Layer N Achieves 120,000 Transactions per Second in Testing
Layer N, a Layer 2 network built on Ethereum and backed by Founders Fund, has reached a peak of 120,000 transactions per second during testing. This milestone comes ahead of the network’s public testnet launch in February. The testing was conducted on a closed testnet to evaluate the performance of Layer N’s Nord Engine, which enables high trading activity rollups.
Building Open Exchanges on Layer N
Layer N CEO and co-founder Dima Romanov has expressed the goal of launching optimized rollups, including their own version of the Ethereum Virtual Machine that is compatible with the Nord Engine. Romanov envisions developers being able to build native integrations directly on top of exchanges created on Layer N. By using EigenDA to store batched transaction data, Layer N offers a cost-effective solution compared to storing it directly on the Ethereum mainnet.
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Raising Funds and Investor Support
In September 2023, Layer N successfully raised $5 million in a seed round co-led by Founders Fund and dao5. Other notable investors in the round included Kraken Ventures, Mirana Ventures, GSR, and Amber Group.
Hot Take: Layer N Sets High Standards for Decentralized Exchanges
Layer N’s achievement of 120,000 transactions per second in testing demonstrates its commitment to providing scalable solutions for decentralized exchanges. By leveraging Layer 2 technology and innovative features like the Nord Engine and EigenDA, Layer N aims to replicate the functionality of centralized exchanges while maintaining decentralization. The project’s successful fundraising efforts further validate its potential in the blockchain industry. As Layer N prepares for its public testnet launch, it is poised to make significant contributions to the development of open and efficient exchanges on the Ethereum network.
