The Linea DeFi Voyage is Coming！
Author: CryptoSherry
October 26, 2023
@LineaBuild is an exciting developer-ready zk rollup powered by @Consensys, and it’s here to empower the next generation of Ethereum builders. What’s particularly intriguing is that, since Consensys is the parent company of Metamask, every Metamask user is automatically granted access to the Linea network, enjoying a status on par with the Ethereum. This underlines Consensys’ robust commitment to the advancement of Linea.
On October 23rd, @LineaBuild made a significant announcement: November will mark the beginning of “The Linea Voyage: DeFi.” During this event, several specified DeFi projects within the Linea ecosystem will initiate a range of activities, encompassing tasks like deposits, borrowing, staking, and more. Participants will earn points as rewards for completing tasks. While Linea has yet to reveal its token launch plans, it’s highly probable that the points earned during The Linea Voyage will be tied to future airdrops.
In today’s session, I’ll guide you through the interaction steps for Linea Network and shed light on some pivotal DeFi interactions within the Linea ecosystem.
How to kickstart the game by bridging funds from Ethereum to Linea?
To begin, I need to bridge a portion of the initial funds from the Ethereum to Linea. There’s no strict requirement regarding the fund size. For this step, I suggest to utilize the official bridge. It’s important to be aware that the Linea official bridge provides two options during the cross-chain process: “Automatic claiming” and “Manual Claiming.”
If you opt for the “Automatic claiming” option, this interaction will be similar to other bridge experiences, and the gas fees on both the Ethereum and Linea will be deducted from your Ethereum wallet address. However, if you choose “Manual Claiming,” you’ll need to complete a manual claim on Linea Network to conclude the entire bridging process and then receive the bridged funds.
When selecting “Manual Claiming,” a portion of the gas fees will be deducted from your Linea wallet address. Therefore, it’s crucial to ensure you have some ETH on Linea Network in advance to cover these fees; otherwise, the bridging process cannot be completed. It’s worth noting that this process may take several hours to finish the bridge. Unless there are exceptional circumstances, it’s advisable for most users to opt for “Automatic claiming.”
Throughout the bridging process, you can locate the transaction record in the “recent transactions” section below. When following the “Automatic claiming” bridge flow, this process typically takes around 15–20 minutes to complete, provided that the Linea Network is not experiencing significant congestion. Bridging from the Ethereum to the Linea is generally a speedy operation. I highly recommend opting for the official bridge in this step. Not only does it provide cost-efficiency, but it also plays a crucial role in facilitating future airdrop opportunities.
How to effectively interact with DeFi projects to accumulate sufficient points?
Following the successful funds bridging, it’s time to dive into interactions with DeFi projects that are aligned with the Linea Network. My primary focus is on @LayerBankFi. The LayerBank official website includes a dedicated section called “Points,” which corresponds to the points for the Linea DEFI Voyage. To get started, I suggest familiarizing yourself with “how to earn points?” You can also monitor your daily point accumulation on the points leaderboard below.
According to the rules for earning points, the primary supported activities are borrowing, supplying, and staking. Therefore, I recommend prioritizing these three types of interactions. For swapping and farming, you can explore other protocols to diversify your interaction portfolio. On the homepage, you’ll find the “Bank” section, where you can choose from three main currencies: ETH, USDC, and WBTC.
I’ll opt for ETH and USDC to carry out interactions involving both supply and borrowing functions. When initiating the initial supply, it’s crucial to remember to keep the “Available as collateral” option enabled. This step is somewhat inconspicuous due to UI design, making it prone to oversight.
Moving on, let’s complete the borrow and repay interactions. When you’re in the borrowing phase, you can gauge a safe borrowing ratio by referencing the “borrowed used” progress bar. While the ETH borrow APY is relatively high at 7.73%, it’s worth noting that the corresponding reward APR is even higher at 11.5%. This indicates that the current borrowing ratio for ETH is relatively low, resulting in more attractive incentives for borrowers.
Once you’ve successfully carried out the supply and borrow interactions, you’ll find your Supplied assets and Borrowed Assets listed under the “Market List” section below.
As LayerBank operates primarily as a lending platform, its Swap and Farm functions are currently integrated with other projects. For instance, the Swap function is linked to Kyberswap and BitGet. I’ll be providing a detailed demonstration of the Swap and Farm functions of Kyberswap in interactions within zkSync Era.
LayerBank’s Compound feature involves locking claimable $LAB tokens for a set period, similar to the relationship between Curve and Convex. When I choose to “Compound,” it locks 0.003 $LAB until November 30, 2023. The initial compounding triggers the activation of the Boost feature, clearly indicated as “Active” in the dashboard. This boosts the staking APR to 52.61% and simultaneously records Linea DEFI Voyage points. LayerBank Finance not only enables you to engage in multiple interactions within Linea, accumulating Linea DEFI Voyage points, but also offers an attractive APR on the platform itself.
Moving on, let’s delve into another DeFi project, @Echo_DEX. They’ve unveiled their own points incentive program, which seems to be linked to EchoDex’s upcoming airdrop initiatives. However, it’s worth noting that whether this program is a part of Linea DEFI Voyage remains to be confirmed. On the right-hand side, you can earn a daily 100 points through attendance. Additionally, you can accumulate points by completing tasks such as adding liquidity, farming, and swapping. The level of points earned is tied to the extent of your participation in these activities.
Additionally, you can engage with Linea Network through @syncswap. For a detailed guide on the specific steps, please refer to the “Simple Steps for Newbies’ Guide to zkSync Airdrops ”. Syncswap currently extends its support to zkSync Era, Linea and Scroll, significantly contributing to interaction volumes and transaction counts.
Great! Today, our focus has been primarily on sharing details about The Linea DeFi Voyage event. While the official kick-off is slated for November, it’s worth noting that some projects have already initiated points-based incentives. So, keep an eye out for updates! In this session, we walked through the Linea bridge process and placed a strong emphasis on understanding how to earn points through interactions with LayerBank Finance. Looking ahead, we’ll maintain our vigilance over zkSync Era, Linea, Scroll, and other projects within the Layer2 ecosystem, particularly in the context of airdrop strategies.
