AIP - 76 Add support for agEUR on Linea mainnet

This is a vote to make this agEUR address on Linea mainnet the canonical agEUR address on the chain..

About Linea

Linea is a Layer 2 solution built on Ethereum, leveraging a zkEVM tech stack developed by Consensys. The platform is the outcome of over 20 months of rigorous R&D by Consensys's seasoned research team, known for their contributions to the zk space, including the GNARK library and active participation in the Merge. Linea is engineered to process native EVM bytecode, enabling the seamless execution of Solidity smart contracts. This compatibility extends to widely used middleware and toolsets, offering developers a familiar and robust environment for deployment.

Some of Linea’s technical value proposition includes the following:

• EVM Equivalence - Linea eliminates the need for transpilers or custom compilers, allowing Ethereum L1 Solidity code to run without modifications. This approach minimizes deployment costs by negating the need for re-audits and reduces the risk associated with bugs and hacks.

• Commitment to Decentralization - As the Linea Roadmap outlines, a clear intent is to decentralize the network. This includes a decentralized prover and sequencer structure, which network contributors, including protocols, will govern. Research on these topics are actively being conducted at Consensys.

Motivation

Linea's mainnet has been operational for approximately three months, following a successful 5-month testnet phase that executed over 25 million transactions to stress-test the network. As of the latest data, mainnet has processed over 11.5 million transactions, with a 10-day moving average of 190,476 txs/day.

Given the rising user base and transaction volume on Linea, the integration of agEUR is a timely and strategic move. This initiative aims to establish agEUR as the premier Euro-stable coin on Linea, serving multiple objectives that enhance both ecosystems. These include:

1. Market Reach and User Base Expansion - The integration will introduce Angle to new users on Linea. Further, Angle's existing and prominent community can explore Linea's ecosystem, thereby mutually expanding the user bases of both protocols. Consensys is also actively exploring integrations of native agEUR staking into core products, further supporting this initiative.

2. Protocol Synergy and Asset Integration - Angle's agEUR is poised to become a core asset in Linea's future activations. Linea's growth team actively works directly with protocol stakeholders to ensure alignment on all ecosystem activations. This also aligns with Linea's strategic objectives to incorporate high-quality assets and protocols into its rapidly expanding ecosystem, thereby increasing asset usage and transaction volume for the Angle ecosystem.

3. Technical Compatibility and Operational Efficiency - agEUR design, built on Layerzero's OFT token standard, ensures seamless integration with Linea. This is facilitated by L0 & Linea's early-stage support for integrating each other, which contributes to consistent support for cross-chain paradigms like this stable.

Implementation

An agEUR contract has been deployed on the Linea Mainnet with other related contract addresses notably to handle access control available here. The goal of this proposal is simply to make this contract address the canonical address on Linea. While this address has been deployed with LayerZero as a bridge token enabling to bridge from other chains to Linea, the goal of this proposal on top of making this address a canonical address is to enable bridging from Linea to other chains. Layerzero is already operational on the Linea.

The administrative framework for the proposed agEUR address on Linea mirrors that of other chains. Specifically, there is on the chain one governor and one guardian multisig, with the signers remaining consistent across all chains, including the mainnet.

Proposal Sponsor

• Emanuele Coscia, Senior Linea Growth Manager;
• Cam O'Donnell, Senior Manager - Governance Participation at Consensys & Linea

Legal

Consensys Software Inc. ("CSI") is a private company incorporated in Delaware. As a leading Ethereum software company, ConsenSys offers a range of products to businesses, developers, and individuals engaged in Ethereum-based applications and networks.

Conflict of Interest Declaration

Consensys and the Linea network are active delegates in protocols and provide software solutions to various blockchain protocols. It is essential to clarify that no existing contractual relationships with Angle Protocol could compromise independence, either in appearance or in fact.

Risk Profile

Deploying on Linea presents a favorable risk profile, especially concerning protocol risks associated with bytecode execution. Highlighted two main observations below:

Minimal Protocol Risk for Deployment - One of Linea’s distinguishing attributes is its native handling of bytecode, which reduces protocol risk when deploying. This ensures that our deployment is efficient and secure, leveraging the inherent properties of the Linea chain.

Inherent risks in the Rollup ecosystem - It’s imperative to note that Linea is not without common risks, similar to other rollups. As provided by L2Beats:

• Centralization of Sequencer and Prover
• Multi-Signature Control Over Core Smart Contracts

On top of this, note that since this proposal does not imply any native issuance of agEUR on Linea, it does not pose any threat or create any risk to the protocol to enable a canonical agEUR address on Linea. If a bridge gets hacked or if the chain fails, there won't be any loss for the protocol and agEUR's peg will remain unaffected.

References

• Linea Website
• Linea Block Explorer
• Linea Docs
• Linea Mirror
• Consensys: R&D
• Consensys R&D Gnark Library
• Vortex: Building a Lattice-based SNARK scheme…
• Ethresearch.ch - A ZK-EVM specification
• Vitalik - A rollup-centric Ethereum roadmap

Voting Options

1. For, add support to Linea
2. Against, do nothing