Written by: TechFlow
Whether people admit it or not, "fundamental investment basically makes no money" is already a microcosm of the current state of crypto investment.
Fundamental price investment has little effect, but the Meme sector has repeatedly led the rebound after a sharp drop, and the endless stream of new Memecoins have always been at the forefront of the market.
The powerful inclusiveness and transformation power of meme culture has created a huge wealth effect in the crypto world: Meme can quickly absorb and transform various social hot spots, turning hot spots into hot money in the crypto world.
“Everything can be a Meme” is best explained in the crypto world, and the continuous Meme money fever phenomenon also points directly to the essence of wealth creation: the attention economy.
In the last bull market, Memecoin might have been just the dessert after the bull market feast, but looking beyond the phenomenon to the essence, this was exactly the manifestation of the endless market hotspots at the time and the attraction of attention to other narratives. Today, Memecoin’s tenacious price performance demonstrates the huge potential of the attention economy.
The fragmentation and rapid iteration of encrypted information means that what this market lacks the most is hot spots, not to mention the determination of all parties to never take over each other in the gradually mature encryption market. Attention has obviously become a scarce resource in the market.
How to guide and make good use of market attention and unleash the huge value behind the attention economy has become an important issue in the crypto world.
In this regard, Layer3, which has been deeply engaged in the field of attention tokenization, already has its own answer.
As the first cryptographic protocol to commercialize the attention economy, Layer3 aims to build decentralized infrastructure on the chain and unleash the huge application value behind the attention economy.
Layer3 will open airdrop distribution inspection on July 24 and will officially launch TGE in the near future.
This article will introduce how the Layer3 platform breaks the inherent market perception through full-chain identity and innovative distribution protocols, uses pioneering token economic models to bring reasonable token distribution and future flywheel effects to the ecosystem, and truly captures the market potential of attention monetization.
More than just a task platform, Layer3’s development ambitions
For advanced players on the chain, Layer3 is definitely a familiar name. Layer3, which takes the task platform as the market entry point, aggregates a wide variety of projects on the market and helps users to interact with the entire chain project through one platform.
Riding on the wave of the bull market, the ecology of various chains has become hot again, and the number of Layer3 users and platform interaction data have also reached new highs.
The platform has currently processed 100 million interactions, has over 4.3 million users, nearly 210 million CUBEs have been minted, and has established partnerships with high-quality projects such as Robinhood and Linea.
In addition to its excellent data performance, Layer3 is different from the market's inherent impression that it is a "bounty task platform". Layer3 positions itself as a "full-chain identity and token distribution protocol."
It seems that Layer3's ambition is far more than just being a mission-critical platform that is as competitive as its peers, but is focused on a longer-term future narrative.
Full-chain identity and intelligent distribution protocol allow users to “run only once”
Layer3 aggregates almost all the current popular ecosystems, and the on-chain footprints generated by the interactive tasks of various ecological projects also allow Layer3 to turn its attention to the decentralized identity track.
The unique distribution protocol supports multiple different blockchains and decentralized applications in each ecosystem, generating a unified on-chain identity view for users using various chains and decentralized applications. Through Layer3's on-chain identity, users no longer have to go through information collection and platform switching in order to diversify their on-chain footprints.
Every time a project is completed and published on the Layer3 platform, the user will receive a CUBE as a completion certificate, and the public key will be used to record the activities on each shard chain. In other words, CUBE can be regarded as another proof of the user's on-chain footprint, which effectively solves the problem of decentralized on-chain identity and unifies the user's cross-chain identity and activities.
Through technological innovation, Layer3 organizes and summarizes users' on-chain footprints, differentiates and sorts different interaction standards such as asset ownership, on-chain activities, credentials, social graphs, and task participation, and finally systematically distributes various interacted tokens to users at specific times, completing fully automatic distribution.
By providing a widely used and verifiable "on-chain proof of attention" protocol, Layer3 helps projects effectively attract and retain users. At the same time, the convenience of project interaction + customized token distribution provided by Layer3 also continuously mobilizes user participation enthusiasm and forms an ecological flywheel effect.
Financing background and strong team
In June this year, Layer3 completed a $15 million Series A financing, led by ParaFi and Greenfield Capital, with participation from Electric Capital, Lattice, Immutable, Tioga, LeadBlock, Amber and other institutions. Together with the previously undisclosed $3.7 million in strategic funds raised in 2022 and the $2.5 million in financing in 2021, Layer3 has currently received a total of $21.2 million in financing.
The strong capital injection provides Layer3 with sufficient confidence to realize its future blueprint, and the pragmatic and long-termist team provides a solid and powerful framework for the future of Layer3, supporting Layer3 to move smoothly towards the future.
