Layer N, a new Ethereum scaling network, has raised funds in a seed round co-led by Peter Thiel's Founders Fund and investment collective dao5. Other investors in the round included Kraken Ventures, Mirana Ventures, GSR and Amber Group.

The size of the seed round was $5 million, Layer N co-founder Dima Romanov told The Block, adding that Founders Fund contributed $1.8 million of the total amount. The investment comes after Founders Fund hired Joey Krug, former co-chief investment officer at Pantera Capital, as a partner in April.

Layer N was previously building a scaling network for Solana but abandoned the blockchain after crypto exchange FTX collapsed last November. At the time, Layer N said FTX Ventures, Solana Ventures, Solana Foundation, and Solana Labs co-founders Anatoly …