Layer3 CEO: A super channel for doing business in the attention economy

Original source: Block Media

Layer 3 (L3) aims to make Web3 technology more popular and user-friendly. Our goal is to build a decentralized ecosystem where users can own value more directly, helping them actively participate in the Web3 ecosystem by solving structural problems in the distribution of existing platforms.

Layer3's main goals include improving user experience, increasing user engagement, gamification elements, and decentralized governance. To achieve this goal, we make complex blockchain technology easy to learn through gamified tasks and rewards, and encourage user participation through reward systems and governance.

Currently, Layer 3 has built the distribution infrastructure used by more than 100 cryptocurrency projects, including Uniswap, Base, Arbitrum, Linea, Polygon, and Celo. It has more than 3 million independent users in 120 countries around the world and supports 25 blockchains, including EVM and Solana ecosystems.

Layer3 received $15 million in Series A funding in June this year, and has raised a total of $21 million since 2021. After that, we plan to provide faster and cheaper services by working with various Layer 2 solutions. Block Media met with Layer 3 co-founder and CEO Dariya Khojasteh to learn about their dream of becoming the "Google of Web 3".

Q: Please briefly introduce Layer 3.

A: I am the co-founder and CEO of Layer 3. We are building comprehensive solutions to help cryptocurrency protocols and users navigate the industry. The goal is to improve the efficiency of cryptocurrency distribution through the Layer3 protocol and build the best consumption platform, identity positioning and open source tools for incentive distribution for users.

Full-chain identity, token distribution and incentive infrastructure

Q: What are the main issues that Layer3 is currently focusing on? I am particularly curious about your goals in the areas related to blockchain and network infrastructure.

A:One of the main problems that Layer3 aims to solve is that blockchain teams do not have the distribution efficiency that Internet builders get from Facebook or Google ads.

The new team will consider all deployment strategies from the beginning. We need to find a way to collect Twitter followers and distribute tokens to the right users. In the process, inefficiencies will occur and hinder overall growth.

Therefore, we are developing and optimizing crypto-native solutions to solve these problems. We have created a structure that allows users to learn about the projects they are interested in and obtain tokens. This enables protocols and blockchain teams to acquire the users they want and optimize long-term user acquisition instead of short-term speculation.

Q: There seems to be a lot of awareness and criticism about the marketing of Web 3 projects. How does Layer3 solve this problem?

A:Currently, there are no platforms in the Web3 ecosystem that are optimized for using cryptocurrencies. Layer3 is committed to creating an integrated ecosystem where users can trade cryptocurrencies, discover new projects, and earn tokens.

The huge advantage of Layer3 is that all these features are gathered in one place. Any consumer interested in cryptocurrencies can easily find the elements of interest on this platform, and the structure of the process is very interesting.

At the end of the day, what cryptocurrency users want is fun and profit. If you can provide both services on one platform, users will stay and come back again and again. In this respect, I think Layer3 is a very influential product. It is not easy to get people to visit multiple times a day and keep coming back for hundreds of days.

If you look at the Layer 3 leaderboard, you can find that the top 100 users visit continuously for 100 days, 200 days, 300 days, and even 800 days or more. This kind of continuous participation is very rare in the Web3 ecosystem.

Typical Internet companies are very aware of how much their customers contribute to the company. If a customer spends $100 with your company, attracting them for less is a great business outcome. However, this long-term perspective is lacking in the cryptocurrency industry.

For example, when we worked with Base, we estimated that a user might be worth $1,020 in the long run, even though we didn’t know what the ecosystem would look like in 10 years. If so, Base could develop a strategy to attract users for less than $1,020. This ensures a successful business outcome and gives users a valuable sense of ownership.

If this is not done, both users and protocols will suffer, which could ultimately harm the entire industry. Therefore, we are taking this approach to create a sustainable ecosystem.

Q: It is said that Layer 3's goal is "Web3 Super Channel, Web3 Google". As Layer 3 may develop into a centralized platform like Google or Facebook, how do you plan to remain decentralized?

A: This is a good question. We seek to decentralize the attention economy that is currently driven by platforms such as Meta and Google.

To do this, we are building a Layer3-centric platform. The platform is an interface that users visit every day and is designed to allow users to receive direct rewards for spending time or investing funds on it.

The tokens that users earn in the Layer 3 ecosystem are rewards based on the time and attention they spend on the platform. For example, when a user discovers and uses XYZ protocol through Layer3, he or she will get the token of the protocol. In this respect, it is very different from Google or Facebook, which make huge profits through user attention. In Layer3, users make money.

