July 18, 2024
1 Solar System Way, Planet Earth, USA

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

Key points

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

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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.

As detailed in Layer3 documentationThe total supply of L3, the native token of Layer3, has been set at 3,333,333,333. 51% of the total supply is planned to be distributed to the community, around 25% to core contributors, 23% to investors, and the rest to advisors.

Source: Layer3 Foundation

Of the 7.5% of the total L3 token supply allocated for initial airdrop, 6% is earmarked to reward the project’s early adopters (OGs) and S1 program participants. These are users who actively participated in the early stages of the project and demonstrably contributed to the initial development of Layer3.

The remaining 1.5% is allocated to participants in the S2 rewards program. The snapshot to determine eligibility for the OG and S1 airdrop was taken on May 10, 2024.

The latest updates come as Layer3 prepares for its summer token launch and airdrop.

Last month, the project claimed to have 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 LayerZero and notable figures including Scott Keto, COO of CoinList, and Mats Olsen, co-founder of Dune.

Layer3 intends to use the funds to support its growth, including a planned expansion of its team and expansion of operations in the Asia-Pacific region.

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