Linea’s Stablecoin supply, backed by Ethereum Layer 2 network Consensys, reached a new all-time high at $74.5 million last week as the network prepares for token launches and airdrops.
Linea’s Stablecoins
According to data from Defillama, USDC is making up for more than 75% of the market with $56 million. This increase, along with the higher trading activity of Linea-based decentralized exchange Etherex, brings the largest protocol in Linea, Total Value Lock (TVL), to more than $150 million.
Linedex volume
Also, daily DEX volumes rose to around $100 million during the Stablecoin influx, but have since returned to an average of $10 million.
Linea is currently ranked 34th in the blockchain by Stablecoin Supply, which is located ahead of Starknet, Algorand and Tezos, and behind Blast, Polkadot and Hedera.
Behind the numbers
This growth is being supported by Consensy, MetaMask is preparing to launch a stablecoin with Ethereum and Linea, a dollar-earning name called Masd, and is supported by Stripe’s Bridge for payment infrastructure.
At the beginning of August, Linea revealed details of its talk nemics. The network set a total supply of 72 billion lineare tokens, with 9% assigned to early users via airdrops that were completely unlocked in the token generation.
Approximately 22% of supply is expected to be distributed at launch. Consensy holds 15% of the tokens under a five-year lockup. The share of transaction fees will be directed towards token buybacks and burns, and some of the ETH fees will also be removed from distribution.
