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Linea Airdrop Analysis
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October 25, 2024

Linea Airdrop Analysis

Exploring Linea's innovative campaigns to foster adoption

Linea Airdrop Analysis

Introduction

Linea burst onto the Layer 2 scene with a storm of innovative campaigns, each designed to push the boundaries of what’s possible in Ethereum scaling.

Linea is made to be easy to use and flexible. Developers can build on it without needing to be experts in complex zero-knowledge technology. It allows for an easy combination of different parts and can grow with your needs.

Source: Say Hello to Linea

With a TVL of $529.29m as of 2nd September 2024 that increased by over 7 folds from March to June, it’s worth taking a closer look at.

Source: https://defillama.com/chain/Linea

The journey began with the Linea Voyage that launched May 2nd 2023, an ambitious 9-week campaign that served as both a stress test for the testnet and an educational odyssey for users. Over the course of the year, we also saw the release of the DeFi Voyage, Linea Park, Linea Surge and finally the culture SZN that ended on the 2nd of August 2024 with the Surge still ongoing.

We saw their TVL increase from less than $3M to above $600M at the end of the Culture SZN campaign. A similar trajectory is observed with the trading volume with a peak volume of $135.28M reached four days after the end of the Culture SZN campaign.

Through these campaigns, Linea has not only stress-tested its network but has also built a vibrant, engaged community ready to explore the frontiers of Layer 2 technology. The progression from Voyage to Surge and Culture SZN illustrates Linea’s adaptability and its dedication to creating a robust, user-friendly Layer 2 solution for the Ethereum ecosystem. We’ll soon take a look at these campaigns in detail. But first, let’s break down Linea…

Explain me Linea like I’m 5

Linea is a Layer 2 scaling solution for Ethereum. It’s designed to address Ethereum’s scalability issues, namely slow transaction speeds and high fees. Let’s break it down a bit more;

Linea is a system built on top of Ethereum to make it work better. It helps Ethereum handle more activity faster, like processing payments or running apps. Linea makes things quicker by dealing with a lot of transactions at once, instead of one at a time like Ethereum often does.

It’s also much cheaper to use Linea than Ethereum directly. This means people can use Ethereum-based services without spending as much money on fees.

Even though Linea works separately, it’s still connected to Ethereum in a way that keeps everything safe and secure. Linea is trying to get more people to use it by running special events and programs. As more people start using Linea, it becomes more useful and can handle even more activity, which could make the whole Ethereum system better.

In essence, Linea aims to make Ethereum more accessible and efficient while maintaining its core benefits.

Now we can move to discussing the various campaigns launched by Linea;

Airdrop Campaign Analysis

What was their aim with the campaign, how they went about it, and which specific actions aligned with their objectives are all questions we’ll look to provide an answer to.

A brief overview of the campaigns launched;

  • Campaign names: Linea Voyage, Linea DeFi Voyage, Linea Park, Linea Surge, Culture SZN
  • Campaigns start and end date: May 2, 2023 — Ongoing
  • Campaigns duration: 43 weeks so far
  • Active TVL at start of campaigns: below $5 million
  • Active TVL now: Above $500 million (as of September 2nd, 2024)

Campaign Summary

Project Goals

What did Linea want to achieve with the airdrop campaigns? The targets for this campaign are:

  1. Ecosystem Growth: This goal focuses on attracting a diverse range of developers, projects, and users to build and interact on Linea, as well as increasing its user base.
  2. Transaction Volume Increase: As we all know, transaction volume is a key metric for blockchain networks. High transaction volumes demonstrate the network’s capacity, efficiency, and adoption. For Linea, as a Layer 2 solution, showing significant transaction volume can prove its scalability advantages over the Ethereum mainnet.
  3. Stress Testing: Considering its plans for future expansion, simulating high-load scenarios to identify potential bottlenecks allows Linea to assess its true capacity and make necessary improvements, thereby ensuring the network’s reliability and performance.
  4. Community Engagement: A strong, engaged community is vital for the long-term success of any blockchain project. For Linea, community engagement helps create a loyal user base, attracts developers, and generates valuable feedback for improvement.

