Layer3 has raised $15 million in a Series A funding round to further develop its omnichain identity and distribution protocol. This protocol aims to help cryptocurrency users discover and earn rewards from various projects. The latest funding round, co-led by ParaFi and Greenfield Capital, comes as the company continues to expand its reach and capabilities in the Web3 space. This significant investment highlights the growing interest in decentralized applications and blockchain technology.
Earlier reports indicate that Layer3 had previously raised $3.7 million in 2022 and $2.5 million in 2021, bringing its total funding to $21.2 million. The company’s focus on creating a unified view of a user’s onchain identity and enabling efficient token distribution has been well-received in the crypto community. In comparison, other Web3 projects have faced challenges in user engagement and targeted distribution, making Layer3’s approach particularly noteworthy. Additionally, the company’s infrastructure supports over 100 crypto teams and operates across 25 blockchains, serving millions of users globally.
Enhanced User Engagement
Layer3’s omnichain protocol aggregates user activity across multiple chains and decentralized applications (dApps). This aggregation creates a comprehensive onchain identity for each user, enabling projects to deliver highly targeted and efficient token distributions. By rewarding users for their onchain activities, the protocol helps projects gain visibility and attract the right audience. The company states that this capability is crucial in an environment where tech giants often monopolize user attention.
The protocol allows projects to route tokens to users based on specific criteria such as temporal triggers, asset ownership, onchain activity, credentials, social graph, and quest engagement. This ensures that tokens reach the most relevant users at the most opportune times. Layer3’s infrastructure has been successfully utilized by over 100 crypto teams, reaching more than 3 million unique users in 120 countries. This widespread adoption underscores the effectiveness and scalability of Layer3’s solutions.
Strategic Partnerships
The recent funding round, co-led by ParaFi and Greenfield Capital, underscores the strategic partnerships that Layer3 has forged. Greenfield Capital’s principal, Claude Donzé, emphasized the protocol’s potential to revolutionize onchain value distribution. By offering a trusted and guided exploration of Web3, Layer3 not only benefits users but also provides networks, protocols, and dApps with powerful tools to attract and retain the right users through targeted token distribution.
In addition to its funding success, Layer3’s protocol continues to evolve. The company is focused on addressing critical challenges faced by both users and Web3 projects. This involves creating a seamless and rewarding user experience while ensuring that projects can efficiently distribute tokens to incentivize meaningful engagement. Layer3’s approach demonstrates its commitment to enhancing the Web3 ecosystem and supporting the growth of decentralized applications.
Inferences
– Layer3’s protocol creates a unified onchain identity for users.
– The company’s infrastructure supports a wide range of crypto projects and blockchains.
– Strategic partnerships have played a key role in Layer3’s recent funding success.
Layer3’s recent funding round signifies a major milestone in its mission to advance the Web3 ecosystem. By focusing on the aggregation of user activity and targeted token distribution, the company addresses key challenges in user engagement and project visibility. The support from ParaFi and Greenfield Capital further validates Layer3’s approach and potential impact. As the company continues to grow, it aims to provide a seamless and rewarding experience for users while empowering projects to reach their ideal audience. This strategy not only fosters the adoption of decentralized applications but also enhances the overall efficiency of the Web3 space.
