Peter Thiel-Backed Ethereum Layer 2 Launches Liquidity Program - Decrypt
04/18/2024 15:01
The launch is "paving the way for a new era of innovation and growth in DeFi," said Layer N CEO and co-founder Dima Romanov.
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Go to Alpha ReportsLayer N, an Ethereum Layer 2 network backed by Peter Thiel's Founders Fund, has launched a new liquidity program for apps built on its StateNet architecture.
Layer N first came out of stealth in September 2023, when it announced it had closed a $5 million funding round backed by the Founders Fund. Now Layer N says its new liquidity program marks a milestone in efforts to introduce sustainable and robust liquidity into the DeFi space, targeting protocols at their nascent stages to aid in their market entry.
Digital finance firm Amber Group will be the first participant in this groundbreaking program, contributing a significant $20 million to empower partners within the Layer N ecosystem. This collaboration underscores the program's intent to furnish developers with the necessary tools and funds to innovate and rival traditional financial institutions.
Dima Romanov, CEO and Co-Founder of Layer N, hailed the launch as a pivotal moment for the company and the broader DeFi landscape.
"By providing seamless access to liquidity and equipping developers with essential resources, we are setting the stage for a new era of innovation and growth in the DeFi sector," he said in a press release.
Steven Shi, Investment Partner at Amber Group, said he regards Layer N as the premier architecture for DeFi applications because it is "merging top-tier crypto infrastructure with high-performance capabilities without compromising Ethereum's security or fragmenting liquidity."
He emphasized Amber Group's commitment to supporting Layer N in fostering liquidity and expanding the ecosystem.
Thiel's Founders Fund has had a busy 2024. The fund participated in a $280 million Series D round for Neuralink, an Elon Musk-backed startup that's focused on brain hacking.
“Excited to support Neuralink’s next chapter of helping human patients in need,” Scott Nolan, partner at Founders Fund, subsequently posted to Twitter at the time. “The team has been working for seven years to make this possible, pulling off technical breakthroughs that feel like science fiction.”