cryptonews.com
Layer N, a roll-up network focused on scaling financial applications on Ethereum, has appointed Luc Froehlich, a former executive at Fidelity International based in Hong Kong, to its advisory board.
Froehlich previously served as the global head of digital asset solutions at Fidelity International, where he led the company’s exploration of cryptocurrencies and tokenized assets for seven years.
Froehlichr Highlights Protocol’s Innovative Approach to Decentralized Exchanges
Layer N is a Layer 2 network built on Ethereum that’s focused on supporting decentralized exchanges designed to replicate their centralized counterparts.
In an interview, Froehlich expressed his motivation for joining Layer N’s advisory board, citing the protocol’s ability to address the fragmentation in financial technologies. He highlighted the project’s architecture, which introduces a network of customizable virtual machines capable of seamless communication and liquidity sharing, overcoming the siloed nature of traditional systems.
“By introducing a network of customizable virtual machines that can communicate and share liquidity seamlessly, Layer N overcomes the often siloed operation of traditional systems,” he said.
Froehlich emphasized Layer N’s utilization of zero-knowledge proofs (ZK) to address the need for transaction confidentiality in traditional finance. By enabling verification without disclosing transaction content, the project meets regulatory and competitive requirements while ensuring confidentiality. He asserted that blockchain technology is now poised to challenge the outdated infrastructure of traditional finance, signaling a significant shift in the industry landscape.
Layer N Unveils Nord Roll-up Testnet, Poised to Revolutionize Decentralized Exchanges
Layer N has unveiled plans to deploy a public testnet for its Nord specialized exchange roll-up, which promises significantly improved throughput and latency compared to existing scaling solutions. The Nord roll-up is expected to offer performance comparable to centralized exchanges like Binance and Coinbase, allowing decentralized exchanges to achieve similar levels of efficiency.
During testing on a closed testnet, the Nord Engine demonstrated the capability to handle high trading activity, reaching a peak of 120,000 transactions per second. While sustaining a rate of 20,000 transactions per second over an extended period, Layer N confirmed the roll-up’s robustness and scalability. Layer N’s mainnet is expected to go live sometime this month.
Layer N’s CEO and co-founder, Dima Romanov, outlined the vision of launching multiple optimized roll-ups, including a version of the Ethereum Virtual Machine compatible with the Nord Engine. Developers leveraging the platform will be able to build native integrations, empowering them to create applications directly on top of decentralized exchanges.
One of Layer N’s key technologies is EigenDA, which efficiently stores batched transaction data, reducing costs compared to storing data directly on the Ethereum mainnet. In September 2023, the project secured $5 million in a seed funding round led by Founders Fund and dao5, with participation from investors such as Kraken Ventures, Mirana Ventures, GSR, and Amber Group.
Layer N recently announced its expansion into the Asian market through a strategic investment from BlackPine and a partnership with VSFG. These initiatives aim to bolster its Web3 offerings in the region, further solidifying its position in the evolving financial technology landscape.