What Is Layer3 (L3)?
What Is Layer3 (L3)?
Layer3 (L3) is a platform designed to enhance user engagement and participation across various blockchain ecosystems, gamifying crypto education by incentivizing user engagement. Through its primary feature called "Quests”, Layer3 encourages users to explore on-chain and off-chain actions, such as reading guides about blockchain, exploring a decentralized application (dApp), swapping tokens on a decentralized exchange, minting an NFT, staking a token, playing a Web3 game, and more. By taking part in these “Quests”, users can earn rewards like mystery boxes, achievements, Discord roles, XP, NFTs, and tokens.
Layer3 successfully secured $15 million in Series A funding co-led by ParaFi and Greenfield Capital, with participation from notable investors like Electric Capital, King River, Lattice, Tioga, LeadBlock Bitpanda Ventures, Stateless, and GD1.
As of July 2024, Layer3 has over 7.2 million users, with more than 17.7 million OP Quests recorded on the platform.
Who Created Layer3?
Layer3 is created by a team of experts with diverse backgrounds, united by their vision to create a more accessible and rewarding crypto experience. The project’s co-founders are:
Dariya Khojasteh (Co-Founder & CEO): A seasoned entrepreneur, Dariya brings a wealth of experience in building and scaling digital products. His background includes building nine apps, selling an Instagram network, and launching Mastermind, a mentorship platform.
Brandon Kumar (Co-Founder & COO): With a Bachelor of Science in Economics from George Washington University and experience as an Associate and then Vice President at Accolade Partners, Brandon offers a strong financial and operational foundation to the team.
How Does Layer3 Work?
Layer3 functions as a platform that leverages gamification and incentives to foster user engagement and education across various blockchain ecosystems. At its core, the platform revolves around "Quests," which guide users through a series of interactive steps that combine educational content with practical, on-chain actions.
Quests
Quests are bite-sized, interactive experiences that incentivize users to explore and learn about the crypto world. They consist of a series of actions, categorized as either on-chain or off-chain, that users must complete to earn rewards.
On-chain Actions: Involve interacting directly with blockchain protocols, such as opening a decentralized application (dApp), swapping tokens on a DEX, providing liquidity, minting NFTs, or participating in governance votes.
Off-chain Actions: Include reading articles, taking quizzes, watching videos, or engaging with social media content related to the crypto space.
Rewards
Successful completion of Quests unlocks a variety of rewards, enhancing the learning experience and motivating users to continue their crypto journey. These rewards can include:
Tokens: Users can earn various cryptocurrencies, including the platform's native L3 token, which can be traded or staked for additional benefits.
NFTs: Unique digital collectibles that represent ownership and can be traded on NFT marketplaces.
Discord Roles: Exclusive access to private Discord channels and communities.
XP and Achievements: Gamified elements that track progress and recognize accomplishments.
Mystery Boxes: Surprise rewards that add an element of excitement and anticipation.
CUBEs (Credentials to Unify Blockchain Events)
Upon completing a Quest, users have the opportunity to mint a CUBE. CUBEs serve as verifiable credentials that showcase a user's achievements and participation within the Layer3 ecosystem. Acting as omnichain identity credentials, CUBEs allow users to maintain a consistent identity across multiple Ethereum Virtual Machine (EVM) chains. CUBEs can also be used to increase XP and unlock extra airdrop allocations at the token generation event (TGE).
Additional Features
Layer3 also provides other features to enhance user experience and facilitate interaction with the blockchain ecosystem:
Trade: An integrated trading interface that allows users to trade L3 and other cryptocurrencies across different chains.
Bridge: A streamlined bridge aggregation service for fluid asset transfers between blockchains.
Why Trade L3?
L3 is the native token that fuels the Layer3 ecosystem, serving as a utility and governance token that allows users to actively participate in shaping the platform's future and enhancing their experience within Layer3.
Use Cases of the L3 Token:
Governance: L3 token holders play an active role in shaping the future of the Layer3 protocol through a multi-step governance process. This process involves discussions on the Governance Forum, followed by a community vote on Tally based on staked L3 balances. The final decision is reviewed and executed by a Security Council, ensuring both community input and platform security.
Layered Staking: Users can stake their L3 tokens to earn passive yield proportional to the amount staked and additional benefits. Staking not only contributes to the security and stability of the network but also unlocks enhanced utility, such as boosted rewards on quests (activity-based airdrop multipliers), reduced fees for certain actions, and early access to new features and dApps within the Layer3 ecosystem. The higher the user’s staking level, the more perks they stand to gain
Protocol Utility: Communities and projects looking to leverage Layer3's infrastructure can utilize L3 tokens to gain access to various features. This includes deploying quests, distributing incentives, and accessing CUBE credentials. By burning L3 tokens, these entities can unlock the full potential of the platform and engage with their target audiences effectively.
L3’s Deflationary Tokenomics
Current Price: $0.04115 (as of September 6, 2024)
Market Capitalization: $15,208,505 (as of September 6, 2024)
Total Supply: 3,333,333,333 L3 Tokens
Circulating Supply: 369,618,409 L3 (11.09%)
Allocation
Community: 51% (1.69 billion L3)
Distributed over 4 years: 40% in year 1, 30% in year 2, 20% in year 3, and 10% in year 4.
OG & S1 airdrop: 200,000,000 L3 (6%)
S2 allocation: 50,000,000 (1.5%)
Initial budget for airdrops and incentives: 25%
Remaining 26%: Governed by the DAO and Foundation for future airdrops, incentives, and ecosystem initiatives.
Core Contributors: 25.3% (843 million L3)
4-year lockup period.
0% unlocked in the first year, 33% unlocked per year from the second year onwards, distributed daily.
Investors: 23.2% (773 million L3)
4-year lockup period
0% unlocked in the first year, 33% unlocked per year from the second year onwards, distributed daily
Advisors: 0.5% (16 million L3)
4-year lockup period
0% unlocked in the first year, 33% unlocked per year from the second year onwards, distributed daily.
How to Trade L3 on Flipster?
Sign up for an account on the Flipster website or by downloading the Flipster app (Android or Apple).
Click [Trade] tab.
Search for L3 and click on it.
Select the leverage (up to 100x).
Select either a Trigger Order or Market Order.
Input the amount of crypto you wish to trade, or select a percentage of your available funds to use.
Once you have confirmed the details, click the [Long] or [Short] button to open a position.
Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.