Blockchain infrastructure startup Layer has successfully secured $6 million in funding to develop advanced developer tools for full-stack decentralized applications on Ethereum.

Layer Raises $6 Million in Seed Round

Layer, a blockchain infrastructure startup, has raised $6 million in a seed round led by 1kx. The round saw participation from Fabric Ventures, Arrington Capital, and Stake Capital Group. The funds will be utilized to enhance Ethereum’s capabilities by creating developer tools that support full-stack decentralized applications using Web Assembly.

Founded by Blockchain Veterans

Founded by blockchain veterans Sam Cassatt, Jake Hartnell, and Ethan Frey, Layer aims to enable developers to build more complex decentralized applications that rely on off-chain computation. This approach addresses the limitations of current smart contracts. The Layer SDK will allow applications to combine blockchain security with off-chain services like AI agents and decentralized messaging servers.

“We wanted to complete the full narrative arc of decentralized architecture, and give the world the tools necessary to build any application, with any performance requirements in this trust-minimized way.” – Sam Cassatt, co-founder of Layer

Angel Backing and Expanded Capabilities

The funding round also saw backing from angel investors, including Sreeram Kannan of EigenLayer, Mike Silagadze of Ether.fi, and former BlackRock executive Paul Taylor. The upcoming product, known as the “Layer SDK,” will allow developers to build new layers on top of Ethereum that run full-stack blockchain-based applications consisting of smart contracts, consensus mechanisms, UI, and verifiable off-chain services.

Addressing Vulnerabilities in Smart Contracts

The funding comes at a crucial time as concerns grow over hidden vulnerabilities in smart contracts. Bad actors are increasingly exploiting these vulnerabilities to lure victims. In late September, analysts at blockchain firm Trugard Labs identified over 34,000 high-risk vulnerabilities in smart contracts rolled out on Base during August. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain, though in smaller numbers.

Stay informed with the latest developments in cryptocurrency, investing, and finance by exploring more news on Global Crypto News.

#CryptoGains #CryptoInvestor #CryptoAssets

Post Views: 0