Thiel-Backed Startup Launches Layer-1 Blockchain N1 to Enable New Generation Apps
New York, New York, December 5th, 2024, Chainwire
Layer N unveils its transformation into a new type of Layer-1 aimed at enabling new generation applications with 100,000 tps and multi-language support
Layer N, the high-performance blockchain project backed by Peter Thiel’s Founders Fund, has announced its evolution into N1, a full-stack app-centric Layer-1 blockchain designed to prioritize scalability and performance, to enable a new wave of crypto applications that couldn’t exist prior. N1’s vision is to take any code, any app, and run it onchain in two clicks.
N1 is set to take a hyper app and product-centric approach. It will be the first chain to enable Typescript app development support (with other languages like Solidity, Rust, and C also in the pipeline) massively decreasing the learning curve for deploying onchain apps. N1 will also have native apps such as a ‘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.
N1 is also working closely with a couple of teams on launching entirely novel and or enhanced crypto apps. 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. Amber group, the major market maker backed by Paradigm, is incubating their own perpetual DEX protocol that will see innovative asset listings, and deep liquidity. Mindshare is a novel socialfi app that will enable users to directly trade crypto narratives. And a Westworld-inspired onchain AI world simulation is under development. All of these apps feature a unique theme: they cannot be built elsewhere due to their computation complexity.
Originally conceived as an L2 solution for Ethereum – one that later became the first L2 to achieve a 100k tps benchmark on testnet – N1 has retained its high-performance execution layer while replacing the Ethereum settlement layer with its own full-stack L1 infrastructure. The development comes as a result of Ethereum becoming the bottleneck towards achieving higher scale. This enables N1 to deliver 10-100x the scale and performance of existing chains, with transaction speeds set to exceed 100,000 tps.
“We are proud to introduce a new Innovative 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.
The team behind N1 has attracted significant investment to date including from Founders Fund, Multicoin, dao5, Kraken, Amber, GSR, and SALT. Prior to N1, the team built a high-performance onchain orderbook on Solana that processed over half a billion in volume.
About N1:
N1 is a high-performance Layer-1 blockchain designed to enable the next generation of crypto applications. Founded by a team of industry veterans whose experience spans projects like DFINITY, Morpho, and Solana, N1 supports multiple programming languages and delivers transaction speeds exceeding 100,000 tps. The platform focuses on incubating and supporting innovative applications that push the boundaries of what’s possible in the blockchain space.
