Layer N Raises $5 Million in Seed Round
Layer N, an Ethereum scaling network, has successfully raised funds in a seed round co-led by Peter Thiel’s Founders Fund and investment collective dao5. Other notable investors included Kraken Ventures, Mirana Ventures, GSR, and Amber Group. The total amount raised in the seed round was $5 million, with Founders Fund contributing $1.8 million.
Moving from Solana to Ethereum
Layer N initially focused on building a scaling network for Solana but shifted its attention to Ethereum after the collapse of crypto exchange FTX. Despite this change, Layer N maintains a positive relationship with the Solana team and projects. According to Dima Romanov, co-founder of Layer N, there are no concrete plans yet for the launch of their own native token.
Introducing Layer N: An Ethereum Layer 2 Network
Layer N aims to create an on-chain rival to the Nasdaq by providing an Ethereum Layer 2 network specifically designed to scale financial applications. The team spent two years engaging with users and institutional firms to understand the challenges faced by protocols. Their novel Layer 2 solution addresses these challenges by improving performance, user experience, and institutional onboarding.
The Nord Exchange Rollup
Layer N plans to release Nord, a specialized exchange rollup that offers significantly better throughput and lower latency compared to existing scaling solutions. This on-chain infrastructure is comparable to centralized exchanges in terms of performance and user experience. Additionally, Layer N’s ecosystem allows for seamless liquidity and data transfer between different rollups.
Growing the Ecosystem
Layer N has already secured major liquidity partners and is actively engaging with early-stage developers to expand its ecosystem. The project plans to deploy a public testnet in the near future, demonstrating its commitment to providing efficient and scalable solutions for decentralized exchanges.
Hot Take: Layer N Revolutionizing Ethereum Scaling
Layer N’s innovative approach to Ethereum scaling presents a significant opportunity for the development of financial applications on the blockchain. With its specialized exchange rollup and focus on performance and user experience, Layer N aims to address the challenges faced by existing protocols. By fostering liquidity partnerships and engaging with developers, Layer N is poised to revolutionize the scalability of decentralized exchanges.
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