Layer3 (L3): Engage and Earn With Decentralized Quests
Capturing and monetizing the multibillion dollar attention economy of the digital space remains a challenge. Layer3’s platform tackles this by gamifying crypto education and incentivizing user engagement through Quests. This article explores how Layer3 leverages blockchain to create a market for attention, empowering users with rewards like tokens, NFTs and more. Go deep into its protocols, tokenomics and potential as a leader in the evolving web3 ecosystem.
Key Takeaways:
Layer3 is a protocol designed to monetize the internet’s attention economy by creating a market for attention that’s driven by unique identity and incentives infrastructure.
Looking to trade Layer3 tokens? You can now do so via Bybit Pre-Market Trading.
What Is Layer3?
Layer3 is a protocol designed to monetize the internet’s attention economy by creating a market for attention that’s driven by unique identity and incentives infrastructure.
History of Layer3
Layer3 was founded in 2021 by Dariya Khojasteh and Brandon Kumar, who envisioned a liquid market for the internet’s attention economy. They were inspired by the need to simplify blockchain-based internet and make it more accessible to a wider audience.
To achieve this, Layer3 offers bite-sized lessons — known as Quests — on topics like NFTs and smart contracts. Its tools enable integration into other platforms, helping them to run loyalty programs. The platform currently boasts 1 million active users, and has established partnerships with notable entities like Coinbase and Uniswap. Demonstrating its potential and earning investor confidence, Layer3 successfully raised $21.2 million for its growth and development.
What Does Layer3 Aim to Achieve?
The Layer3 Foundation’s vision is to power identity and earning infrastructure globally, for both humans and AI agents, as the world shifts toward token-based distribution models. Its objectives are as follows.
Unlock the $1T attention economy: In today’s digital age, attention has become a highly valuable yet underutilized asset within the internet economy. Recognizing this, Layer3 is pushing a transformative approach to harness this resource. By establishing a liquid market for what is arguably the internet’s most precious commodity — attention — Layer3 seeks to unlock a market potential estimated at over $1 trillion. Its innovative platform is designed to commoditize user engagement and facilitate token-based interactions, mining the vast, untapped wealth of the attention economy.
Global identity and earning infrastructure: Protocols need to identify quality users in order to tailor services and features to meet their needs. However, establishing a secure and verifiable identity in web3 is a significant challenge for both humans and AI agents. The Layer3 protocol addresses this issue by creating a robust infrastructure that facilitates not only the verification of identities, but also provides a platform for equitable earning opportunities across the globe. Layer3 leverages blockchain technology to ensure transparency, security and efficiency in these processes, providing a comprehensive solution for identity management and income generation in an increasingly interconnected world.
How Does Layer3 Work?
Layer3 provides a set of protocols that enable token distribution, identity verification and incentive mechanisms across multiple blockchain networks, all governed by a community-driven foundation. Its protocols and products are designed to function across different blockchain networks, thus creating an omnichain infrastructure. This approach allows for seamless interactions and integrations with various ecosystems, enhancing the interoperability and utility of the Layer3 platform.
The core protocols of Layer3 focus on three main aspects: distribution, identity and incentives.
Distribution: Layer3 enables the distribution of tokens across different blockchain networks, ensuring that users can receive and utilize tokens, regardless of the chain on which they operate.
Identity: With CUBEs, Layer3 provides omnichain identity credentials, allowing users to maintain a consistent identity across multiple Ethereum virtual machine (EVM) chains.
Incentives: The platform incentivizes participation and engagement within the ecosystem, rewarding users for their contributions and interactions.
Quest Platform
The primary vehicle Layer3 relies on to drive attention and distribution is the Quest platform. Quests in Layer3 are designed as bite-sized, interactive experiences where users perform a series of actions in exchange for rewards. These Quests are unique in their focus on education and driving meaningful user actions, making them more than just simple tasks. Each Quest consists of a series of steps that users must complete in order to receive their rewards. When a user completes a Quest, they have the opportunity to mint a CUBE, which serves as a reward and also a verifiable record of their achievements and participation in the Layer3 ecosystem.
As a Quest builder, you have the flexibility to stack steps together to construct your Quest, guiding you through a well-defined process. This guidance helps users navigate through various actions and learn more about the ecosystem in a hands-on manner. Quests combine both on- and off-chain actions to guide users through leading web3 wallets, chains and decentralized applications (DApps).
Layer3’s Quests combine educational content with practical actions, ensuring that users aren’t only learning but also actively participating in the ecosystem. This approach enhances user engagement and drives meaningful interactions within the web3 space.
Layer3 emphasizes community-led governance through the Layer3 Foundation, powered by the soon-to-be-launched L3 utility token. This democratic approach ensures that the needs and interests of users are prioritized, driving the platform’s evolution. In addition, Layer3’s contracts are open-source, promoting transparency and community involvement in the development process. These contracts are also audited to ensure security and reliability for users interacting with the Layer3 ecosystem.
