- Layer3 token drops 13% amid declining trading volume and market sentiment.
- Recent $15M Series A funding led by ParaFi and Greenfield Capital.
Layer3, a token distribution protocol, has experienced a notable drop in market sentiment, with its native token L3 declining by 13% in the past 24 hours and trading volume falling by 36%. Despite this downturn, Layer3 has recently announced a strategic partnership with Immutable, which praised the protocol as “trusted by over 4 million users worldwide and the exclusive partner for Immutable’s game quests.”
One month ago, Layer3 successfully raised $15 million in a Series A funding round, led by ParaFi and Greenfield Capital, with participation from Electric Capital, Immutable, and several others. The round, which closed in May, was structured as equity with token warrants, though details on valuation were not disclosed. This brings Layer3’s total funding to $21.2 million, including a $2.5 million round in 2021. And an additional $3.7 million was raised in 2022.
Layer3, founded by Brandon Kumar, provides a platform for efficient token distribution across multiple blockchains and applications. It boasts over 100 crypto projects, including Uniswap and Arbitrum, as clients. The platform claims to have served more than 3 million unique users in 120 countries.
What The Future Holds?
Looking ahead, Layer3 is set to unveil an AI-enabled protocol later this year aimed at optimizing token distribution strategies. This new development is expected to enhance the platform’s personalization for users and offer innovative approaches for token issuance.
Despite current market challenges, the community feels that Layer3’s ongoing strategic initiatives and funding milestones underscore its continued relevance in the evolving crypto landscape.