The Linea Association successfully conducted its token generation event, distributing over 9 billion tokens among users, strengthening its position in the blockchain ecosystem.
What is the LINEA Token?
LINEA is the native token of the Ethereum Layer-2 network, developed by Consensys. The token aims to enhance Ethereum's scalability by making transactions more affordable and faster. However, LINEA isn't the gas token, and transaction fees are paid with Ethereum (ETH).
The total supply of LINEA will be 72 billion, which is 10 times more than the original Ethereum supply. The token operates using a buyback and burn mechanism, meaning part of the ETH transaction costs will be used to purchase and burn LINEA tokens, reducing its circulating supply in the future. Head of Linea, Declan Fox, stated, "We focus on building an Ethereum-aligned network with the capacity to incentivize users while maintaining Ethereum’s decentralized structure."
Airdrop Distribution and Eligibility Process
The allocation of LINEA tokens is divided into three primary categories, including early adopters, ecosystem participants, and Consensys treasury. Early adopters who have joined Linea’s Voyage and Surge campaigns will receive 10% of the total supply. The airdrop includes over 9.36 billion tokens, and users will have 90 days to claim their tokens before the deadline on December 9.
Furthermore, the remaining 75% of tokens will be allocated to ecosystem participants, including liquidity providers, developers, and other contributors to the Linea network. These tokens will also be distributed through the Linea Consortium, a group of Ethereum-oriented organizations.
Sequencer Issue and Its Impact
Despite the successful TGE launch, Linea experienced a temporary problem with its mainnet sequencer, which is responsible for ordering transactions. However, the engineering team quickly identified and resolved the issue. Although Linea has not stated that the sequencer was related to the airdrop, the interference created concerns regarding the distribution time. The swift resolution minimized any potential impact on the airdrop process.
The LINEA token and its airdrop represent a significant step for expanding the Ethereum ecosystem. The successful resolution of issues and active participation highlight the importance of projects aimed at developing decentralized finance.
