Linea is a Layer 2 solution based on zkEVM, designed to scale Ethereum by providing low fees and high transaction speeds. Over $200 million has already been invested in the ecosystem, and the number of active users continues to grow awaiting airdrop.
Recently, a team member in Discord mentioned that they are considering introducing a minimum threshold of 1500 LXP to filter out Sybil accounts. However, nearly 40% of wallets holding LXP have already been flagged as sybil accounts. Additionally, the team has promised to release tokenomics, eligibility criteria, and a wallet checker soon.
Activity and Transaction Metrics
Over the past 90 days, the number of transactions in the Linea network has shown steady growth, with occasional activity spikes. More than 69% of wallets have made fewer than 20 transactions, indicating a large number of users engaging minimally with the network.
Analyzing wallet activity, a significant portion of users display one-time engagement: over 2.7 million wallets interacted with the network for just one day. Meanwhile, about 2.3 million wallets have been active for more than eight days, highlighting a core group of consistent users.
Financial Metrics
The TVL (Total Value Locked) in Linea has declined from $450 million to $250 million over the last three months, likely due to users withdrawing liquidity in anticipation of the upcoming airdrop.
Over 6 million wallets hold balances below $10, whereas only 6,839 wallets have more than $5,000. This suggests a high proportion of users with minimal deposits.
Regarding the LXP token, its total supply remains stable at 2.628 billion. Almost 40% of wallets holding LXP have been flagged as Sybil accounts, reinforcing the need for filtering before the airdrop distribution.
It's also important to remember the words of the team members that users with less than 1500 LXP can be marked as sybil, and there are more than 39% of them.
Estimating Linea and LXP Token Value
Using LOGx's pre-market FDV of $3.14 billion as a reference, we can estimate the potential valuation of Linea and LXP tokens. Assuming 15% of the supply is allocated to the airdrop, the market cap would be approximately $471 million.
With 70% of the airdrop likely allocated to LXP holders and 30% to LXP-L, and an estimated initial circulating supply of 1.5 billion tokens, we can project the following valuations:
$Linea ≈ $0.31
LXP ≈ $0.193
These estimates are based on preliminary assumptions and could change once the official tokenomics are released.
Conclusion
The Linea ecosystem continues to grow, despite the decline in TVL and the high percentage of sybil wallets. The upcoming tokenomics release and airdrop criteria announcement will clarify the project's future direction. Investors and active users should carefully consider the network’s metrics and possible filtering mechanisms ahead of the distribution.
