Layer N, a brand new Ethereum scaling network, has raised funds in a seed spherical co-led by Peter Thiel’s Founders Fund and funding collective dao5. Different traders within the spherical included Kraken Ventures, Mirana Ventures, GSR and Amber Group.
The dimensions of the seed spherical was $5 million, Layer N co-founder Dima Romanov informed The Block, including that Founders Fund contributed $1.8 million of the whole quantity. The funding comes after Founders Fund hired Joey Krug, former co-chief funding officer at Pantera Capital, as a companion in April.
Layer N was previously building a scaling network for Solana however deserted the blockchain after crypto exchange FTX collapsed final November. On the time, Layer N stated FTX Ventures, Solana Ventures, Solana Basis, and Solana Labs co-founders Anatoly Yakovenko and Raj Gokal had been traders in Layer N. Romanov now says, “we by no means ended up taking any cash/ signing something,” and that the spherical was referred to as off after the collapse of FTX.
“After FTX, we spent a while pondering and thought that for our product, it makes probably the most sense to construct on Ethereum. However we nonetheless have an incredible relationship with the Solana staff and tasks,” Romanov added.
When requested if Layer N is planning to launch its personal native token, Romanov stated there is no such thing as a concrete plan for that but.
What’s Layer N?
Layer N is an Ethereum Layer 2 network that goals to assist create an on-chain rival to the Nasdaq. It’s particularly designed to scale monetary functions on Ethereum. “We spent two years constructing, speaking to customers, partaking institutional companies, and skilled first-hand the various challenges that protocols confronted. We designed a novel Layer 2 to deal with these challenges and eradicate friction in efficiency and person expertise, streamline institutional onboarding, and permit protocols to deal with what’s most essential to them, constructing an incredible product,” Romanov stated.
Layer N plans to deploy a public testnet “within the coming weeks.” It would then launch Nord, a specialised trade rollup, providing “10-100x higher throughput than current scaling options, and sub-millisecond latency.”
Layer N stated Nord’s on-chain infrastructure is corresponding to current centralized exchanges from a efficiency and person expertise perspective. Node will enable decentralized exchanges to launch their very own rollups to allow Binance/ Coinbase-like efficiency, Romanov stated, including that “no different product compares to that (latency and throughput sensible).”
“Each rollup in Layer N ecosystem will likely be related by a shared messaging layer; that means that each rollup will be capable to transfer liquidity and knowledge between different Layer N rollups effortlessly and immediately,” he famous.
The venture added that it has already secured main liquidity companions and is starting its means of speaking with early-stage builders to develop its ecosystem forward of its public launch.
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