On July 5th, 2024, the token distribution protocol Layer3 Foundation announced the token L3 economic model. Layer3, which takes the task platform as the market entry point, aggregates a variety of projects on the market to help users interact with full-chain projects through one platform. Riding on the wave of bull market, the ecosystems of various chains are once again hot, and the user volume and platform interaction data of Layer3 have also reached new highs. Currently, Layer3 has processed 100 million interactions, has over 4.30 million users, nearly 210 million CUBEs have been minted, and has established partnerships with high-quality projects such as Robinhood and Linea.
On September 20 , 2024, the digital crypto exchange The First announced that it will launch the Layer3 ecological token L3 at 16:00 on September 20 (UTC + 8), and provide financial spot trading and other services.
What is Layer3?
Layer3 is a full-chain identity and distribution protocol that rewards cryptocurrency consumers for their on-chain activities when they discover new projects. By aggregating user activities across multiple chains and dApps, Layer3 generates a unified view of user identities on the chain and achieves highly targeted and efficient token distribution. Projects built on Layer3 can programmatically route tokens to the right users at the right time based on various criteria such as time triggers, asset ownership, on-chain activities, credentials, social graphs, and task participation.
As a Web3 task bounty platform, Layer3 allows anyone to contribute to Web3 anywhere in the world, complete corresponding tasks, and receive corresponding points or token rewards. DAOs and decentralized communities upload tasks on the platform in the form of bounties, competitions, and projects, while users explore the community and complete tasks to receive encrypted rewards. DAOs and communities that cooperate with Layer3 can trigger payments using their chosen ERC-20 tokens. Layer3 hopes to help the world embrace work in Web3 by providing simple and intuitive tools for both project parties and users to complete their work.
Its core product, CUBE, serves as an ERC-721 token that records credentials for customer engagement tasks, promoting identity unification and activity traceability.
The goal of Layer3 is to make it a reality for everyone to work in Web3, to help people find their tribe in Web3 by providing tools for everyone to participate, and to provide tools for everyone in Web3 to effectively complete their work, making decentralized work a reality.
Layer3 is positioned as a connector of the Web3 world. Users and project parties can obtain the resources they need through this platform. Users can find high-quality projects through the platform, and project parties can find high-quality users to participate in the project or help the project complete its work by publishing tasks on the platform.
The main ways to earn and reward contributors on the Layer3 platform are through three different tasks.
II. Layer3 operation mechanism
The core mechanism of Layer3 is mainly reflected in its innovative token economy model, which aims to promote token deflation, resist inflation, and maintain the positive development of tokens through a dual burning mechanism and a three-layer staking model. The following is a summary of the core mechanism of Layer3.
In September 2021, Layer3 received a $2.50 million seed round financing led by ParaFi Capital, with participation from Electric Capital, Lattice Capital, 6th Man Ventures, Red Beard Ventures, and Mirana Ventures. Angel Investor Balaji Srinivasan, Kain Warick from Synthetix, and Jai Bhavnani from Rari Capital also supported this round of financing.
In June 2024, Layer3 completed a $15 million Series A financing round, led by ParaFi and Greenfield Capital, with participation from Electric Capital, Lattice, Immutable, Tioga, LeadBlock, Amber and other institutions.
Co-founder and CEO Ariya Khojasteh and co-founder and Chief Operations Officer Brandon Kumar come from well-known enterprises in traditional industries. Most of the team members come from crypto natives who have their own influence on Twitter. Currently, Layer3's partners include well-known DAOs, platforms, and protocols in the industry, such as PoolTogether, Index Coop, Dune, Global Coin Research, Superteam, Beanstalk, Zapper, Braintrust, Polygon, 1inch, MODA DAO, Synthetix.
Layer3 Economic Tokenology
Layer3's token model revolves around L3 tokens, which are the governance and utility tokens of the platform. The total supply of L3 is 3,333,333,333 tokens, and the specific distribution and release are as follows:
Community: 51% (1.69 billion L3)
Core Contributors: 25.3% (843 million L3)
Investors: 23.2% (773 million L3)
Advisor: 0.5% (16 million L3)
The initial airdrop during TGE is 7.5% of the total supply, with 200 million L3 (6%) allocated to early users and S1 participants, and 50 million (1.5%) allocated to S2 participants. The snapshot of early users and S1 was taken on May 10, 2024, and the snapshot of S2 will be taken on July 22, and the airdrop query page will be launched on the 24th.
On September 20 , 2024, the digital crypto exchange The First announced that it will launch the Layer3 ecological token L3 at 16:00 on September 20 (UTC + 8), and provide financial spot trading and other services.
What is Layer3?
Layer3 is a full-chain identity and distribution protocol that rewards cryptocurrency consumers for their on-chain activities when they discover new projects. By aggregating user activities across multiple chains and dApps, Layer3 generates a unified view of user identities on the chain and achieves highly targeted and efficient token distribution. Projects built on Layer3 can programmatically route tokens to the right users at the right time based on various criteria such as time triggers, asset ownership, on-chain activities, credentials, social graphs, and task participation.
As a Web3 task bounty platform, Layer3 allows anyone to contribute to Web3 anywhere in the world, complete corresponding tasks, and receive corresponding points or token rewards. DAOs and decentralized communities upload tasks on the platform in the form of bounties, competitions, and projects, while users explore the community and complete tasks to receive encrypted rewards. DAOs and communities that cooperate with Layer3 can trigger payments using their chosen ERC-20 tokens. Layer3 hopes to help the world embrace work in Web3 by providing simple and intuitive tools for both project parties and users to complete their work.