Layer3’s global reach is extensive. It has facilitated over 96 million interactions with 145 ecosystems, impacting millions of users in 150 countries, demonstrating the platform’s scalability and its ability to serve a diverse and global user base.
Features of Layer3
Explore
This is the starting point for an interactive learning experience. Layer3 allows users to seamlessly explore and interact with various crypto platforms, including different chains, wallets, applications and assets.
Trade
This is Layer3’s seamless trading interface. Users can connect their wallets and trade various cryptocurrencies across diverse chains. This omnichain approach allows for a more integrated, fluid user experience, making it easier to manage assets and identities in the crypto space.
Bridge
The Layer3 platform provides a streamlined bridge aggregation service, which allows users fluidly transfer assets between different blockchain networks.
Rewards
Layer3 provides users with multiple ways to earn rewards and engage with the platform. Earn additional rewards through LAYER tokens and perpetual redeemable points for all activities, with customizable boosters available to reduce fees and enhance points accumulation. A community airdrop is also planned for summer 2024, offering further incentives for participation. Users can mint Infinity CUBEs to increase their XP and unlock extra airdrop allocations at the token generation event (TGE). The platform also features a daily leaderboard and Quests, encouraging users to progress, complete tasks and earn points in a competitive and rewarding environment.
Layer3 Road Map
Layer3 has achieved significant milestones on its journey:
User growth: Has grown from zero to over 100,000 monthly active users
Customer base: Expanded from zero to more than 30 paying customers
Team expansion: Increased its team size from three to nine full-time members globally
Community engagement: Built a robust community with 87,000 Discord members, 20,000 newsletter subscribers and 184,000 X/Twitter followers
Quest experience: Launched an immersive Quest Experience, enhancing protocol and app discovery through thematic carousels and category pages
Multi-wallet feature: Introduced multi-wallet support, which allows users to manage multiple wallets under one profile for increased convenience and efficiency
Developer tools: Released the Layer3 API and Quest embeds, simplifying on-chain interactions for developers and enabling seamless integration of on-chain Quests into third-party platforms
Multichain support: Expanded to support 12 new blockchains, establishing Layer3 as a versatile multichain gateway
Looking ahead, Layer3 aims to achieve the following goals:
L3 token integration: The introduction of the L3 token in the summer of 2024 will enhance user engagement and protocol governance through its utility and governance capabilities.
Airdrop: The initial airdrop of L3 tokens aims to reward early users and participants for long-term ecosystem alignment.
Global expansion: Layer3 plans to expand its identity and incentive distribution protocol globally, positioning itself as a leader in powering identity and earning infrastructure for both humans and AI agents as token-based distribution models gain adoption.
L3 Tokenomics
The L3 token is designed to decentralize the $1 trillion attention market, serving as both a governance and utility token within the Layer3 protocol. Holders of L3 can participate in governance decisions and stake their tokens to access enhanced utility across products built on the protocol, such as receiving incentives in eligible situations.
Of the total supply of 300,000,000 tokens, 5% will be airdropped to deserving users. The airdrop mechanism is structured to reward the most active members, with initial allocations expressing gratitude to users who have significantly contributed to Layer3's growth. Token holders will also have a say in certain aspects of the protocol's development and operations.
The Layer3 Foundation will soon release detailed tokenomics and a timeline for allocation, and provide transparency on the distribution strategy.
Where to Buy L3
L3 tokens can be purchased through Bybit Pre-Market Trading, which allows users to trade new cryptocurrencies before they’re listed on the main Spot market. To buy L3 on Bybit, take the following steps:
Access the Pre-Market Trading page on Bybit
Select L3 from the list of available tokens
Click on Create Order and choose Buy
Enter the desired price and order quantity
Confirm the order details and complete the transaction
Is L3 a Good Investment?
The L3 token powers the Layer3 protocol. As a governance and utility token, L3 allows holders to actively participate in protocol decisions and stake tokens for enhanced utility. The initial airdrop and community allocation of 51% of the total supply demonstrate a commitment to rewarding active members and driving long-term ecosystem alignment, and Layer3's ability to operate across multiple blockchains, including EVM, Solana and Cosmos, shows a broad market reach.
Closing Thoughts
Layer3 is pioneering the monetization of the internet's attention economy through gamified crypto education and incentives. Its interactive Quests reward users with tokens and NFTs. With a focus on identity and earning infrastructure across blockchain networks, Layer3 facilitates global engagement and aims to unlock a $1 trillion market. Its L3 token, launching in 2024, will drive governance and utility within its ecosystem.
While the potential for growth exists, as with any investment, there are no guarantees. It's advisable to seek guidance from financial experts before making investment decisions. As always, do your own research.
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