币研究 Linea (LINEA) 2025年11月28日

要点摘要

• Idea: Linea 是一个完全等同于以太坊的 zkEVM 汇总（rollup），提供无缝的 EVM 兼容性、双代币燃烧的通缩机制，以及由领先的以太坊开发者管理的重大生态基金。
• Catalyst: Linea 上 CoW Swap 的推出扩展了 DeFi 服务；即将过渡到去中心化的序列器；Ignition 开发者激励计划。
• Risks: 序列器仍受权限控制，存在集中化风险；大型生态基金的代币释放可能带来抛压；zkEVM 解决方案之间竞争激烈；代币缺乏治理功能；全面去中心化需要较长时间。
• Score: 7.00/ 10

Coin

• Name/ Ticker: Linea (LINEA)
• Segment: Layer 2
• Status: active
• Price: $0.010710

Key Metrics

• Market Cap: $171 911 060
• FDV: $770 807 083
• Circulating Supply: 16 060 197 134
• Total Supply: 72 009 990 000

Sources

1. https://www.coingecko.com/en/coins/linea
2. https://coinmarketcap.com/currencies/linea/

Technology

• USP: 100% EVM-equivalent zkEVM rollup with integrated ETH and LINEA fee burn aligning Layer 2 economics with Ethereum.
• Core Technology: Zero-knowledge proof aggregation via Maru QBFT consensus, supporting Ethereum opcodes like PUSH0 and MCOPY, with dual-burn mechanism removing 80% of fees from circulation.

Roadmap

• 2025-12-31: Permissioned DPoS with QBFT consensus
• 2025-12-31: Private Transaction Pool launch for MEV protection
• 2026-03-31: Complete Type 1 zkEVM proof coverage
• 2026-06-30: Achieve 500k gGas/s throughput
• 2027-12-31: Transition to permissionless DPoS

Team & Investors

Team

• Founder & CEO — Joseph Lubin: Co-founder of Ethereum and founder of ConsenSys with over 10 years leading blockchain ventures
• Chief Technology Officer — Rob Dawson: 7+ years at ConsenSys, led PegaSys Besu development and Palm NFT Studios
• Chief Operating Officer — Chris McKibbin: COO at Linea since 2017, former consultant for Tencent, Google, Fenway Sports Group

Investors

• SK Group — Venture Round • 2019-07-01 • $10.00M
• JP Morgan — Corporate Round • 2020-08-01
• Unknown Lead — Convertible Note • 2021-04-12 • $65.00M
• Marshall Wace & Third Point Ventures — Series C • 2021-11-16 • $200.00M
• ParaFi Capital — Series D • 2022-02-14 • $450.00M

Total funding: $725.00M

Tokenomics

• Utility: Gas payments on Linea, ETH and LINEA token burn for deflation, ecosystem fund grants
• Vesting: Ecosystem fund tokens vest linearly over 10 years

Pros & Cons

Strengths

• Full EVM equivalence enables seamless dApp migration
• Dual burn mechanism strengthens Ethereum’s deflationary model
• Backed by ConsenSys with deep integration into MetaMask and Infura
• Largest ecosystem fund managed by leading Ethereum stewards
• Ongoing formal verification enhances protocol security
• High zkEVM throughput potential via optimized prover
• Native ETH staking yields support sustainable DeFi growth
• Robust developer ecosystem with native DEX launches
• Strong institutional-grade infrastructure for financial use cases

Weaknesses

• Permissioned sequencer centralization risk
• Ecosystem fund token distributions may cause future sell pressure
• No on-chain governance or voting rights
• Token utility limited beyond gas payments and burns
• Long timeline to full permissionless decentralization
• Competition from other zkEVMs like Polygon zkEVM and zkSync
• Reliance on Ethereum mainnet for batched proofs
• Potential regulatory scrutiny of deflationary burn model
• Lack of detailed vesting schedule transparency

Price Scenarios (target: 2026-05-28)

• Bear: $0.005000 — Assumes minimal adoption, flat TVL, uses 50% decline from current price level
• Base: $0.011000 — Projects moderate ecosystem growth with steady burn rates maintaining current price
• Bull: $0.030000 — Extrapolates accelerated TVL doubling, high fee burn deflation, and surge in demand over six months

How to Buy & Store

CEX

• Binance
• Gate.io
• HTX
• Coinbase
• Kraken

DEX

• Uniswap V3
• SushiSwap
• CowSwap
• Balancer
• Curve

Storage

• MetaMask
• Trust Wallet
• Ledger
• Trezor
• Coinbase Wallet

Verdict

Lineа 是领先的以太坊对齐的 zkEVM L2，拥有健全的通缩机制和生态系统支持，尽管存在集中化与竞争压力，仍应保持谨慎乐观。

Official Links

• 白皮书
• GitHub
• Messari