In addition, our biggest goal is to decentralize the large-scale, centralized platform model of the Internet. Layer3 is at the center, but users get most of the value, and the value is also manageable by them. This can be regarded as an innovation relative to the existing Internet business model.

Q: What is the Layer3 strategy in the case of multiple chains and multiple protocols? What are your plans to support the OmniChain protocol?

A: Our protocol is compatible with all EVM (Ethereum Virtual Machine) chains. Since it is very easy to deploy a new chain nowadays, it is important that we support the chain and the team building in the chain ecosystem from the day the new chain is launched.

For users, it gives them the opportunity to explore everything a new ecosystem can, find alpha, and earn tokens. To do this, we take a full-chain approach. There will likely be many non-EVM chains that emerge in the coming years, and we are gearing up to ensure our users get as much value as possible from day one on those chains.

Whenever a new chain emerges, there will be no case where Layer 3 is not in that chain. That is our goal.

Q: How will L3 tokens be used within the platform?

A: In the Layer3 ecosystem, layered staking is a way to align incentives with long-term users. People who own L3 tokens can access more parts of the ecosystem than those who do not. In addition, staking L3 tokens allows access to more parts of the ecosystem, while locking tokens allows access to a more expanded ecosystem.

This provides all users with the opportunity to participate in Layer3 while ensuring that those with the most aligned values receive the greatest long-term benefits. Many people complain that airdrops degrade the consumer experience of cryptocurrency because they often lead to short-term gains, token dumping, and project demise.

Layer3 Staking Token Economics

We are focused on providing real value to our users. What we care about is how much they can contribute to our protocol in the long term and how long we can sustain this ecosystem.

Ultimately, we believe that aligning incentives over the long term is the right model for any ecosystem. Ultimately, that’s where the utility of the token comes from.

Q. How has the feedback been since the launch of the L3 token? I’m wondering if there are any concerns related to token economics.

A: Currently, the circulating market value of the L3 token is around $20 million, and the trading volume is around $3 million (as of August 23, Korean time). This is a very large difference in numbers. We are still looking into various factors as reasons for this high interest.

I think it’s because consumers who use the L3 token really like the utility of the token. I think the fact that you can use it immediately when you first get the token makes it attractive. It appears to be popular because it is widely used across a variety of exchanges, because it has many utilities that consumers can actually use, and because those utilities are provided across three tiers.

We take user feedback very seriously. Among cryptocurrency projects, we believe we are probably the best at analyzing what users find interesting and what they find important.

We have received a variety of user feedback, some positive, some negative, but what most users want is to provide more activities and experiences. One of them is Launchpad.

Launchpad makes a lot of sense, especially in terms of issuing tokens in a centralized exchange environment and providing services to those who issue these tokens. Existing methods involve simple farming or passive token staking.

However, Launchpad built by Layer3 is designed to provide an immersive and beautiful experience for users to experience projects before the token is issued. This means that users will receive tokens not just those who stake, but those who really want to participate in the project.

Q: What potential new partnerships and future plans can Layer 3 users look forward to?

A: Of the upcoming partnerships, there are two that are particularly worth looking forward to. One is the launch of a highly anticipated blockchain, and the other is an infrastructure project that has recently received a lot of funding support. These projects have generated a lot of attention on social media and among consumers, and we plan to promote the entire ecosystem they support. Both projects are ready to launch on Layer3's Launchpad.

Layer 3 Starter Ecosystem List

There are also plans to deploy on non-EVM chains. The goal is to allow users of different ecosystems to enjoy all the benefits of Layer 3. We also plan to transfer tokens to these chains so that users who only have liquidity in that ecosystem can stake their tokens and get the same utility as EVM users.

Q: Please convey your last words to investors in the Korean Web3 ecosystem.

A: Layer3 generated nearly $10 million in revenue, issued about 30 million certificates (CUBEs) and distributed incentives in the process. We serve hundreds of thousands of users every month.

To date, over 110 million Layer 3 tokens have been staked, increasing demand on exchanges. This is because you need Layer 3 tokens to stake them and access utilities within the ecosystem.

In the future, I believe that as we work with more projects, bring new users into the ecosystem, and deploy on more chains, we will be able to grow the platform and truly achieve the goal of "Google of Web 3".

If anyone hasn't used Layer 3 yet, it's a good idea to sign up and try it out. I also hope you guys can give me some feedback. If you have any questions about Layer 3, please feel free to ask. We will work together to help Koreans participate in the Layer 3 ecosystem.

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