Its core product, CUBE, serves as an ERC-721 token that records credentials for customer engagement tasks, promoting identity unification and activity traceability.
The goal of Layer3 is to make it a reality for everyone to work in Web3, to help people find their tribe in Web3 by providing tools for everyone to participate, and to provide tools for everyone in Web3 to effectively complete their work, making decentralized work a reality.
Layer3 is positioned as a connector of the Web3 world. Users and project parties can obtain the resources they need through this platform. Users can find high-quality projects through the platform, and project parties can find high-quality users to participate in the project or help the project complete its work by publishing tasks on the platform.
The main ways to earn and reward contributors on the Layer3 platform are through three different tasks.
- Bounty Quest: Obtain tokens or XP immediately by using the Web2 platform and Web3 protocol.
- Competition task: Compete with other contributors to obtain XP and governance tokens, similar to crowdsourcing platforms, complete designated tasks, bid for winners to receive bonuses, and take longer.
- Project Task: Project-related tasks released by the project party according to their own needs. Users can contribute to the Web3 community through long-term interaction with the application and their own influence to obtain more rewards. The participation threshold is higher than that of competitions, but the income is also higher. It is suitable for people with professional abilities to participate.
II. Layer3 operation mechanism
The core mechanism of Layer3 is mainly reflected in its innovative token economy model, which aims to promote token deflation, resist inflation, and maintain the positive development of tokens through a dual burning mechanism and a three-layer staking model. The following is a summary of the core mechanism of Layer3.
- Double combustion mechanism:
- Project community entry burning: When the project community publishes tasks, sets incentives, and CUBE credentials on the Layer3 platform, it needs to purchase and burn a certain amount of $L3 tokens. In addition, the community can also vote to provide L3 agreement income repurchase or burning and destruction mechanisms for project participants, further promoting token deflation.
- Personal User Rights Burning: Users can obtain ecological privileges of Layer3 partner projects by burning $L3 tokens, such as early access, token discounts, or exclusive NFT rewards. This mechanism encourages customer engagement and contribution to the Layer3 ecosystem, while reducing token circulation in the market.
- Three-layer staking model:
- The first layer: Basic pledge: Provide interest rate income and ecological governance rights of $L3 pledged, allowing pledgers to participate in protocol governance.
- Tier 2: Collaborative Project Incentives: After staking L 3, users can receive token rewards, exclusive tasks, and incentives for other cooperative projects, including early Right of Access for new projects, special airdrop activities, and special incentive plans. These rewards unlock different levels based on the amount of L3 staked.
- Layer 3: Task Completion Rewards: Provide future airdrop point multiplier rewards to users who complete a certain number of tasks, motivate users to actively participate in Layer3 activities, and maximize their returns.
- Deflation and Anti-Inflation:
- Reduce the circulation of tokens in the market through the dual burning mechanism and promote token deflation.
- The three-layer staking model not only locks in a large number of $L3 tokens, but also encourages users to hold and actively participate in them for a long time through a multi-level Incentive Mechanism, further enhancing the token's anti-inflation ability.
- Ecological sustainable development:
- Layer3's token economy model does not rely on zero-sum games between token holders within the ecosystem, but maintains internal ecosystem operation by continuously capturing external value (such as tokens from cooperative projects).
- This model helps to form a positive flywheel effect and promote the sustainable development of Layer3 ecology.
In September 2021, Layer3 received a $2.50 million seed round financing led by ParaFi Capital, with participation from Electric Capital, Lattice Capital, 6th Man Ventures, Red Beard Ventures, and Mirana Ventures. Angel Investor Balaji Srinivasan, Kain Warick from Synthetix, and Jai Bhavnani from Rari Capital also supported this round of financing.
In June 2024, Layer3 completed a $15 million Series A financing round, led by ParaFi and Greenfield Capital, with participation from Electric Capital, Lattice, Immutable, Tioga, LeadBlock, Amber and other institutions.
Co-founder and CEO Ariya Khojasteh and co-founder and Chief Operations Officer Brandon Kumar come from well-known enterprises in traditional industries. Most of the team members come from crypto natives who have their own influence on Twitter. Currently, Layer3's partners include well-known DAOs, platforms, and protocols in the industry, such as PoolTogether, Index Coop, Dune, Global Coin Research, Superteam, Beanstalk, Zapper, Braintrust, Polygon, 1inch, MODA DAO, Synthetix.
Layer3 Economic Tokenology
Layer3's token model revolves around L3 tokens, which are the governance and utility tokens of the platform. The total supply of L3 is 3,333,333,333 tokens, and the specific distribution and release are as follows:
Community: 51% (1.69 billion L3)
Core Contributors: 25.3% (843 million L3)
Investors: 23.2% (773 million L3)
Advisor: 0.5% (16 million L3)
The initial airdrop during TGE is 7.5% of the total supply, with 200 million L3 (6%) allocated to early users and S1 participants, and 50 million (1.5%) allocated to S2 participants. The snapshot of early users and S1 was taken on May 10, 2024, and the snapshot of S2 will be taken on July 22, and the airdrop query page will be launched on the 24th.