Desired User Actions

Based on the goals of Network Preparation and Testing and Community Engagement, Linea incorporated the following user actions to achieve them:

  1. Participation in On-chain Transactions: Users are encouraged to perform various transactions on Linea, including token transfers, smart contract interactions, and DeFi activities. This directly contributes to transaction volume and ecosystem activity.
  2. Stress Testing Through Timed Challenges: Weekly challenges with set timeframes simulate high network loads, allowing Linea to test its infrastructure under pressure and identify potential issues.
  3. Diverse Protocol Interactions: Users engage with different types of applications (DeFi, NFTs, gaming) to test various aspects of the network’s functionality and contribute to ecosystem growth.
  4. Bridging Assets: Tasks involving moving assets between Ethereum (or other networks) and Linea help test cross-chain functionality, network capacity, and integrate Linea into the broader blockchain ecosystem.
  5. Social Media Engagement: Participation in Twitter spaces, polls, and other social media activities fosters community discussion and awareness about Linea.
  6. Educational Participation: Completing quizzes and learning modules educates users about Linea and Ethereum scaling, creating a more informed and engaged community.
  7. Feedback Provision: Users are asked to provide feedback on their experiences and report any issues, involving the community in the network’s improvement process.
  8. Community Voting: Participation in voting mechanisms lets the community influence certain outcomes, fostering a sense of ownership and decentralised decision-making.
  9. Referral Activities: Using referral codes to bring in new users helps expand the network’s user base organically.
  10. Continuous Engagement: Ongoing participation in various activities, incentivised through point systems and time-based bonuses, maintains consistent network activity and community involvement.

User Actions and Goals Overview

This table provides a clear overview of how different user actions were incorporated across the campaigns to achieve Linea’s goals of network testing and community engagement.

Now we’ll look at the individual campaigns Linea launched and the rules of engagements;

1. Linea Voyage Campaign

The first campaign we’ll take a look at is the Linea Voyage launched to simulate a variety of mainnet scenarios over the course of a nine-week challenge. The primary goal was about stressing Linea and preparing the network for mainnet.

  • Campaign Name: Linea Voyage
  • Start and End Date: May 2, 2023 to July 9, 2023
  • Duration: 9 weeks
  • Structure: Weekly tasks
  • TVL Growth: Unchanged

Campaign Rules:

Throughout the 9 weeks of the campaign, each week came with its own set of challenges and users were instructed on how to participate in each. Let’s take a look at the weekly challenges;

Week 1: Bridge Week

Users were tasked with bridging assets from Ethereum and other Layer 1 networks to the Linea network. This included exploring bridge partners like Celer, Connext, Hop, LiFi, and Multichain.

Week 2: Social Tasks

A lighter week focused on off-chain activities like participating in polls, quizzes, and attending Twitter Spaces to learn more about Linea.

Week 3: NFTs

Users engaged with the NFT ecosystem by creating, deploying, buying, and selling NFTs on Linea. Partners included platforms like GhostNFT, NFTs2Me, Zonic, and Bilinear.

Week 4: Social Tasks

Activity: Another week dedicated to social and off-chain tasks, such as voting on Linea swag and attending a Twitter Space.

Week 5: DeFi (Decentralized Finance)

Users explored DeFi applications on Linea, including token swaps, lending, and liquidity provision across various partner dApps.

Week 6: DeFi Continued

The focus remained on DeFi, with tasks extending to more complex activities like borrowing, staking, and engaging with yield farming opportunities.

Week 7: Social and Entertainment

Tasks included engaging with web3 social platforms and gaming dApps, such as registering ENS domains, minting NFTs, and participating in social gaming experiences.

Week 8: DeFi Deep Dive

A deeper exploration of DeFi, with tasks involving more advanced interactions with DeFi protocols, including participating in governance, staking, and providing liquidity in more complex scenarios.

