Greater than two years after launching its mainnet, Ethereum Layer 2 community Linea has carried out its token era occasion (TGE).
LINEA launched right now 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 totally 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
LINEA Perpetual Chart – Hyperliquid
Underwhelming TGEs have develop into widespread apply for Ethereum Layer 2s, with tokens reminiscent of 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 lots of customers reported difficulties in claiming their airdrops right now.
LineaScan Block Manufacturing – Wu Blockchain
Linea product lead Declan Fox addressed the outage right now on X, clarifying that the community suffered a sequencer challenge after a “massive 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 more likely to flip in 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.
