Crypto startup Layer secures $6m to solve limitations of smart contracts

Blockchain infrastructure startup Layer has raised $6 million to build developer tools that support full-stack decentralized applications on Ethereum.

Blockchain infrastructure startup Layer has raised $6 million in a seed round led by 1kx with participation from Fabric Ventures, Arrington Capital, and Stake Capital Group.

In a press release shared with Crypto.news, the firm said it plans to use the proceeds to expand Ethereum’s capabilities by creating developer tools that support full-stack decentralized applications using Web Assembly.

Founded by blockchain veterans Sam Cassatt, Jake Hartnell, and Ethan Frey, Layer’s platform is expected to enable developers to create more complex decentralized applications based on off-chain computation, addressing the limitations of existing smart contracts. The Layer SDK will allow applications to combine blockchain security with off-chain services such as AI brokers and decentralized messaging servers.

“We wanted to complete the full narrative of decentralized architecture and give the world the tools necessary to build any application with any performance requirements in this trust-minimized way.”

Sam Cassatt, co-founder of Layer

Layer gets angel support to develop full-stack Ethereum SDK

The funding round also received support from angel investors, including EigenLayer’s Sreeram Kannan, Ether.fi’s Mike Silagadze and former BlackRock executive Paul Taylor. The team says their new product, known as the “Layer SDK,” will allow developers to build new layers on top of Ethereum that run full-stack blockchain-based applications consisting of smart contracts, consensus mechanisms, user interface, and verifiable off-chain applications. services.

The funding comes as concerns grow about hidden vulnerabilities in smart contracts, with bad actors increasingly exploiting them to lure victims. In late September, analysts at blockchain firm Trugard Labs identified more than 34,000 high-risk vulnerabilities in smart contracts launched on Base in August. Secret balance updates and coinage manipulations have also been detected, albeit to a lesser extent, on Ethereum and BNB Chain (formerly known as Binance Smart Chain, BSC).