Week 9: Wrap-Up and Final Tasks

The final week focused on light social tasks, such as amplifying tweets, voting on polls, and reflecting on the favourite activities from the entire Linea Voyage

Analysis:

Considering the goals the campaign had, how did these rules help Linea in achieving them? The following has the answer to that question:

  • By diversifying tasks across different aspects of the ecosystem to test various components
  • Encouraging consistent participation through weekly challenges
  • Balancing on-chain and off-chain activities to stress test the network while also building community engagement
  • Introducing anti-bot measures to ensure genuine user participation and more accurate testing

According to their report, in just nine weeks, through the weekly challenges, though there wasn’t any significant change in Linea TVL, Linea achieved a transaction volume of over 30M, with 5.2M unique wallets performing tasks on Linea during the Voyage.

2. Linea DeFi Voyage

The next campaign we’ll be looking at is the Linea DeFi Voyage designed to give all levels of web3 users an opportunity to explore one of the most fundamental web3 use cases, decentralised finance (DeFi), in an intuitive, immersive, and educational manner.

  • Campaign Name: Linea DeFi Voyage
  • Start and End Date: June 26, 2023 to August 9, 2023
  • Duration: 6 weeks
  • Structure: 10 waves, each with a core task and optional bonus tasks
  • TVL Growth: $3.12m to $10.32m (230.77% increase)

Campaign Rules

Now let’s go over the 10 core tasks that were released for users to participate in;

Wave 0: DeFi Voyage Launch

This introductory week was designed to familiarise participants with the overarching goals of the DeFi Voyage, including the concept of Voyage XP and the structure of the upcoming waves. It served as a foundation, preparing both newcomers and experienced users for the immersive DeFi journey ahead.

Wave 1: MetaMask

Voyagers were introduced to the basics of crypto wallets, particularly MetaMask, and were tasked with bridging funds into the Linea network and performing token swaps. This wave emphasised the importance of security and wallet management while preparing participants to navigate Ethereum scaling solutions on Layer 2.

Wave 2: Bridging and Onramps

Participants were tasked with moving fiat into crypto assets via on-ramps and exploring the process of bridging assets between Ethereum and other blockchains. The wave focused on educating users about the functionality and risks of these processes, which are essential for efficient Ethereum activity management.

Wave 3: Token Swaps

This wave tasked users with performing token swaps, learning about smart contracts, and understanding key concepts such as liquidity and liquidity pools. The focus was on how to safely and effectively engage in token swapping while navigating the risks associated with these activities.

Wave 4: Lending and Borrowing

Participants explored decentralised finance tools similar to traditional finance but enhanced by decentralisation. The task involved understanding how to lend and borrow assets on the Linea network, with a focus on key terms and the risks and benefits of these financial activities.

Wave 5: Liquidity Provision and Yield Farming

This wave introduced more complex DeFi concepts, with participants providing liquidity to decentralised exchanges and engaging in yield farming. The tasks required users to understand the mechanics and risks of liquidity provision and yield farming, crucial activities that support the broader DeFi ecosystem.

Wave 6: Proof-of-Humanity

Participants were asked to prove their humanity through Verax, which helps establish a trust and reputation scoring system. This wave highlighted the importance of digital identity in decentralised systems, ensuring that users’ actions on the network were credible and verifiable.

Wave 7: Trading

This wave tasked Voyagers with engaging in advanced trading activities, focusing on DeFi’s “stackable money legos,” which allow for modular and innovative financial products. Participants learned about the workings and risks of complex trading products available on the Linea network.

Wave 8: SocialFi

Participants explored the integration of social media with decentralised finance through platforms like Tomo. The task involved minting an NFT that captured the user’s journey on Linea, highlighting the intersection of social interaction and financial innovation in the web3 space.

Wave 9: SuperDapps

In this wave, participants explored SuperDapps, which offer enhanced features and user experiences compared to regular dApps. The tasks included using web3 wallets with advanced functionalities like multi-sig, cross-chain support, and privacy features, positioning them as gateways to the future of DeFi and web3.

