According to a report by “The Defiant,” Layer N, a new Layer 2 network built on Ethereum, announced the launch of the first phase of its public testnet on Wednesday (10th), allowing developers and users to test NordVM. NordVM is a specific application Rollup optimized for asset trading.
According to the press release, Layer N is referred to as “Ethereum StateNet” – a novel Layer 2 designed as a network of custom and optimized Rollups driven by a shared communication and liquidity layer. Each Rollup runs a specific application VM (XVM) or a general-purpose VM (GVM), and NordVM is the first example targeting XVM.
Layer N represents that NordVM can settle “tens of thousands of orders” per second through a scalable order book and supports cross-margin and cross-collateral accounts across “thousands” of markets and assets, providing a user experience comparable to centralized exchanges.
According to Layer N’s estimate, NordVM provides performance gains orders of magnitude higher than existing decentralized exchanges. All transactions executed through the NordVM order book are settled on-chain.
The Layer N testnet will be divided into three stages. The second stage will witness the introduction of NEVM (a public EVM chain), and the third stage will witness the integration of StateNet, which is the unified communication layer. In addition to experiencing the testnet’s operation, users can currently participate in interactive tasks provided by Layer N on the Galxe platform.
Layer N previously announced the completion of a $5 million seed round of funding in September 2023. The round was led by Founders Fund, a venture capital firm co-founded by Peter Thiel, and decentralized investment firm dao5. Other participating institutions include Kraken Ventures, Amber Group, Mirana Ventures, GSR, and SALT.
