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 the “Ethereum StateNet” – a novel Layer 2 designed as a network of custom and optimized Rollups driven by a shared communication and liquidity layer, where each Rollup runs a specific application VM (XVM) or a general VM (GVM), with NordVM being the first example for XVM.
Source: Layer N
Layer N states that NordVM can settle “tens of thousands of orders” per second through a scalable order book, supporting full-collateral and cross-margin accounts across “thousands” of markets and assets, providing a user experience comparable to centralized exchanges.
According to Layer N’s estimates, the performance gains provided by NordVM compared to existing decentralized exchanges are several orders of magnitude higher. All trades executed through the NordVM order book are settled on-chain.
The Layer N testnet will be divided into three phases, with the second phase witnessing the launch of NEVM (a public EVM chain), and the third phase integrating StateNet, the unified communication layer. In addition to experiencing the testnet 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 in September 2023, led by venture capital firm Founders Fund co-founded by Peter Thiel and decentralized investment firm dao5, with other participating institutions including Kraken Ventures, Amber Group, Mirana Ventures, GSR, and SALT.