Wave 10: Account Abstraction

The final wave introduced account abstraction, allowing users to simplify their interactions with dApps by eliminating the need for complex recovery phrases and reducing gas fees. Participants used tools like Timeless Wallet to perform swaps, provide liquidity, and borrow assets, showcasing the future of user-friendly DeFi experience.

Analysis:

This time, the rules helped achieve the goals in the following ways:

  • Combining education with practical tasks to cater to all user levels
  • Encouraging diverse interactions across the Linea ecosystem
  • Ensuring genuine user participation through Proof of Humanity
  • Allowing flexible participation while rewarding consistent engagement

At the end of the entire campaign, it was a great success as Linea recorded above 9.5M completed tasks from 450k verified users and the TVL increased from $3.14m to $10.32m.

Source: https://x.com/LineaBuild/status/1737955132589899905

3. Linea Park Campaign

Now we move onto Linea park, which represents the pinnacle of web3 gaming and social dApps, a space where users can discover, engage, and enjoy cutting-edge projects while earning Linea LXP.

Linea partnered with Layer3 for this campaign and set up a fully virtual world where users can explore all the exciting aspects of gaming and web3 socials.

  • Campaign Name: Linea Park
  • Start and End Date: February 20, 2024 to April 2, 2024
  • Duration: 6 weeks
  • Structure: The campaign featured 10 distinct zones, each representing different aspects of web3 gaming and social dApps, with new zones and quests unlocked weekly.
  • TVL Growth: $71.16m to $124.99m (75.66% increase)

Campaign Rules:

Each week, a new Theme Zone was unlocked, offering specific tasks and challenges related to the theme. Participants could earn LXP by completing both basic and bonus tasks within the zones.

An example of a game-related task (image below) would instruct users to visit a gamified platform, follow the guide and play the game.

Users earned LXP by completing tasks in each zone. These points were essential for tracking progress and unlocking additional rewards in the campaign.

Let’s look at how Linea released the various games week by week;

Week 1: World of RPG and MMO

  • Tasks: Explore RPG and MMO games, engage in quests, and earn in-game rewards.
  • Games Featured: Battlemon, Space Falcon, Sidus Heroes.

Week 2: Action and Strategy Arcade

  • Tasks: Participate in action and strategy games, test strategic acumen in high-stakes scenarios.
  • Games Featured: Games focused on strategy and quick decision-making.

Week 3: Social World

  • Tasks: Engage with social dApps, connect with other users, and participate in community-building activities.
  • DApps Featured: Social networking and community-focused dApps.

Week 4: Experience the East

  • Tasks: Explore games with unique Eastern cultural influences, experience fantasy-driven gameplay.
  • Games Featured: Eastern Hemisphere-inspired games with distinct artistic styles and narratives.

Week 5: Mini-Game Gala

  • Tasks: Play mini-games, earn quick rewards, and experience the entry-level gaming ecosystem within Linea Park.
  • Games Featured: A variety of mini-games offering quick and engaging experiences.

Week 6: NFT Land

  • Tasks: Explore NFT-related dApps, mint and trade NFTs, and engage with the NFT community.
  • DApps Featured: NFT marketplaces, minting platforms, and games centred around NFTs.

Analysis:

The following lists how the rules impacted the goal of the campaign:

  • Offering a diverse range of games and social dapps to appeal to various user interests
  • Encouraging consistent participation through weekly zone releases and ongoing basic tasks
  • Promoting network growth through a referral system
  • Ensuring genuine user participation through Proof of Humanity
  • Rewarding loyal users with VIP benefits, encouraging long-term engagement

At the end of the campaign, Linea announced the re-opening of bonus tasks in all Theme Zones at Linea Park in Week 6 as a gesture of appreciation to the community. All in all, the results posted by Layer3 on how the campaign went were amazing;

  • 1M+ users
  • 13M+ onchain transactions
  • 14M+ Quest completions

The active TVL of Linea grew from $71M to $125M during the duration of the Linea Park Campaign

Source: https://defillama.com/chain/Linea

Games Linea partnered with made posts on their socials (image below) displaying the effect of the Linea Park to display its success on their platforms.

