Content editor: Yao Erliu
Content collation: Yao Erliu
Task Platform
Web3 task platforms are innovative Internet applications that use blockchain technology to provide users with opportunities to complete tasks and receive rewards. Such platforms usually use incentive mechanisms to attract users to participate in various tasks, such as social media interaction, content creation, voting, testing products, etc.
Their position in the market is to provide user output for other new projects through the user data of their own platforms, so as to help some entrepreneurial projects gain better market promotion and visibility, and play an important role in the later development of the projects.
Task platforms often require project parties to provide users with corresponding rewards as feedback when listing project tasks. It is also one of the favorite projects of many freeloaders. They can often find some airdrop projects with high returns from these projects, which has also created many freeloaders in the circle.
Galex (GAL) is one of the most successful case projects of the first task platform in this track. Other projects in this track include QuestN, Tide, Solemp, and CARV, which was previously written about in the official account. Although some of them belong to the DID as a human identity verification project, they are all content marketing.
Layer3 task distribution platform
This Layer3 is not the same as the third layer of blockchain. The Layer3 in this article refers to the task dispatching project of the full-chain identity and distribution protocol.
Layer3's full-chain identity and distribution protocol creates a flywheel effect where crypto consumers discover new projects and projects reward them for their on-chain activity. By aggregating user activity across multiple chains and dApps, Layer3 generates a unified view of a user's on-chain identity and enables highly targeted and efficient token distribution.
Layer3 solves the dual problems of attention and distribution in cryptocurrencies:
Attention, the currency of the internet, is monopolized by centralized tech giants who profit at the expense of their users; meanwhile, crypto protocols challenging this system face significant distributional hurdles in getting their products in front of users and rewarding those users with tokens.
Layer3 is an infrastructure project for users to find value. It is not a fully explored platform, but is powered by Layer3's full-chain identity and distribution protocol. Decentralize the engines behind these trillion-dollar giants by creating an open identity, incentive, and interface network owned by participants.
In order to attract users’ attention, projects need to constantly adjust and optimize their distribution strategies to promote more attractive solutions. Despite investing billions of dollars to launch new social network graphs (such as new user groups, communities, etc.), like Cyber Connect, they often quickly lose the favor of these users when they move to the next hot spot.
The issue of attention has become a scarce resource, as new blockchain layer 1 (L1), layer 2 (L2), and layer 3 (L3) networks emerge every day to grab a piece of the market and compete for user share and attention.
Layer3 addresses this challenge head-on by:
Enable projects to reach and build thriving communities, and distribute value to users who contribute to growth.
Let users discover the protocol and earn benefits through perpetual incentives, pre-token networks, and a unified cross-chain identity.
identity
CUBE is an ERC-721 token minted by completing tasks. With the introduction of CUBE, on-chain impact is now unified into each voucher.
CUBE is the fastest growing multi-chain identity network with over 4 million CUBE minted since its launch 2.5 months ago. With thousands of L1, L2, and L3 launched powered by AI, CUBE is the first antidote to the fragmented identity problem on-chain, unifying on-chain identities and activities. Minting fees ensure the integrity of the network. Additionally, user-owned KYC credentials for Layer3 are coming soon.
Each CUBE token records different applications, chains, and ecosystems for each task. With on-chain credentials, explorers can unlock new opportunities and the protocol can identify high-quality users.
excitation
Projects distribute value to users indirectly through points or directly through tokens on Layer3.
Every well-planned or created points program and airdrop in the ecosystem increases our market size. Top ecosystems such as Linea, Base, and Gnosis are increasingly choosing Layer 3 as the network to distribute value to users, attracting a wider audience over time.
Layer3 brings ultra-large-scale data expansion to Linea. After the opening of Linea Park, the daily active addresses almost increased several times.
Layer3 activities are highly customizable - including on-chain points, referral systems, advanced loyalty mechanisms, etc. The success of Linea Park also proves the saying that as long as you build them, new users will come.
L3 Economic Model
L3’s deflationary token economics, activity-based rewards, utility, and staking drivers create a self-sustaining ecosystem where the value of the token aligns with network growth and user engagement.
Adopts an innovative staking model called layered staking.
Users earn the most rewards through staking and active participation on Layer 3. Staking and activity levels are measurable indicators of alignment with the Layer 3 ecosystem and partners, unlocking rewards, additional benefits, governance rights, and exclusive opportunities.
