Web3 Quest Platform Layer3 Rolls Out Its Native Token

Layer3, a Web3 quest platform, recently launched its native $L3 token. As of yesterday, early adopters and platform users have been able to claim their allocated airdrops. The token is now listed on various exchanges, including Bybit, Kraken, and Gate, and currently boasts a market cap of approximately $36 million.

The platform operates by allowing blockchain projects to engage with their audiences through various tasks known as “quests.” These quests range from subscribing to a project’s social media channels and reading articles about the project to minting project-specific NFTs. Many platforms, particularly those without their native tokens, employ Layer3 to offer quests and subsequently reward participants with token allocations. 

Layer3 is the first platform of its kind to launch its own token, with the aim of attracting more users to its ecosystem. The $L3 token will be used for staking and participating in governance. Token holders will also enjoy benefits like early access to new project launches and special pre-airdrop campaigns. Additionally, token stakers can earn a multiplier on their L3 airdrops based on their activity level. For example, completing ten quests might earn 1.5x multiplier on their rewards, while 20 quests might net a 2x multiplier.

Moreover, there is a token burn mechanism where communities need to buy and burn $L3 tokens to utilize the Layer3 protocol for posting quests and deploying incentives. This mechanism is designed to enhance the token’s value and maintain the health of the platform’s economy.

Layer3 has been collaborating with many prominent blockchain ecosystems. Over 100 crypto projects, including notable names like Uniswap, Base, Arbitrum, and Linea, utilize this platform. According to the Layer3 team, the platform has reached over 3 million unique users across 120 countries.

For example, on the Optimism network alone, over 675,888 wallets have completed quests through Layer3, resulting in over 17 million transactions and generating over $2 million in trading fees. Similar statistics are seen with Arbitrum, where nearly 797,199 wallets have participated in quests.

However, it is important to point out that Layer3 and similar platforms are very heavily used by airdrop hunters. So, the large number of wallets doesn’t necessarily reflect the actual number of unique users, which is likely lower. 

Nevertheless, Layer3 continues to play a significant role and remains one of the key platforms for new projects to reach a wider audience and stimulate engagement within their ecosystems. 

Whether the newly launched token will be a game-changer for the growing ecosystem remains to be seen. We will continue to Observe.