Source: https://x.com/unfetteredgame/status/1777776519009431779

4. Linea Surge Campaign

Next on the list is Linea Surge launched on the 17th of May 2024, which focused on increasing the TVL of Linea.

Linea Surge is scheduled to run for six months, or until they reach $3B TVL, we’ve neither reached any of the goals as we are in the third month (at the time of this article) with a TVL of approximately $0.5B. We still have a long way to go but until then let’s dive into more details of the campaign

  • Campaign Name: Linea Surge
  • Start Date: May 17, 2024
  • Duration: November 17, 2024 (6 months from the Start Date) or until $3B TVL is reached
  • Structure: 6 “Volts” (monthly periods)
  • TVL Growth: 263.37m to 529.29 (100.97%)

Campaign Rules:

Let’s look at the monthly “volts” from 1–3 that have been released by Linea so far;

Volt 1: Initial Surge and Incentives

In Linea Surge Volt 1, to get started, users needed to claim a referral code, which is essential for participating in the campaign. This code can be obtained from Linea’s partners or within the community. Then users were encouraged to hold their assets on the Linea network and deploy them to specific DeFi protocols within the ecosystem.

As for the rewards and benefits, users could maximise their LXP-L (Linea Experience Points — Liquidity) by joining early, as the rewards decrease by 10% with each subsequent month, or Volt.

Additionally, LXP-L is earned hourly based on the assets users hold and deploy, giving them steady, continuous rewards. Those who have been with Linea since its mainnet launch or moved assets early into the Surge campaign will receive extra rewards through the Early Adopter Modifier, especially if they have at least 0.1 ETH locked in any protocol.

At the end of Volt 1 (June 16th) which lasted over the period from May 17th to June 12th, TVL on Linea and daily volume increased exponentially:

  • TVL grew by $416 million at 52%. (Growthpie)
  • Active TVL grew by $383 million at 130%. (Defillama)
  • Average daily volume grew 66.19% compared to the previous month. (Defillama)
  • Peak daily volume was $93 million on May 20th. (Defillama)

Volt 2: Stablecoin Boost and Continuation

In Linea Surge Volt 2, users were still required to join the campaign using a referral link and track their LXP-L (Linea Experience Points — Liquidity) through the OpenBlock Labs dashboard, just like in Volt 1. However, there are a few important updates to be aware of.

Firstly, there was a special Stablecoin Boost that allows users to earn even more LXP-L by providing stablecoins to their DeFi positions on Linea. This boost was designed to deepen stablecoin liquidity and is especially valuable during times of market volatility.

Another key change is that the total LXP-L collected by users decreases by 10% compared to Volt 1. This means that early participation is still crucial for maximising rewards, as each subsequent Volt will see a further reduction in LXP-L generated.

Additionally, the Early Adopter Modifier — which gives extra rewards to those who supported Linea from the beginning — has been reduced from 1.5x to 1.3x. This still offers a significant bonus, but it’s slightly less than in Volt 1. Meanwhile, Veteran Points continue to provide a small boost for DeFi groups that have been active since the start of the Surge campaign, with easy access through participation in the Turtle Club.

Volt 2 officially concluded on July 15 and covered the period from June 17 to July 15, Linea’s TVL and daily volume saw substantial growth:

  • TVL reached $1.29 billion on July 2. (Growthpie)
  • Active TVL hit over $752 million on July 2, marking an impressive distribution of TVL allocated to protocols on Linea. (Defillama)
  • Average daily volume grew 70% compared to the previous month.(Defillama)
  • Peak daily volume reached $82.3 million on July 5. (Defillama)

Volt 3: Native Token Integration and UI Improvements

In Linea Surge Volt 3 which started on the 16th of July, users are continuing to build on the success of the previous months, but there are a few important updates and changes to be aware of.

