Peter Thiel-backed startup Layer N evolves into N1 to power next-gen crypto apps

Quick Takes:

• Peter Thiel-backed startup Layer N transitions from Layer 2 to Layer 1 with N1.
• N1 offers multi-language support and transaction speeds exceeding 100,000 TPS.
• The platform aims to simplify onchain app development and drive a new wave of crypto innovation.

Layer N, a blockchain project supported by Peter Thiel’s Founders Fund, today announced its evolution into N1, a full-stack Layer-1 blockchain focused on scalability and enabling applications previously deemed unfeasible. N1 aims to make onchain deployment seamless, offering the ability to launch any app or code in just two clicks.

N1 shared the news of its transition through its social media channels.

“Introducing N1: not another altvm, not another modular something, not another overfarmed quest program. N1 is a new L1, set to enable all code, all apps, _everything_ onchain,” N1 said on X.

Introducing N1: not another altvm, not another modular something, not another overfarmed quest program

N1 is a new L1, set to enable all code, all apps, _everything_ onchain pic.twitter.com/FM7goNoY1W

— N1 (prev. Layer N) (@N1Chain) December 5, 2024

A Platform Built for Developers and Hyper-Scalable Applications

N1 takes an app-first approach, becoming the first blockchain to support development in TypeScript, with additional languages such as Solidity, Rust, and C on the horizon. This drastically reduces the barrier for developers building onchain apps.

Native tools on the platform include a ‘hub’ wallet for managing cross-application assets, a widget for unified login across apps, and a deployment interface akin to Vercel, enabling developers to launch and manage their applications with ease.

Revolutionizing Crypto Apps with Advanced Capabilities

N1 is collaborating with several teams to roll out unique crypto applications that leverage its computational strengths. Examples include:

• Susa, a flagship perpetual DEX by Sushi, paired with Kubo, an advanced AMM protocol.
• A perpetual DEX from Amber Group, featuring innovative asset listings and deep liquidity.
• Mindshare, a social finance app allowing users to trade crypto narratives.
• A Westworld-inspired AI simulation, bringing a new dimension to onchain gaming.

These projects showcase N1’s ability to support computationally complex apps that cannot operate on other blockchains.

From Layer 2 to Layer 1: A Response to Scaling Challenges

Originally envisioned as an Ethereum Layer 2 solution, Layer N became the first L2 to achieve 100,000 transactions per second (TPS) in testnet. However, Ethereum’s limitations as a settlement layer prompted the shift to a standalone Layer 1 architecture. By replacing Ethereum with its own infrastructure, N1 now delivers 10–100x the scalability of traditional chains, enabling ultra-high performance for resource-intensive applications.

Commenting on the transition, Dima Romanov, CEO and co-founder of Layer N, explained, “We are proud to introduce a blockchain that combines advanced computational capabilities with developer-friendly tools to unlock a new generation of decentralized applications.”

The N1 team has attracted funding from notable backers, including Founders Fund, Multicoin, dao5, Kraken, Amber, GSR, and SALT. Their expertise in high-performance blockchain systems, such as an onchain orderbook on Solana that processed over $500 million in volume, underscores their commitment to innovation.

N1 is a high-performance Layer-1 blockchain designed to incubate the next wave of decentralized applications. Its support for multiple programming languages and ability to handle 100,000 TPS positions it as a game-changer for blockchain scalability and accessibility. With a focus on innovation, N1 empowers developers to push the boundaries of what’s possible in blockchain technology.