SAN FRANCISCO, April 10, 2024 /PRNewswire/ — Today Layer N, a hyper-performant Layer 2 (L2) execution network, announced the launch of its testnet. Layer N first came out of stealth in September 2023 with a $5 million funding round backed by Peter Thiel’s Founders Fund. Layer N is a novel execution layer designed as a network of rollups that share a unified communication and liquidity layer. Layer N aims to become the execution layer for thousands of hyper-optimized rollups, while maintaining a monolithic like UX for end-users.
The public testnet is a unique opportunity for the community, users, and developers to experience first-hand how a fast and interconnected execution layer such as Layer N operates and how increased compute and shared liquidity can meaningfully enable a new class of on-chain applications. By designing the network for high throughput, low latency, and high composability/capital efficiency, Layer N aims to rival existing centralized networks. One of the first examples of a fully optimized rollup Virtual Machine (VM) deployed in Layer N is NordVM, an exchange-optimized engine that can already achieve lower execution latencies, higher throughput with TPS figures upwards of 100,000, and negligible transaction fees.
Dima Romanov, CEO and Co-Founder of Layer N commented on the news, “Today marks a pivotal moment in the evolution of Layer N as we unveil our much-anticipated testnet phase 1. This milestone brings us one step closer to realizing our vision of on-chain infrastructure that can rival traditional web2 networks. With the testnet, we invite our community and partners to join us in shaping the next generation of crypto applications on Layer N.”
Within the public testnet, the first phase will be for NordVM, an application-specific Virtual Machine (XVM) on Layer N. It is an exchange optimized virtual machine (VM) that settles tens of thousands of orders per second on a massively scalable orderbook, at sub-50ms latencies and enables centralized exchange-like features such as cross-margining and cross-collateral across thousands of markets and assets. NordVM unlocks three key innovations:
- 10-100x higher performance than existing DEX implementations
- Full composability and liquidity sharing with other rollups, including EVM rollups and smart contracts, without the need for third-party bridges and withdrawal periods
- Fully on-chain order settlement, making NordVM fully auditable and traceable (unlike traditional off-chain orderbook models that only settle matched trades
Layer N’s broader goal is to enable a network of rollups on top of a unified communication and liquidity layer. The team envisions a world where thousands of rollups communicate seamlessly with each other, at sub-ms latencies, without withdrawal periods, and without the risk of conventional bridging, solving problems often associated with sharding and a bridge-centric architecture.
Developers have already begun to build products on Layer N to take advantage of the speed, high throughput, and enhanced composability NordVM and Layer N brings to the Ethereum ecosystem. Most recently, Layer N partnered with Sushi Protocol to create a decentralized derivatives exchange, Susa, on the rollup chain. Developers interested in building on Layer N are encouraged to reach out.
For additional information regarding Layer N please visit: www.layern.com
About Layer N
Layer N is an Ethereum StateNet, a novel L2 designed as a network of custom and optimized rollups powered by a shared communication and liquidity layer. Layer N aims to expand what’s possible to build on-chain by maximizing performance and UX, while enabling seamless communication, liquidity sharing, and composability between applications, without withdrawal periods and bridging risks.
Contact
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M Group Strategic Communications (on behalf of Layer N)
SOURCE Layer N