An update was the improvement of the user interface. Feedback from users indicated that the current OpenBlock Labs dashboard could be confusing, so Linea has contracted a third-party developer to redesign the interface. The new design, expected to roll out within the next three weeks, will make it much easier and more intuitive to participate in the Surge program, ensuring a smoother experience for everyone involved.

Volt 3 also introduced the integration of Linea native tokens into the Surge program, starting with a few key DeFi projects. Users can now earn LXP-L by providing liquidity for native tokens like $MENDI, $NILE, $ZERO, and $LYNEX on available decentralised exchanges (DEXs) and lending markets.

Analysis:

The volts were instrumental in helping Linea achieve its goals by:

  • Offering continuous rewards to incentivise sustained liquidity provision
  • Using a dynamic point system to balance growth across different DeFi sectors
  • Encouraging early adoption through time-based modifiers and decay functions
  • Providing additional incentives for experienced users and referrals
  • Adjusting focus areas and multipliers each “Volt” to adapt to ecosystem needs

The Linea Surge Campaign effectively combines various incentive mechanisms to create a comprehensive liquidity attraction and retention program. By focusing on different DeFi verticals and asset classes, it aims to build a balanced and robust DeFi ecosystem on Linea while rewarding users for their continued participation and network growth contributions.

Before the surge campaign, the active TVL of Linea was $260m and currently, the TVL is above $500m.

As of the time of this writing, the TVL had reduced from the $1.29B of the last surge to $732m at the current moment (17 September 2024) (image below).

Source: https://www.growthepie.xyz/fundamentals/total-value-locked

This will be the first dip following the volts release but it’s too early to write the $3B goal of Linea off at the moment as we still have 3 months and 3 volts to go. Fingers crossed.

5. Culture SZN Campaign

Last on the list is the Culture SZN Campaign launched while Linea Surge is still ongoing and it’s focused on communities and NFTs. It will connect collectors and creators while spotlighting all the communities proliferating on Linea.

  • Campaign Name: Culture SZN
  • Start and End Date: July 1 2024 to August 1, 2024
  • Duration: 5 weeks
  • Structure: 4 main waves followed by a final extension wave
  • TVL Growth: $696.15m to $644.45m (-7.43% decrease)

Campaign Rules:

First off, the Culture SZN campaign will last for five weeks. In the first four weeks, there will be six NFTs dropped each week, one per day. After all six NFTs are released, users can vote for their favourite NFT from that week. Voting for each wave opens on the seventh day and lasts for four days.

In the fifth week, there will be a special voting period where participants can vote for their favourite NFT from the entire campaign. At the end of the campaign, five projects will be recognised as “Linea Guilds,” based on the votes they receive.

Example of an NFT:

__wf_reserved_inherit

Analysis:

The rules of Culture SZN were designed to achieve Linea’s goals by:

  1. Encouraging daily engagement through 24-hour minting windows
  2. Promoting diversity in the ecosystem by featuring multiple creators in each wave
  3. Incentivising participation across the entire month-long campaign
  4. Ensuring genuine user participation through Proof of Humanity requirements
  5. Fostering community-driven decision-making through voting mechanisms
  6. Minimising barriers to entry by making mints free (except for gas fees)

The campaign structure, with its waves and voting periods, helped maintain user interest over time and created a sense of competition among creators. The “Linea Guild” title for winning projects added prestige and further incentivised community engagement.

Over four weeks the campaign featured 23 creators and a diverse range of NFT art. Each wave offered artists a chance to connect with new communities, bringing an extra layer of excitement to the ecosystem.

The campaign went well with Linea Culture SZN rallying around their favourite artists, minting NFTs from 23 creators, with almost 1 million participants.

Ongoing campaign stickiness:

How would Linea ensure users stick around before it has ended? Linea’s comprehensive strategy to ensure a sticky user base across all its campaigns — Linea Voyage, DeFi Voyage, Linea Park, Linea Surge, and Culture SZN — highlights its understanding of the need for sustained user involvement.

