Founders Fund-backed Layer N peaked at 120,000 transactions per second during testing ahead of its public testnet set to launch in February.
Layer N is a Layer 2 network built on Ethereum that focuses on supporting decentralized exchanges designed to replicate their centralized counterparts.
The testing took place on a closed testnet, a statement said. This was done to check the performance of the project’s Nord Engine, which according to Layer N was designed to enable a rollup to support high trading activity.
While the testnet peaked at 120,000 transactions per second, Layer N noted that it was able to process 20,000 transactions per second for an extended period of time.
Building open exchanges
Layer N CEO and co-founder Dima Romanov said the goal is to launch multiple optimized rollups, including its own version of the Ethereum Virtual Machine. He added that this would be compatible with the Nord Engine.
Looking further ahead, he envisioned that developers creating exchanges on Layer N could build native integrations that connect to them. “Imagine if centralized exchanges that we are all familiar with could allow developers to build applications directly on top of them. That is what we make possible,” he said.
Layer N uses EigenDA to store batch transaction data as part of a merge. This is cheaper than storing it directly on the Ethereum mainnet.
In September 2023, Layer raised N$5 million in a seed round co-led by Founders Fund and dao5. Other investors in the round included Kraken Ventures, Mirana Ventures, GSR and Amber Group.