ConsenSys Unleashes Linea zkEVM: A Quantum Leap in Ethereum’s Scalability

In a significant move to address Ethereum’s scaling challenges, ConsenSys has launched Linea zkEVM, a layer-2 scaling solution that promises to revolutionize the ecosystem. Linea zkEVM is designed to enable developers to build and migrate decentralized applications for Ethereum, utilizing zero-knowledge proofs and maintaining compatibility with Ethereum Virtual Machine (EVM).

During an extensive testnet period, Linea zkEVM demonstrated impressive results, with over 5.5 million unique wallets conducting more than 46 million transactions. ConsenSys has highlighted notable improvements in performance, transaction costs, and overall user experience throughout the testing phase.

The alpha release of Linea zkEVM commenced on July 11, with more than 100 partners already on board. ConsenSys boasts that Linea zkEVM achieves faster throughput and significantly lower transaction fees compared to Ethereum’s mainnet. Moreover, Linea zkEVM seamlessly integrates with ConsenSys’ popular Ethereum browser wallet, MetaMask, enabling Linea users to access token bridge, swap, and buy functionalities.

Joseph Lubin, founder and CEO of ConsenSys, emphasized the pivotal role that layer-2 Ethereum scaling protocols and solutions play in advancing the development of Web3 applications and functionality. With the impending transition to Proof of Stake and the increasing adoption of rollup-centric approaches, Ethereum layer-2 solutions are poised to drive remarkable progress in scalability and usability.

ConsenSys revealed that decentralized finance (DeFi) applications are among those migrating to Linea zkEVM to leverage its fast finality, capital efficiency, and the inherent security provided by Ethereum’s mainnet. Additionally, Linea zkEVM offers lower gas fees, high throughput, and low latency, making it an ideal solution for powering non-fungible tokens (NFTs), blockchain gaming, and social applications.

To foster the growth of the Linea ecosystem, ConsenSys launched the Linea Ecosystem Investment Alliance (EIA), a collaborative effort involving over 30 venture capital firms. These firms will provide capital and advisory support to ecosystem builders, further propelling Linea zkEVM’s development and adoption.

As Linea zkEVM’s alpha mainnet is unveiled, ConsenSys has implemented safeguards to protect users, decentralized applications (DApps), and the network itself. Initially, only launch partners will have the ability to execute calls on the network during the first week. ConsenSys plans to gradually open up access to Linea zkEVM during the ETHCC event in France, starting from July 17. While some withdrawal limits may be imposed during the first 90 days, ConsenSys will conduct a bug bounty program and closely monitor system performance before fully opening Linea zkEVM to end-users.

The year 2023 has witnessed significant developments in Ethereum layer-2 solutions. Polygon, a prominent layer-2 development firm, launched its zkEVM network publicly in March, while Starknet, led by Eli Ben-Sasson, the pioneer of zk-proofs, has been focused on enhancing its network’s throughput throughout this year.

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