Ongoing Incentives: Linea continues to offer new incentives beyond the initial campaign. They run regular contests and challenges, rewarding active users with tokens, unique NFTs, and early access to new features. Example (image below)

Source: https://x.com/LineaBuild/status/1829474291944989023

Communication and Feedback: Linea keeps users informed about developments and future plans. They actively seek and incorporate user feedback, which not only improves the platform but also makes users feel valued and invested in its growth. Example (image below)

Source: https://x.com/LineaBuild/status/1761338281424196096

Learning Resources: To support users, Linea provides comprehensive educational materials. These include guides, tutorials, webinars, and Q&A sessions with developers. These resources help users become more proficient with the platform, encouraging long-term engagement. See an example in the image below;

Source: https://x.com/LineaBuild/status/1824189397862056250

Campaigns Summary Table

This is a top-down view of all the campaigns;

Campaign ROI

We’ll cover the ROI for LXP (Linea Experience Points) and see how much users could get from each dollar spent in the campaigns;

Cost to Participate

Let’s make rough estimates on the cost involved in getting LXP from the campaigns

Linea Voyage and Linea DeFi Voyage Cost: Cost here is mainly gas fees for transactions

  • Estimated transactions: ~40 (combining both campaigns) Average gas fee on Linea: ~$0.01 per transaction
  • Estimated cost: 40 * $0.01 = $0.40

Linea Park Cost: Gas fees + potentially some in-game purchases

  • Estimated transactions: ~20 Gas fees: 20 * $0.01 = $0.20
  • Assuming minimal in-game purchases: ~$10
  • Estimated cost: $0.20 + $10 = $10.20

Linea Surge Cost: Assets to be locked for liquidity

  • Minimum meaningful participation: ~$100 (this is an assumption; actual minimum could vary)
  • Note: This isn’t a “cost” as users retain ownership of the assets, but it represents capital that needs to be committed.

Culture SZN Cost: Gas fees for minting NFTs and voting

  • Minting: 1 NFT * $0.01 = $0.01
  • Voting: 5 votes * $0.01 = $0.05
  • Estimated cost: $0.06

Total estimated minimum cost: $0.40 + $10.20 + $100 + $0.06 = $110.66

According to Dune, the total LXPs is approximately 2 Billion and the number of LXP Holders is 1.2 Million (image below)

Source: https://dune.com/queries/3782459/6359893

That means an average LXP holder had 1667 LXPs.

From Whales Market, the price of LXP is $0.12. That means an average user got approximately $200 worth of LXP.

Conclusion:

Cost of participation = $110.66

Potential return = $200

ROI = ((200–110.66) / 110.66) * 100 = 80.76%

To calculate the APY, we’d take the duration to be 43 weeks (the duration of all the campaigns so far).

APY = (1 + 0.8076)^(52/43) — 1 = 92.66%

Airdrop Anticipation

As of this writing, Linea has not officially confirmed the release of a native token. However, their roadmap indicates a plan to transition to decentralised governance in the latter part of Phase 3 (image below).

Typically, such a transition involves the launch of a governance token. Currently, Linea is in Phase 1 of its roadmap, and the community is anticipating more details about the potential token launch.

From the community, as some prepare for the token launch, there have been far more complaints about the delay. Let’s take a look at some comments;

While most people in the community believe the airdrop won’t come anything soon and are getting impatient…

https://x.com/Probowstrings/status/1782666190470410649
https://x.com/eli5_defi/status/1806935792457240847
https://x.com/ETrade21/status/1830781100706402334
https://x.com/dcaldeirao1/status/1830778288282702123

Community Feedback

Overall, it’s mixed feelings from the community about the campaigns. Let’s start with the good before moving to the ugly;

https://x.com/marcomonaco83/status/1775298566489039116
https://x.com/CryptoAngelNFT/status/1775459198983086230
https://x.com/solibie/status/1758439583182696624

Then some negative comments from the community;

https://x.com/RogerRabbiJacob/status/1830569948210508162
https://x.com/NuhaRidwanullah/status/1829432437346066808
https://x.com/Ifynob53/status/1825695141065007452

Conclusion

Linea’s journey from its initial Voyage to the current Surge campaign demonstrates a strategic and evolving approach to Layer 2 ecosystem development but its community is getting impatient. It has set a lofty goal of $3B TVL for the Surge Campaign and we are watching closely how it will attain it, especially with a community that is losing their trust in them.

