ConsenSys Launches Linea zkEVM to Enhance Ethereum Scalability
ConsenSys, a prominent blockchain technology company, has introduced Linea zkEVM, a scaling network designed to enhance the scalability of the Ethereum blockchain. Linea offers improved throughput and significantly lower transaction costs compared to Ethereum’s layer 1.
Linea functions as an Ethereum layer-2 scaling network that utilizes zero-knowledge proofs. It is fully compatible with the Ethereum Virtual Machine (EVM), enabling seamless interaction between Linea applications and the Ethereum blockchain. During its testnet phase, Linea recorded over 46 million transactions carried out by 5.5 million unique wallets.
The alpha release of Linea began on July 11, attracting more than 100 partners. ConsenSys claims that Linea offers faster throughput and transaction fees that are 15 times lower than those on Ethereum’s mainnet. Additionally, Linea integrates with ConsenSys’ popular Ethereum browser wallet, MetaMask, providing Linea users access to token bridge, swap, and buy functionalities.
Joseph Lubin, the founder and CEO of ConsenSys, emphasized the importance of layer-2 Ethereum scaling protocols in driving the development of Web3 applications. He mentioned that these protocols, including Linea, would play a crucial role in advancing scalability and usability, especially with the upcoming transition to Proof of Stake.
Linea aims to attract decentralized finance (DeFi) applications seeking fast finality, capital efficiency, and the inherited security of Ethereum’s mainnet. The network also offers lower gas fees, high throughput, and low latency—essential features for powering non-fungible tokens (NFTs), blockchain gaming, and social applications.
To support ecosystem builders, ConsenSys launched the Linea Ecosystem Investment Alliance (EIA) with over 30 venture capital firms providing capital and advisory assistance.
During the alpha mainnet launch of Linea, safeguards will be implemented to protect users, decentralized applications (DApps), and the network itself. Initially, only launch partners will have access to execute calls on the network. ConsenSys plans to open up the network during ETHCC in France from July 17 onwards. However, certain withdrawal limits may be imposed for the first 90 days. The company will also conduct a bug bounty program and closely monitor system performance before fully opening Linea to end users.
In the context of 2023, Ethereum layer-2 solutions have gained significant attention. Polygon’s zkEVM network was made public earlier in the year, while Starknet has focused on increasing throughput. The industry recognizes zk-rollups, such as Linea zkEVM, as crucial advancements for scaling blockchains effectively.