Modular L2 protocol Layer N completes $5 million seed round financing, led by Founders Fund and dao5

ChainCatcher news, the modular L2 protocol Layer N has announced the completion of a $5 million seed round financing, led by Founders Fund and dao5, with participation from Kraken Ventures, Spencer Noon, and others. It is reported that Founders Fund invested $1.8 million in this round. Layer N focuses on increasing transaction throughput and reducing latency to replicate the speed of traditional financial markets in the blockchain space.

It is reported that Layer N had previously planned to build its blockchain on Solana and announced funding from FTX Ventures in November 2022, before the collapse of FTX, but in reality, these funds were not able to be realized. Layer N plans to launch its testnet within one to two months, but due to regulatory uncertainties and unresolved issues such as whether tokens will add value for users, the company has not yet decided whether to release tokens like other Layer 2s such as Optimism and Arbitrum.