Layer3 increases initial airdrop to 7.5% of total supply ahead of token launch -

Layer3 increases initial airdrop to 7.5% of total supply ahead of token launch

Jul 06, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Layer3’s airdrop increase to 7.5% supports its vision for a scalable omnichain infrastructure.
With new funding, Layer3 plans to expand its team and operations, targeting growth in the APAC region.

Layer3, a community-driven initiative focused on building an omnichain infrastructure for distribution, identity, and incentives, has adjusted its tokenomics and increased the initial airdrop to 7.5% of the total supply, Layer3 Foundation shared in a recent post on X.

To match the scale of the vision for Layer3, we have made 2 key changes:

• Total supply of L3: 3,333,333,333.
• The initial airdrop will be increased to 7.5% of total supply.

Detailed tokenomics can be found in the Layer3 Foundation’s docs.https://t.co/xmeaXcv88G pic.twitter.com/hxH0dj91Fv

— Layer3 Foundation (@Layer3FDN) July 5, 2024

As detailed in Layer3’s documentation, the total supply of L3, Layer3’s native token, is set at 3,333,333,333. It is planned that 51% of the total supply will be distributed to the community, around 25% to core contributors, 23% to investors, and the remaining to advisors.

Source: Layer3 Foundation

Of the 7.5% of the total L3 token supply allocated for release at the initial airdrop, 6% is dedicated to rewarding the project’s early adopters (OG) and S1 program participants. These are users who actively participated in the project’s early stages and demonstrably contributed to Layer3’s initial development.The remaining 1.5% is allocated to S2 reward program participants. The snapshot to determine eligibility for the OG and S1 airdrop occurred on May 10, 2024.The latest updates come as Layer3 gears up for its summer token launch and airdrop.Last month, the project said it secured $15 million in Series A funding led by ParaFi and Greenfield Capital, with participation from Electric Capital, King River, and Tioga Capital, among others. The round also saw participation from angel investors from LayerZero and notable figures like Scott Keto, Chief Operating Officer at CoinList, and Mats Olsen, Dune’s co-founder.Layer3 aims to use the funds to support its growth, including a planned team expansion and operations extension into the Asia-Pacific region.