To access the Layer3 protocol and network, the community must purchase and burn L3 tokens to publish tasks, deploy incentives, and access CUBE vouchers. The total supply of L3 tokens is 3,333,333,333.
Community: 51% (1.69 billion L3)
51% of the total L3 supply is reserved for the community for 4 years, 40% in year 1, 30% in year 2, 20% in year 3, and 10% in year 4.
200,000,000 L3 (6%) is OG and S1 airdrop. 50,000,000 (1.5%) is S2 allocation. The entire allocation unlocks at TGE.
25% is the initial budget allocated by the Foundation for planned airdrops and incentives
The remaining 26% will be owned by the community, managed by the DAO and Foundation, and allocated over time for future airdrops, incentives, and ecosystem initiatives.
Core contributors: 25.3% (843 million L3)
All tokens allocated to core contributors are subject to a 4-year lock-up period.
No tokens will be unlocked in the first year. Starting from the second year, 33% of the tokens will be unlocked each year, distributed daily until the end of the 4-year period.
Investors: 23.2% (773 million L3)
All tokens allocated to investors are subject to a 4-year lock-up period.
No tokens will be unlocked in the first year. Starting in the second year, 33% of tokens will be released each year, and distributed daily for the next three years. This gradual release schedule reduces the large supply shock that often occurs after the first year when a large number of tokens become available.
Advisors: 0.5% (16 million L3)
All tokens allocated to advisors are subject to a 4-year lock-up period.
No tokens will be unlocked in the first year. Starting from the second year, 33% of the tokens will be released each year and distributed daily for the next three years.
The emission of L3 tokens is expected to begin with the unlocking inflow of the team and other chips in the second quarter of 2025. The overall emission cycle is moderate. L3 is expected to go online and begin circulation in October. It is expected that by February 2025, the total emission will not exceed 500 million tokens.
Layer3 Investor Lineup
Layer3 has completed two rounds of financing, with a total financing amount of up to US$17.5 million. ParaFi Caiptal is the main participant in the project.
The first round of financing occurred in the seed round on September 30, 2021, with a financing of US$2.5 million, led by ParaFi Capital, and participated by Electric Capital, 6th Man Ventures, Lattice Capital, Red Beard Ventures, Kain Warwick, Balaji Srinivasan, Kinjal Shah, Jai Bhavnani, Nick Emmons, Felix Feng, Jordan Momtazi, and Tony Sheng.
The second time happened on June 12, 2024, in the A round, which completed a $15 million financing, led by ParaFi Capital and Greenfield. Participating institutions include Electric Capital, Immutable, Amber Group, Mirana Ventures, 6th Man Ventures, Lattice Capital, Tioga Capital, Third Prime, GD1 Crypto, King River Capital, Kain Warwick, Balaji Srinivasan, Kinjal Shah, Mats Olsen, Richard Chen, Sandeep Nailwal, Scott Keto, Colin Armstrong, Dave Bean, Elias Simos, Felix Feng, Nick Emmons, Antonio Garcia-Martinez, Derek Walkush, Jordan Momtazi, Siddharth Jain, Tony Sheng and other institutions.
It also raised a previously unannounced $3.7 million in strategic funding in 2022 from Electric, Lattice, ThirdPrime, ParaFi, and Sandeep Nailwal.
Final summary
This project is another task distribution platform that announced the issuance of tokens after Galxe and CARV. Layer3 also adds a competitor to the task platform, which adds considerable trouble to the current GAL market.
GAL: The scene of "It's over, they're all coming for me" is very consistent with the current situation. As far as the task platform track we have seen so far, there are only a handful of projects that can compete with GAL for market share. CARV and Layer3 are the only two of them, and the environment of this track is very large. Although the share of this track will not be very large, there are many ways to play.
As a deflationary token, the L3 project also provides two deflation methods.
Community: The community must buy and burn L3 tokens to access the Layer3 protocol and network to publish tasks, deploy incentives, and access CUBE vouchers. In addition, you can vote to initiate a revenue stream to stakeholders or a buy-in and burn mechanism for L3 protocol revenue.
Users: Users can burn L3 tokens to gain privileges in the partner ecosystem, including early access, fee discounts, exclusive NFTs, and more.
This gives L3 tokens a certain amount of space for healthy circulation. We also believe that Layer3 will be able to occupy a certain market share in the future and provide generous rewards to more users.
