TL;DR
- Linea opened claims for more than 9.36 billion tokens through a TGE that will remain available for 90 days, ending on December 9.
- 85% of the supply is allocated to the ecosystem, with 10% fully unlocked for early users and 75% directed to a fund managed by the Linea Consortium.
- The network implements a dual fee-burning system, removing 20% of transaction fees in ETH and using 80% to buy back and burn LINEA.
Linea, the Ethereum Layer 2 network developed by Consensys, opened claims for its native token this Wednesday through a token generation event, starting a 90-day distribution period that runs until December 9.
The launch includes more than 9.36 billion tokens assigned to eligible addresses identified in a snapshot taken in July, with verification available since last week. The team stated that claims must be made from the same addresses holding LXP or LXP-L balances. Tokens not claimed will return to the Linea Consortium Ecosystem Fund, a fund designed to support the development of both the its network and Ethereum.
The network experienced a brief service interruption hours before the process began, although blockchain records show that operations normalized before the airdrop. Since its launch in July 2023, Linea has operated as a zkEVM rollup compatible with existing Ethereum applications.
LINEA TGE Allocations
The distribution of LINEA allocates 85% of the supply to the ecosystem. Of this portion, 10% is fully unlocked for early users and developers, while 75% is assigned to a fund considered among the largest in the industry. No tokens are reserved for the team or venture capital, and the token will not have on-chain governance functions. Strategic decisions are made by institutions within the consortium, including Consensys, Eigen Labs, ENS, SharpLink Gaming, and Status.
Ian Wallis, head of business development, explained that the issuance aims to reward ecosystem contributors and fund public goods aligned with Ethereum. He also noted that the neutral allocation could attract institutions seeking risk-adjusted returns within DeFi.
A Novel Burning System
The network’s economic design includes a dual fee-burning mechanism, described by the team as unprecedented among Layer 2 solutions. 20% of fees paid in ETH are burned at the protocol level, while the remaining 80% is used to buy back and destroy LINEA, generating deflationary pressure that also transfers value to Ethereum Layer 1 over time.
The token launch has initial support from Binance Alpha and DEX trading campaigns organized by OKX XLaunch. The team announced that several top-tier exchanges will list LINEA in the coming weeks
