GM, this is your Daily Bolt briefing
With inherent issues on Base Chain involving BALD and an inability to bridge funds off of the chain, capital is flowing to other new L2s, namely Mantle. Linea, a new L2 chain powered by Consensys, could be a candidate for a similar influx of funds.
In today’s edition, we’ll be going over the latest info and updates from the Linea team. Learn about the L2’s immediate plans, new projects, and more.
Also; tune in to today’s episode of WOOM, featuring Nick Drakon & Souvlaki. On today’s agenda; the recent Curve Finance exploit, and its implications for major lending protocols including Aave, Fraxlend, and more.
Stay alert, stay informed ⬇
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1/ Linea - Q&A Session with Linea Community
Preview: Emily and Declan answer the community questions on the business model, technical architecture, and state of the Linea. Click here to listen to the full episode (58 mins).
Read our Note (4 mins) and save 54 mins.
Background
Emily (Host) - developer advocate at Linea
Declan (Guest) - product lead at Linea
Linea - a developer-ready zk-rollup powered by Consensys
Q&A
Q: What is Linea?
Declan says Linea is a layer-2 protocol built on top of Ethereum. It uses zk-rollup technology which allows it to bundle many transactions together and submit a single proof to Ethereum as it allows to increase the throughput and reduce the cost of transactions.
Q: How does Linea compare to other layer-2 solutions?
Declan says that Linea uses zero-knowledge proofs and validity proofs, unlike optimistic rollups like Arbitrum and Optimism, which use cryptographic guarantees to secure your roll-up versus crypto-economic guarantees.
He says that this fundamental difference in security assumptions allows for much better liquidity and movement of capital via the bridge and a much better user experience.
Q: What is the current state of the Linea ecosystem?
Declan says that there are several projects building on Linear, including DeFi, gaming, and social applications. The team is working on a token bridge that will allow to fully unlock the potential of Linea.
Q: What are some of the successful projects on Linea?
Declan says that even though there are new protocols leveraging the unique properties of Linea, he is most excited about including Pimlico, which focuses on account abstraction.
Q: How does Linea plan on making transactions faster and cheaper?"
Declan says that the team is working on decreasing block times, increasing the amount of gas that can fit into each block, and reducing transaction costs through proof aggregation and data compression.
He says that they’re also excited about the upcoming Ethereum-4844 protocol upgrade, which will make publishing transaction data extremely cheap.
Q: What is Linea's transactions per second (TPS)?
Declan says that TPS is a moving target, but currently, it is around 15 to 20 TPS. However, they're working on improvements that will increase Linea’s TPS significantly.
Q: What is Linea doing to protect users?"
Declan says that they use cryptography to ensure all computation done on Linea is verified by Ethereum.
He says that the team conducts audits and bug bounties, and is looking into formal verification. They work on multi-prover systems for added security.
Q: What is Linea doing to onboard more users?
Declan says that they’re working on deepening the integration with MetaMask to simplify the user experience.
He says that they focus on supporting innovative protocols and providing technical and financial support to their partners.
Q: How does Linea make money?
Declan says that users submit transactions with a certain amount of gas and a gas price, which generates revenue for the sequencer. The sequencer then has to pay Ethereum for the cost to publish transaction data and verify the ZK proofs.
Q: What are the immediate plans for Linea in Q4 2023?
Declan says that they plan to open-source the stack, complete 100% coverage of all EVM opcodes and pre-compiles, update the execution client, and reduce transaction costs.
Q: Is there any utility associated with the NFTs dropped by Linea?
Declan says that the team is looking into how to drive more utility to these NFTs.
He says that they're getting feedback from the community and hope to drive some real community spirit through the NFTs.
Q: What should developers think about given that Linea is not a layer-1?
Declan says that from a developer's perspective, there really is no difference.
He says that layer-2 will offer exactly the same developer experience as Ethereum but developers will also have the performances which they need to sort of get product-market fit which so the users don't have to pay high gas fees.
Q: How can people get more involved with Linea?
Declan says that builders can head over to Linea docs where they can learn about deploying smart contracts. Moreover, users can start interacting with the dApps they can find on the Linea ecosystem page.
If you read these 2 Notes on Revelo Intel you would have saved: 1 hour and 54 mins!
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