Consensys has announced its plan to decentralize governance for Linea, a network developed by the company. The process will start with the formation of the Linea Association in Switzerland, which will temporarily oversee the transition to a community-driven governance model.
A Token Generation Event (TGE) is scheduled for the first quarter of 2025 to facilitate the transition.
Nicolas Liochon, Linea's founder, emphasizes a multidimensional approach to decentralization that includes inviting various teams, such as Status, which has contributed to Ethereum’s Proof-of-Stake network.
Consensys' layered approach ensures that technical aspects and community involvement are prioritized.
While Consensys is decentralizing Linea, they are maintaining robust links with MetaMask and Infura, key platforms that will help onboard new users. Joe Lubin, the CEO of Consensys, stressed the importance of MetaMask integration in attracting a diverse user base.
This integration will feature aspects like MetaMask Card payments and identity projects using attestation registries.
Furthermore, Consensys partners with over 420 entities to support the transition. MetaMask features, such as Embedded Wallet and Portfolio, will be integrated into Linea.
A security incident previously put a spotlight on Linea’s L2 solution. The breach involved $2.6 million being transferred from Velocore, a decentralized exchange, prompting a sequencer halt. This raised questions about Linea's readiness for decentralization.
Linea aims to create a decentralized, censorship-resistant environment where it cannot halt block production or censor addresses, marking a crucial development in its network evolution.
