Subjects: PDT, VEN
Layer N Unveils Layer 2 to Revolutionize Finance on Ethereum
Layer N plans testnet with new funding from Founders Fund
NEW YORK, Sept. 13, 2023 /PRNewswire/ -- Layer N, a hyper-performant and scalable layer 2 blockchain backed by Founders Fund, dao5, and Kraken Ventures, is officially coming out of stealth with experienced DeFi co-founders Dima Romanov, David Cao, and Sheheryar Parvaz.
Layer N is uniquely designed as a network of highly specialized rollups for the financial ecosystem. These rollups offer hyper-performance and EVM composability under a shared liquidity and a shared communication layer, with the ultimate goal of Layer N becoming infrastructure optimized for financial applications and dedicated to onboarding institutional liquidity.
Dima Romanov, co-founder of Layer N, commented on the news: "We spent two years building, talking to users, engaging institutional firms, and experienced first-hand the many challenges that protocols faced. We designed a novel layer 2 to address those challenges and eliminate friction in performance and user experience, streamline institutional onboarding, and allow protocols to focus on what's most important to them, building a great product."
Layer N's fully modular architecture allows the network to be optimized along every single component of the stack making Layer N the top choice for companies building complex financial protocols and easing the transition for more traditional firms and institutions to enter the on-chain world.
Layer N will not only enable high-frequency applications but also highly intensive and complex computations and transactions that are currently impossible to deploy on existing blockchains.
"The first step towards a web2 to web3 transition is to solve the infrastructure scalability problem by enabling applications to run on truly fast and scalable blockchains. With Layer N, we can finally enable a whole new class of powerful applications", says David Cao, co-founder of Layer N.
The round was co-led by Founders Fund, and dao5, with participation from SALT, Kraken Ventures, Mirana Ventures, Amber Group, Spencer Noon, Karthik Raju, and more. This marks one of the first public investments in crypto by Founders Fund since Joey Krug joined the firm after leaving Pantera. The backing of the San Francisco-based venture capital firm, whose portfolio includes Lyft, Facebook, and AirBnB further supports that Layer N is a team aiming to bridge the gap with traditional finance.
In the coming weeks, Layer N will be deploying a public testnet where people can observe and experience the performance improvements of Layer N firsthand. The first project that will go live on testnet is Nord, a specialized exchange rollup offering 10-100x better throughput than existing scaling solutions, and sub millisecond latency. Nord was built to be the first ever on-chain order book infrastructure that is comparable to existing centralized exchanges from a performance, user experience, and computing perspective. Additionally, it is fully composable with a public smart contract EVM layer through the Layer N shared communication layer.
Layer N has already secured major liquidity partners and is beginning its process of talking with early-stage teams and developers to grow its ecosystem ahead of its public release.
About Layer N
Layer N is a novel layer 2 network designed to hyper-scale financial applications on Ethereum. It aims to provide performance and user experiences similar to modern financial networks, but fully on-chain and decentralized. Developers can build hyper-performant financial applications leveraging shared liquidity and seamless composability. Layer N is bringing the global financial system to Ethereum.
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