PANews reported on June 12 that according to The Block, the token distribution protocol Layer3 completed a $15 million Series A financing, led by ParaFi and Greenfield Capital, with participation from Electric Capital, Immutable, Lattice, Tioga, LeadBlock, Amber and others. The project began raising funds for this round of financing in April and ended in May. This round of financing adopts the structure of equity plus token warrants. Layer3 also revealed its previously unannounced $370 strategic financing (raised in 2022), with participation from Electric, ParaFi, Polygon's Sandeep Nailwal and others. The Series A financing brings Layer3's total financing to $21.2 million, as the company also raised $2.5 million in 2021. With new funding support, Layer3 plans to expand its current team of 13 to 20 by the end of the year by recruiting talent in engineering, data science and business development departments. The project also hopes to expand its influence in the Asia-Pacific region (APAC).
According to reports, Layer3 is a token distribution protocol that enables projects to distribute their tokens to attract and retain users. Layer3 essentially unifies user activities across multiple blockchains and applications, enabling protocols to distribute tokens more efficiently. More than 100 crypto projects, including Uniswap, Base, Arbitrum, and Linea, are using Layer3's platform. The platform claims to have served more than 3 million independent users in 120 countries. Layer3 is also developing a new AI protocol for optimizing token distribution strategies, which is expected to be launched later this year.
Layer3’s Series A comes as its native L3 token was launched and airdropped this summer. Last month, Layer3 launched its “governance and utility token” L3 with a total supply of 300 million tokens. The initial airdrop will distribute 5% of the total supply, or 15 million tokens, to early adopters and CUBE minters. The airdrop snapshot was taken on May 10. Layer3 has allocated 51% of the total supply to the community, while details of the remaining allocation have not yet been announced.