Peter Thiel-backed Layer 2 Layer N is transforming into a Layer 1 blockchain N1, enabling developers to build futuristic applications easily.
N, the Ethereum-based Layer 2 solution, announced its transformation into its own Layer 1 blockchain, N1, this week. The new type of Layer 1 blockchain promises a revolution in how applications are built, enabling developers to create new generation decentralized applications (DApps) with 100,000 tps and multi-language support.
Its predecessor, the N blockchain, a Layer 2 solution backed by billionaire Peter Thiel’s Founders Fund, offered developers a high-performance blockchain with high scalability, fast speeds and low transaction fees – solving the critical issues plaguing the Ethereum blockchain. Its evolution to N1, a full-stack app-centric Layer-1 blockchain, will provide better speeds, performance and high scalability as the platform primes itself to global adoption.
The N1 blockchain is designed to enable the next generation of crypto applications. It aims to enable developers with previous coding language (any language) and any app to connect to the Layer 1 blockchain and run it on-chain in two clicks.
A Hub of Next-Gen Products on N1 Blockchain
According to the team statement, N1 has a vision to allow developers to build hyper-app and next-gen products on the platform. The blockchain pioneers the development of DApps using Typescript app development support, with other languages like Solidity, Rust, and C also in the pipeline. This will massively decrease the learning curve for deploying on-chain apps, especially for new Web 2 developers.
“We are proud to introduce a new type of blockchain, one that combines unprecedented computational capabilities with developer-friendly features to enable a new class of decentralized applications,” says Dima Romanov, CEO and co-founder of Layer N.
In addition, the N1 blockchain also allows the development of native applications, including the ‘hub’ wallet for cross-application asset management, a wallet widget for unified cross-application login experiences, as well as a ‘vercel-like’ deployment interface for developers to launch and manage applications in 2 clicks.
A Host Of Investors and Partners
The benefits and qualities of N1 have seen the team attract several investors and partners to the fold, since the launch of the Layer N Layer 2 solution. Some of the significant investors include Founders Fund (the investment fund launched by Peter Thiel), Multicoin, dao5, Kraken, Amber, GSR, and SALT. Before N1, the team built a high-performance on-chain order book on Solana that processed over half a billion in volume.
A number of partners and platforms have also joined N1, with a mission to build next-gen applications atop it. Most of the platforms chose N1 due to its support of computational complexities and unique structure for DApps. DeFi platform Sushi is developing Susa, their flagship perpetuals DEX alongside a novel advanced AMM protocol called Kubo that can only exist on N1 due to its computational complexity.
Other platforms include Amber Group, the major market maker backed by Paradigm, which is incubating its own perpetual DEX protocol that will see innovative asset listings and have deep liquidity. Mindshare, which is a novel SocialFi app that enables users to directly trade crypto narratives. Finally, a Westworld-inspired on-chain AI world simulation is also under development.
Since its inception, N1’s predecessor Layer N has seen its market share grow – with the platform becoming the first L2 solution to achieve a 100k tps benchmark on testnet. The N1 blockchain maintains the same high-performance execution layer while replacing the Ethereum settlement layer with its own full-stack L1 infrastructure. This enables N1 to deliver 10-100x the scale and performance of existing chains, with transaction speeds set to exceed 100,000 tps.