Will they release other campaigns to fire things up before time runs out? What would they do to pacify the community?

All in all, their path from the start of the campaigns reflects not just growth but has also shown how impatient the web3 community is and the pressure to please them quickly.

Looking ahead, as Linea transitions from testnet explorations to mainnet liquidity drives, it’s poised for significant growth. The Surge campaign, with its reward mechanics and focus on balanced ecosystem development, sets the stage for Linea to become a major player in the Ethereum Layer 2 space if it can retain the support of its community.

References

  1. https://linea.mirror.xyz/6G30hwV2wPs_wPv0VEgHYaIdghMkIQaad-OI_0br1hM
  2. https://defillama.com/chain/Linea
  3. https://linea.mirror.xyz/1JJPiWE-lrB_6N0Zb0eZq-wSr0l4kFESSHHhqqMtdvk
  4. https://linea.mirror.xyz/Tnxm_jVT8V0iP-E7miBt7NSksN0w-0-TzYNcegMTAM0
  5. https://linea.mirror.xyz/Y7Co9H1-oV0O51nKYW0eFPZSs2xn--YJ2wRJzEecN6o
  6. https://x.com/LineaBuild/status/1737955132589899905
  7. https://linea.mirror.xyz/ZhbjbxY_uNYr3cOWi1Fx0Rpo00SZqW2WEnc6pKt8hfY
  8. https://layer3.mirror.xyz/eYl_Co0RGKNyC09d-2gLBVGUlGkig1arn1mTDQyeeUk
  9. https://x.com/unfetteredgame/status/1777776519009431779
  10. https://linea.mirror.xyz/lHv1ar1qkE67TA6Yrj_quNGnssdxMkuMoY14BlIxcSw
  11. https://www.growthepie.xyz/chains/linea
  12. https://www.growthepie.xyz/fundamentals/total-value-locked
  13. https://linea.mirror.xyz/-lxumXG_2t3MF5reWGg_-liP5N9dm09CYFjN0F_yvzw
  14. https://x.com/LineaBuild/status/1829474291944989023
  15. https://x.com/LineaBuild/status/1761338281424196096
  16. https://x.com/LineaBuild/status/1824189397862056250
  17. https://x.com/stacy_muur/status/1820147927307944270
  18. https://x.com/Probowstrings/status/1782666190470410649
  19. https://x.com/eli5_defi/status/1806935792457240847
  20. https://x.com/ETrade21/status/1830781100706402334
  21. https://x.com/dcaldeirao1/status/1830778288282702123
  22. https://x.com/marcomonaco83/status/1775298566489039116
  23. https://x.com/CryptoAngelNFT/status/1775459198983086230
  24. https://x.com/solibie/status/1758439583182696624
  25. https://x.com/RogerRabbiJacob/status/1830569948210508162
  26. https://x.com/NuhaRidwanullah/status/1829432437346066808
  27. https://x.com/Ifynob53/status/1825695141065007452
  28. https://docs.linea.build/architecture/overview/decentralization-roadmap

Disclaimer:

The information provided in this article is for informational purposes only and reflects the research and opinions of One Click Labs. It should not be considered financial, legal, or investment advice. Airdrop participation involves risks, including potential loss of funds, and readers are encouraged to conduct their own due diligence. One Click Labs does not endorse or guarantee the success of any project mentioned and is not liable for any losses incurred due to airdrop participation or reliance on the information provided.

One Click Labs

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