The Layer 2 blockchain developed by Consensys has launched its long-awaited token and airdrop.
Greater than two years after launching its mainnet, Ethereum Layer 2 community Linea has carried out its token era occasion (TGE).
LINEA launched at the moment at a $550 million market capitalization, however has struggled as far as airdrop recipients declare and promote their tokens. It’s down 20% to date to a $382 million market capitalization, or a $1.7 billion absolutely diluted valuation (FDV).
LINEA pre-markets on Hyperliquid opened above a $1 billion market capitalization when the TGE was introduced, however shortly fell over the next days
Underwhelming TGEs have grow to be widespread observe for Ethereum Layer 2s, with tokens equivalent to ARB and OP falling roughly 80% from their 2024 highs, whereas high-profile Layer 2s that launched in 2024, like ZkSync and Blast, have plunged between 80% and 90% from their highs.
Regardless of its mainnet being dwell for years, the community struggled main into the TGE, because it stopped producing blocks for 46 minutes in a single day, and plenty of customers reported difficulties in claiming their airdrops at the moment.
Linea product lead Declan Fox addressed the outage at the moment on X, clarifying that the community suffered a sequencer problem after a “giant bundle” transaction occurred, which, when executed in a big sufficient measurement, can place unbelievable pressure on a blockchain’s tech stack.
Because the fervor surrounding the LINEA airdrop cools off, consideration is prone to flip in the direction of Linea’s future activations and token emissions, with one other 75% of the LINEA provide, price $1.27 billion, but to be distributed all through the ecosystem.
