- Layer N successfully raises $5 million in a seed round featuring Founders Fund and dao5.
- Initially set to build a scaling network for Solana, Layer N shifts its focus post the FTX fallout.
- The project plans to challenge the likes of Nasdaq by significantly enhancing the Ethereum platform’s capabilities.
Discover the exciting development of Layer N’s Ethereum scaling solution and its potential to revolutionize financial applications. Founders Fund, led by Peter Thiel, underscores its promise with a substantial investment.
Founders Fund Takes the Lead
Layer N recently announced a significant seed round of $5 million, co-led by the renowned Founders Fund under Peter Thiel and the investment collective dao5. Notable participants of this investment spree included Kraken Ventures, Mirana Ventures, GSR, and Amber Group. Layer N co-founder, Dima Romanov, revealed Founders Fund’s contribution as a whopping $1.8 million, shortly after they brought onboard Joey Krug, Pantera Capital’s former co-chief investment officer.
Shift from Solana to Ethereum
Before turning its attention to Ethereum, Layer N was on the path to develop a scaling network for Solana. However, the abrupt collapse of the crypto exchange FTX led to a strategic shift. Layer N, at that juncture, had investment commitments from FTX Ventures, Solana Ventures, Solana Foundation, and co-founders Anatoly Yakovenko and Raj Gokal from Solana Labs. Romanov clarified that no funds were taken and the investment round was suspended post the FTX crisis. Reflecting on the turn of events, Romanov mentioned their alignment with Ethereum but also highlighted the continued good terms with the Solana team.
Unveiling Layer N’s Ambitions
Layer N is not just another Ethereum Layer 2 network. It’s an ambitious project aiming to create an on-chain counterpart to the Nasdaq, focusing on scaling financial applications on the Ethereum platform. Romanov narrated their journey, emphasizing the challenges faced during their two-year stint of development. They envisaged a unique Layer 2 solution to address these hurdles, ensuring enhanced performance, better user experience, and an efficient onboarding process for institutions. The imminent launch of a public testnet followed by the release of Nord, an exchange rollup, showcases their commitment to delivering a product that promises performance akin to centralized exchanges.
The Future Landscape with Layer N
Layer N’s innovation doesn’t stop with the Nord. The rollup in the Layer N ecosystem will feature a shared messaging layer, enabling seamless and instant movement of liquidity and data between other Layer N rollups. Romanov boasts that no other product matches Nord in terms of latency and throughput. With a robust on-chain infrastructure, decentralized exchanges can launch their own rollups, replicating the performance of giants like Binance and Coinbase. As Layer N gears up for its public release, it has secured significant liquidity partners and is actively engaging with developers to expand its ecosystem.
Conclusion
The crypto world is buzzing with the promising developments at Layer N. With stalwarts like Peter Thiel’s Founders Fund backing the project, its ambitious aims to revolutionize the Ethereum platform’s capabilities gain further credibility. Layer N’s strategic shift from Solana, coupled with its dedication to enhancing the decentralized financial landscape, positions it as a key player in the future of crypto financial applications.
