Layer N Raises $5M Led by Thiel's Founders Fund for High Speed Crypto Trading Blockchain

Layer N, a layer-2 blockchain built on Ethereum, raised $5M in a seed round led by Peter Thiel's Founders Fund and dao5.
This is Founders Fund's second crypto investment since hiring Joey Krug, showing renewed interest in the space after selling most of its crypto last year.
Layer N aims to increase speed and throughput to support high frequency trading, competing with other new blockchains.
The startup plans to launch its testnet in 1-2 months and attract crypto traders and decentralized exchanges.
Longer term, Layer N wants centralized exchanges to build noncustodial versions on its blockchain, given post-FTX trust issues.

fortune.com

Relevant topic timeline:

8/22/2023

Mantle Stakes $66M of Ether on Lido as Part of Treasury Management Strategy

Layer 2 network Mantle has staked 40,000 ether on staking protocol Lido, generating a yield of 4.1% APR and increasing its treasury value to over $3.2 billion, allowing community members to decide on treasury strategies.

8/23/2023

The Protocol: Coinbase Blockchain's Viral Use Case Puts Focus on Optimism's Tech

Coinbase's new Base blockchain, which operates as a layer-2 network atop Ethereum, has gained significant traction with its application Friend.tech attracting over 100,000 users and generating $25 million in fees, pushing its total value locked past $200 million and its transactions per second above Ethereum and rival layer-2 projects Arbitrum and Optimism.

8/27/2023

Crypto funding: $24M week for bitcoin miner, crypto lending platform

Five crypto and blockchain-based companies raised a total of $24 million this week, with notable fundraises including $13 million for bitcoin mining company Nodal Power and $5 million for crypto lender Maple Finance.