Guide: Essential Information Regarding the Layer-2 Ethereum Network Airdrop and Associated Token Distribution
The highly anticipated LINEA token generation event (TGE) is scheduled for September 10, marking a significant milestone for the Ethereum layer-2 scaling solution, Linea. This event will distribute the LINEA token, the native currency of the Linea network, to eligible participants.
The Linea Consortium, a collective body of Ethereum-aligned entities, including firms like SharpLink Gaming, ENS Labs, Eigen Labs, and Consensys, oversees the development and strategic direction of Linea. The consortium focuses on decentralization, security, and openness, explicitly excluding venture capital and team token allocations to avoid short-term profit pressures and insider token sales.
The largest chunk of LINEA tokens, 75%, will be awarded to active participants within the Linea ecosystem and distributed by the Linea Consortium. The criteria for token allocation include institutional alignment, support for sustainable community-driven development, and promoting long-term growth without centralized control pressures.
Early users who participated in the Linea Voyage and Linea Surge campaigns and achieved the specified point thresholds are eligible for around 10% of the LINEA supply. Eligible airdrop participants can begin the claim process on September 10. It's important to note that the LINEA token does not have any governance powers.
Small portions of the 75% have already been approved for distribution by the consortium. For instance, 4% at TGE will be allocated for liquidity providers during the Linea Surge event, and 1 billion LINEA tokens are part of Linea Ignition. The final 15% of the LINEA supply is set aside for Consensys, the development firm that incubated the layer-2 network, with all tokens locked up for five years.
A further 1% of the early adopters bucket is set aside for strategic builders in the Linea ecosystem, but these tokens will not be claimed as part of the airdrop. Approximately 800,000 sybil wallets were eliminated from the airdrop, leaving around 750,000 eligible wallets to split 9.3 billion LINEA tokens.
The LINEA token is subject to a buyback and burn mechanism, which aims to control the supply and maintain its value. It's also important to note that LINEA will not act as the native gas token for the Linea network. Instead, Linea will use ETH as its gas token to pay transaction fees.
Linea is described as an "extension" of the established layer-1 Ethereum network. The network will buy LINEA and subsequently burn it to remove it from the circulating supply. The total supply of LINEA will be 72,009,990,000 tokens.
An airdrop eligibility checker was released by Linea on September 3, allowing participants to verify their eligibility before the TGE. The LINEA airdrop will be distributed across three major categories: early users, ecosystem participants, and the Consensys treasury.
Stay tuned for more updates on the LINEA TGE and the future of the Linea network.
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