Layer3 announced it will launch its governance and utility token, $L3, with an initial drop slated for this summer, according to a post to X.

The protocol said the total supply will be comprised of 300 million tokens, and 51% will be allocated to Layer3 community members. The Layer3 Foundation will publish detailed tokenomics in June 2024," the protocol also said. "Holders will be able to participate in governance regarding certain aspects of the protocol, as well as staking to access enhanced utility across products built atop the protocol, including incentives, in eligible situations," Layer3 said in a blog post.

"The initial airdrop will distribute 5% of the total $L3 supply to early adopters and CUBE minters," according to Layer3. "There will be multiple airdrops, more details to …