enables users to perform Omnichain NFT/Omnichain FT cross-chain operations between Linea and 11 other chains, including Optimism, Avalanche, Polygon zkEVM, BNB Chain, Metis, Fantom, Kava, Arbitrum, Polygon, Base, and Mantle. Merkly also allows for gas exchanges across multiple public chains. With almost 2,100 transactions in the previous 24 hours, Merkly ONFT transfers are the second most active ERC-721 activities on the Linea chain, after only domain names.
DeFi
LineaBank
LineaBank is a Linea-based native lending platform that now has the highest TVL protocol on Linea. With approximately 3,000 ETH in liquidity, it is also the second-largest ETH contract on the network. This platform employs an over-collateralization player-to-protocol model. LineaBank users can easily collateralize assets, lend funds, and receive LAB Tokens as a reward. Users will also get sTokens, representing a proportional portion of the lending pool. The value of the sTokens will rise over time as interest is accrued; when the user repays the loan and withdraws the collateral, they will receive both the initial collateral and the added value.
LineaBank’s primary lending and borrowing assets are currently ETH. LineaBank has 7,042 ETH deposited and 4,022 ETH lent as of July 25, with a deposit APY of around 4.015% and a loan APY of -8.787%. LineaBank is now in the pre-mining stage for LAB, which will last through August 11. To increase liquidity, they are deploying 3 million LAB, or 3% of the supply, as lending and borrowing rewards.
LineaBank has been KYC (Know Your Customer) certified by Cyberscope and audited by PeckShield. Among its partners are IZUMI, LBank, Insolvent Capital, and others.
HorizonDEX
HorizonDEX is one of the Linea chain’s most widely utilized native DEXs. Its current TVL is around 1.67 million US dollars, with approximately 70% of that amount concentrated in the BUSD/ETH LP Pool. On July 24, the trading volume hit 2.37 million US dollars, earning nearly $7,000 in fees. HorizonDEX charges fees ranging from 0.3% to 1% for every transaction.
Furthermore, HorizonDEX has introduced a user loyalty program in which every $1 in trading volume or $1 increase in liquidity every 24 hours earns 1yHZN. The more one trades and the more liquidity there is, the more future airdrop rewards are available. This reward program has been going on from July 19 to August 2. However, the HZN Token contract has not yet been formed.
SOLIDProof, DEFIMOON, and Hacken have all audited HorizonDEX’s security, and its ecosystem partners include OKX and Arc Finance, among others.
EchoDEX
EchoDEX asserts that it is the first DEX developed on the Linea. Its current TVL is over $780,000 USD, with mainly in the ECP/ETH, LIN/ETH, and BUSD/ETH Pools, with the BUSD/ETH Pool holding 27,000 ECP prepaid platform fee rewards. It has a total trading volume of 2.3 million US dollars. It’s worth noting that LineaSwap (LIN), another DEX on Linea, also claims to be the first.
EchoDEX’s fee structure is divided into three scenarios. First, users who do not own any platform currency ECP pay a 0.3% transaction fee, with the fee allocated evenly to the community fund, the treasury fund, and the EchoDEX team. Second, users holding ECP can utilize ECP as transaction fees, with transaction fees decreased to 0.1%. EchoDEX will buy ECP to put into the Community Pool Fund (CPF) to pay user fees.
The EchoDEX ECP Token has recently been released and is primarily used for transaction fee discounts, farming and staking incentives. Furthermore, it can be gained as an airdrop reward by earning points by accomplishing platform trades and liquidity tasks.
EchoDEX has been audited for security by Secure3, and seeks partnerships with major exchanges for listing in the fourth quarter of this year.
NFT Marketplace
Zonic
Zonic, a multi-chain L2 NFT marketplace built by the Optimism NFT project, Apetimism, is an official partner of Linea NFT. Aside from peer-to-peer trading, Zonic offers a Launchpad (which is shared with Apetimism’s Launch), an insights dashboard, and task features. Zonic has completed over 300 ETH in NFT volume across six L2 public chains, including Linea, and has paid creators a total of 5.83 ETH in fee revenue and 7.58 ETH in market fees. Linea alone completed approximately 30 ETH in NFT volume, paid 1.27 ETH in fee revenue to creators, and collected 0.73 ETH in market fees.
Despite the fact that Zonic gained a significant market share after starting on Linea, the current Linea NFT market is still quite modest. Zonic’s NFT volume in the Linea NFT market is mostly centered on LineaPunks, LineaApes, LineaFrens, and LNS, among other products.
Domain Name
Name Service Linea
As the first domain name service provider on the Linea chain, LineaNS is backed by Star Protocol, a BNB Chain Hackathon winner. The cost of registering a four-digit domain for one year with LineaNS is currently around 0.0526 ETH, while the cost of registering a domain name with five or more digits is 0.0026 ETH, with the current floor price on Zonic being 0.0033 ETH. AC Capital, Youbi Capital, MEXC Pioneer, and OKX are among the investors in LineaNS (or Star Protocol).
Game
Battlemon
Battlemon is a Linea mainnet on-chain game that presently includes basic functionality and gameplay such as a shop, mining, and crafting. Although the game is still in its early stages, it contains a developing mining system centered on gems and tools (such as level, sharpness, and probability). Battlemon also aims to create many mini-games and a “Fight Club” where players can compete.
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