The stablecoin provide on Consensys-backed Linea, an Ethereum Layer 2 community, reached a brand new all-time excessive at $74.5 million final week because the community prepares for its token launch and airdrop.
Stablecoins on Linea
In accordance with DefiLlama knowledge, USDC makes up over 75% of the market at $56 million. The rise comes alongside greater buying and selling exercise on Linea-based decentralized change Etherex, the most important protocol on Linea with over $150 million in whole worth locked (TVL).
Linea DEX Quantity
Day by day DEX volumes additionally climbed to about $100 million through the stablecoin inflows, however fell again to a mean of $10 million since then.
Linea now ranks thirty fourth amongst blockchains by stablecoin provide, inserting forward of StarkNet, Algorand, and Tezos, however nonetheless behind Blast, Polkadot, and Hedera.
Behind the Numbers
The expansion comes as MetaMask, additionally backed by Consensys, prepares to launch a dollar-pegged stablecoin — known as mUSD — on Ethereum and Linea, with assist from Stripe’s Bridge for cost infrastructure.
Earlier in August, Linea revealed particulars of its tokenomics. The community set the entire provide at 72 billion LINEA tokens, with 9% allotted to early customers via an airdrop absolutely unlocked at token era.
Round 22% of the provision is scheduled to flow into at launch. Consensys holds 15% of tokens underneath a five-year lock-up. A share of transaction charges might be directed towards token buybacks and burns, whereas a portion of ETH charges can even be faraway from circulation.
