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

Layer3, a community-driven initiative centered on constructing an omnichain infrastructure for distribution, identification, and incentives, has adjusted its tokenomics and elevated the initial airdrop to 7.5% of the total supply, Layer3 Foundation shared in a current publish on X.

To match the dimensions of the imaginative and prescient for Layer3, we now have made 2 key adjustments:

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

Detailed tokenomics may be discovered within 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 ready at 3,333,333,333. It is deliberate that 51% of the total supply will probably be distributed to the neighborhood, round 25% to core contributors, 23% to traders, and the remaining to advisors.

Of the 7.5% of the total L3 token supply allotted for launch on the initial airdrop, 6% is devoted to rewarding the venture’s early adopters (OG) and S1 program members. These are customers who actively participated within the venture’s early levels and demonstrably contributed to Layer3’s initial growth.

The remaining 1.5% is allotted to S2 reward program members. The snapshot to decide eligibility for the OG and S1 airdrop occurred on May 10, 2024.

The newest updates come as Layer3 gears up for its summer season token launch and airdrop.

Last month, the venture stated it secured $15 million in Series A funding led by ParaFi and Greenfield Capital, with participation from Electric Capital, King River, and Tioga Capital, amongst others. The spherical additionally noticed participation from angel traders from LayerZero and notable figures like Scott Keto, Chief Operating Officer at CoinList, and Mats Olsen, Dune’s co-founder.

Layer3 goals to use the funds to assist its progress, together with a deliberate group growth and operations extension into the Asia-Pacific area.