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Author: Yogita Khatri, The Block; Compilation: Tao Zhu, Bitchain Vision
summary:
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Layer3 raised $15 million in a Series A round led by ParaFi and Greenfield Capital.
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Layer3 plans to launch its tokens and airdrops in the summer, and a new round of financing is underway.
Token distribution protocol Layer3 has raised $15 million in Series A financing, which will launch tokens and airdrop in the coming months.
Layer3 said Wednesday that ParaFi and Greenfield Capital jointly led the round of financing, with Electric Capital, Immutable, Lattice, Tioga, LeadBlock, Amber and other companies also involved.Layer3 co-founder Brandon Kumar noted that the project began raising funds for this round in April and completed the financing in May.Kumar said the round was built with an equity structure and came with token warrants, and he declined to comment on the valuation.
Layer3 also revealed its previously unannounced strategic financing round, with a funding amount of $3.7 million, raised in 2022 by companies such as Electric, ParaFi, and Polygon’s Sandeep Nailwal.Series A raise brings Layer3’s total financing to $21.2 million, in 2021, Layer3 also raised $2.5 million.
What isLayer3?
Layer3 is a token distribution protocol, enabling projects to distribute their tokens to attract and retain users.
“The protocol library has billions of dollars in tokens,” Kumar said.“These tokens act to a largely as customer acquisition cost (CAC) mechanisms, and over time, they will find the most efficient distribution pathway. Given our direct relationship, efficiency and positioning capabilities with consumers, like Layer3Such a protocol is expected to meet most of the needs.”
Layer3 essentially unifies user activity across multiple blockchains and applications, enabling the protocol to distribute tokens more efficiently.
Kumar saidMore than 100 crypto projects including Uniswap, Base, Arbitrum and Linea use Layer3’s platform.The platform claims to serve more than 3 million independent users in 120 countries.
Layer3 is also developing a new AI-enabled protocol to optimize token distribution strategies, which is scheduled to be launched later this year.Kumar said the AI protocol will open up new ways for project issuance and distribution of tokens and make Layer3 more personalized to suit the end consumers.
Layer3 token release and airdrop
Layer3’s Series A round comes as it will launch its native L3 tokens and airdrop this summer.Last month, Layer3 launched its “governance and practical token” L3 with a total supply of 300 million.Initial airdrops will distribute 5% of the total supply to early adopters and CUBE coiners, that is, 15 million tokens.Kumar said CUBE (the abbreviation for Unified Blockchain Event Credentials) is a “dynamic NFT” minted after completing the task.
Airdrop snapshot was taken on May 10.Layer3 has allocated 51% of the total supply to the community, and details about the remaining allocation have not been released.
With new funding, Kumar said Layer3 plans to expand its current 13-person team to 20 by recruiting personnel from the engineering, data science and business development functions by the end of the year.The project also hopes to expand its reach in the Asia Pacific (APAC).
