Layer3, a New York-based omnichain identity and distribution protocol, has raised $15M in a Series A funding round co-led by ParaFi and Greenfield Capital, with participation from Electric Capital and others. Layer3 aggregates user activity across multiple blockchains to streamline user engagement and token distribution. This platform supports over twenty-five blockchains and has served millions of users globally. Layer3 aims to make token distribution more efficient and inclusive, addressing challenges of user engagement in the crypto space. The new funds will also support the launch of the L3 token and an AI-enabled protocol for optimizing distribution strategies. By unifying on-chain identities and facilitating targeted token distribution, Layer3 is set to revolutionize how crypto projects engage users and distribute tokens, fostering a more inclusive ecosystem. The company’s mission is to simplify token-based user engagement, making it easier for projects to reach and retain users while rewarding their activities with tokens.
With Layer3’s innovative approach, the company aims to decentralize the attention economy, where user engagement and retention are paramount. The introduction of CUBEs (Credentials to Unify Blockchain Events) records user activities across various chains, enabling precise and efficient token distribution. This system has minted over ten million CUBEs since its inception, demonstrating the platform’s effectiveness in engaging users and facilitating token distribution.
The new funding will also support the launch of the L3 token and the development of an AI-enabled protocol to optimize distribution strategies. This growth is built on previous investments, including a $3.7M strategic round in 2022 and a $2.5M round in 2021, bringing Layer3’s total funds raised to $21.2 million.
The Series A funding will help Layer3 expand its reach and enhance its platform’s capabilities. Layer3’s unique approach to aggregating user activity across multiple blockchains positions it as a critical player in the evolving crypto landscape. By providing a unified view of on-chain identities and facilitating efficient token distribution, Layer3 aims to drive the next wave of crypto adoption and engagement.
Layer3’s success in raising $15M highlights the growing interest in innovative solutions for token distribution and user engagement in the crypto space. The company’s ability to aggregate user activity across multiple chains and provide a cohesive view of on-chain identities is a significant step forward in addressing the challenges of user engagement in the crypto industry.
Overall, Layer3’s approach to simplifying token-based user engagement and distribution is poised to revolutionize the crypto landscape. With the support of prominent investors and a clear vision for the future, Layer3 is well-positioned to drive the next wave of crypto adoption and engagement.
