Wednesday, May 22, 2024

$26M ETH bridged: ConsenSys completes public launch of zkEVM Linea_ Latest Crypto News.

OnsenSys has successfully introduced Linea, its Ethereum scaling rollup, and has brought aboard over 150 collaborators while facilitating the transfer of over $26 million in Ether (ETH $1,815) up to the present moment.

In July 2023, the alpha mainnet of Linea went online, with a small number of partners onboarded. This enabled developers to move pre-existing decentralised apps (DApps) from Ethereum’s mainnet or other scaling solutions to Linea. A layer-2 scaling solution called the zero-knowledge Ethereum Virtual Machine (zkEVM) gives DApps operating in the Ethereum ecosystem lower transaction costs and higher throughput.

Fox emphasised Vitalik Buterin, the co-founder of Ethereum, who believed that as zk-SNARK technology advances, zero-knowledge rollups (ZK-rollups) will become increasingly important to the overall operation of the Ethereum ecosystem.

As stated in the statement, “Bytecode-compatible zkEVMs, like Linea, provide stronger security guarantees than existing scaling solutions and maintain the full network effects of the EVM—the most adopted smart contract execution environment.”

Fox claims that Linea’s mainnet enables trustless bridging between Ethereum and Layer 2 in a matter of minutes, producing a capital-efficient setting for the tying of liquidity into rollups. The drawbacks of hopeful rollup solutions with a seven-day withdrawal confirmation delay are also covered by Linea.

Fox stated that Linea supports a wide range of Web3 use cases and is especially beneficial for decentralised financial (DeFi) applications because of its low transaction costs and high throughput.

Linea makes it easy for creators of DApps to build modular money blocks that cooperate to produce cutting-edge user interfaces.

Additionally, Linea comes pre-integrated with ConsenSys’ browser-based MetaMask wallet, giving DApps on the network access to the ecosystem’s millions of users.

Fox added that the Linea ecosystem’s potential is “boundless,” citing ZK-rollup technology’s capacities to offer cheaper prices, more throughput, and Ethereum-based security while serving as a capital-efficient bridge to the layer-1 mainnet.

In addition, Linea’s ERC-20 token bridge became live with the public release, enabling ERC-20 tokens like memecoins, liquid staking ETH, and stablecoins to be bridged and accessible through the scaling solution.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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