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Layer N, an Ethereum layer-2 community backed by Peter Thiel’s Founders Fund, has launched a brand new liquidity program for apps constructed on its StateNet structure.
Layer N first got here out of stealth in September 2023, when it introduced it had closed a $5 million funding spherical backed by Founders Fund. Now Layer N says its new liquidity program marks a milestone in efforts to introduce sustainable and sturdy liquidity into the DeFi house, concentrating on protocols at their nascent levels to help of their market entry.
Digital finance agency Amber Group would be the first participant on this program, contributing a major $20 million to assist empower companions throughout the Layer N ecosystem. This collaboration underscores this system’s intent to furnish builders with the required instruments and funds to innovate and rival conventional monetary establishments.
Dima Romanov, CEO and co-founder of Layer N, hailed the launch as a pivotal second for the corporate and the broader DeFi panorama.
“By offering seamless entry to liquidity and equipping builders with important sources, we’re setting the stage for a brand new period of innovation and development within the DeFi sector,” he stated in a press launch.
Steven Shi, funding accomplice at Amber Group, stated he regards Layer N because the premier structure for DeFi purposes as a result of it’s “merging top-tier crypto infrastructure with high-performance capabilities with out compromising Ethereum’s safety or fragmenting liquidity.”
He emphasised Amber Group’s dedication to supporting Layer N in fostering liquidity and increasing the ecosystem.
Thiel’s Founders Fund has had a busy 2024. The fund participated in a $280 million Series D round for Neuralink, an Elon Musk-backed startup that is centered on mind hacking.
“Excited to assist Neuralink’s subsequent chapter of serving to human sufferers in want,” Scott Nolan, accomplice at Founders Fund, subsequently posted to Twitter on the time. “The staff has been working for seven years to make this potential, pulling off technical breakthroughs that really feel like science fiction.”
Editor’s notice: This text was written with the help of AI. Edited and fact-checked by Stacy Elliott.