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

Layer3, a community-driven initiative focused on building an omnichain infrastructure for distribution, identity, and incentives, has adjusted its token economics and increased its initial airdrop to 7.5% of the total supply, Layer3 Foundation shared in a recent post on X.

We’ve made two major changes to fit the scale of Layer3’s vision.

• Total supply of L3: 3,333,333,333.
• The initial airdrop will increase to 7.5% of the total supply.

Detailed token economics can be found in the Layer3 Foundation documentation: https://t.co/xmeaXcv88G pic.twitter.com/hxH0dj91Fv

— Layer3 Foundation (@Layer3FDN) July 5, 2024

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

Of the 7.5% of the total L3 token supply allocated during the initial airdrop, 6% will be used to reward the project’s Early Adopters (OG) and S1 program participants. These are users who actively participated in the early stages of the project and clearly contributed to the early development of Layer3.

The remaining 1.5% will be allocated to S2 rewards program participants. The snapshot that determines OG and S1 airdrop eligibility took place on May 10, 2024.

Layer3 has released the latest update as it prepares for its summer token launch and airdrop.

Last month, the project announced that it had secured $15 million in Series A funding led by ParaFi and Greenfield Capital, with participation from Electric Capital, King River, and Tioga Capital. The round also saw participation from angel investors from LayerZero, as well as CoinList COO Scott Keto and Dune co-founder Mats Olsen.

Layer3 plans to use the funds to support growth, including expanding its team and operations across the Asia Pacific region.