At the same time, Layer3's founding team members all graduated from the world's top universities and have accumulated rich experience in their respective fields.
Co-founder&CEO Dariya Khojasteh
Layer3's co-founder and CEO Dariya Khojasteh graduated from the University of Southern California. The rich knowledge and skills he accumulated during his college years laid a solid foundation for his entrepreneurial journey. In terms of the company's strategic direction, Dariya Khojasteh played a key leading role.
Co-founder Brandon Kumar
Brandon Kumar graduated from George Washington University. What he learned during college enabled him to accumulate rich knowledge and practical experience in the fields of investment and finance. Before founding Layer3, he served as Vice President of Accolade Partners, responsible for investment and strategic decision-making. His experience in school and the workplace provided important support for the success of Layer3.
Peter Ng, Engineering Director
Layer3's engineering director Peter Ng graduated from Columbia University in the United States and previously served as CTO at Mojito.
Double burning + three-layer staking, a sophisticated token economic model
After talking about Layer3's innovative on-chain identity and distribution methods, when it comes to specific value distribution, the token economic model must be a key link in the entire architecture. As can be seen from the official white paper, Layer3's token economic model has created many new paradigms.
The total supply of Layer3's token $L3 is 3,333,333,333, of which 51% is allocated to the community airdrop. The subtlety of the token model design lies in the innovative mechanism of double burning + three-layer staking to promote deflation, resist inflation, and maintain the positive development of tokens.
Double burning promotes deflation
The double burning mechanism introduced by Layer3 corresponds to the dual-end users using the platform:
Entrance ticket to the project community
If the project community wants to publish tasks, set incentives and CUBE certificates through the Layer3 platform protocol, it must purchase and burn a certain number of $L3 tokens. The community can also vote to provide project participants with an L3 protocol income repurchase or burning and destruction mechanism.
Advanced rights certificate for individual users
Users can burn $L3 tokens to obtain ecological privileges of Layer3 partner projects, such as early access, token discounts, or multiple equity rewards such as exclusive NFTs.
Through the B-end entry fee + C-end VIP burning-for-equity mechanism, Layer3 provides a reasonable burning model for future token deflation. Coupled with future protocol revenue repurchases, Layer 3 actually starts from the perspective of dual-end users, controls and positively utilizes the real needs of the user side.
Three-tier pledge to resist inflation
In addition to the innovative deflation mechanism, Layer3 also introduced an innovative layered staking model to combat inflation.
The first layer is the common interest income of staking $L3 and the ecological governance rights granted by the token. The governance process is detailed in the protocol governance section of the white paper;
The second layer is that after staking $L3, you can obtain token rewards, exclusive tasks and incentives from other cooperative projects, including but not limited to early access to new projects, special airdrop activities and special incentive plans, and unlock different levels of rewards and experiences based on the amount of $L3 staked;
The third layer of the staking model provides users who complete a certain number of tasks with a multiplier reward for future airdrops. For example, a user who completes 10 tasks may receive 1.5x $L3 rewards, while a user who completes 20 tasks may receive 2x rewards.
Through the layered staking model, the earnings of staking players are no longer completely tied to TVL. Active participation in Layer3 activities can maximize user returns, allowing ordinary players to escape the Matthew effect of staking and gain the opportunity to obtain fair returns.
Through the three-layer staking model + double burning mechanism, the protocol can bring about continuous token deflation while locking up a large number of $L3 Tokens, promoting the stable appreciation of token prices.
At the same time, Layer3's unique product features allow ecosystem tokens to capture more attention and external value (such as tokens of cooperative projects). In this way, $L3's token economic model no longer relies on the zero-sum game between token holders within the ecosystem, but instead maintains the internal ecosystem by continuously capturing external value until a sustainable development model with a positive flywheel effect is generated.
Summarize
Layer3 enters the market in the form of a task platform, using the product feature of "project aggregation" to help users on both ends. It not only helps C-end users aggregate the entire chain ecosystem, eliminating the complicated steps of on-chain exploration for individual users and reducing the time cost of interaction; it also successfully aggregates the scattered attention of the market for the B-end project community, guides on-chain users to interact in a centralized manner, and accurately realizes the needs of both ends.
The efficient token distribution mechanism and sophisticated token economic model also continue to capture the attention of the platform and even the external ecosystem, making Layer3 expected to become the center of the flywheel of the crypto attention economy in the future and open up a potential future for the attention economy.
learn more:
Layer3 project official website:
https://app.layer3.xyz/quests
Layer3 official Twitter:
https://x.com/layer3xyz
Layer3 official white paper:
https://help.layer3.xyz/onboarding
Layer3 Foundation：
https://docs.layer3foundation.org/
