Layer3 Token Experiences 13% Drop Amid Strategic Partnership

Bittime -Layer3, a well-known token distribution protocol, experienced a significant drop in market sentiment, leading to a 13% drop in its native token, L3, in the last 24 hours. This decline came amid a sharp decline in trading volume, down by 36%, reflecting increased uncertainty among investors. 

Despite these challenges, Layer3 made headlines with the announcement of a new strategic partnership with Immutable, a move that could potentially stabilize its position in the market.

Market Performance and Investor Sentiment

The recent decline in the value of the L3 token highlights growing concerns among investors about the protocol's near-term prospects. A 13% drop in token value, coupled with a sharp 36% drop in trading volume, suggests that market sentiment has turned bearish. 

Investors appear to be reacting to broader market conditions and the inherent volatility in the cryptocurrency sector, leading to a massive sell-off of L3 tokens.

Strategic Partner with Immutable

Amid this downturn, Layer3 announced a strategic partnership with Immutable, one of the leading players in the blockchain gaming space. Immutable touts Layer3 as a protocol "trusted by more than 4 million users worldwide" and highlights its role as an exclusive partner for Immutable's gaming quests. 

The partnership is seen as a strategic move to strengthen Layer3's presence in the market and could be a catalyst for future growth, especially as it aligns with the rapidly growing blockchain gaming industry.

Recent Funding Success

Just a month ago, Layer3 successfully completed a $15 million Series A funding round led by ParaFi and Greenfield Capital, with additional participation from Electric Capital, Immutable, and other prominent investors. 

This funding round, which closed in May, was structured as tokenized equity, although specific valuation details were not disclosed. This latest round brings Layer3's total funding to $21.2 million, building on previous investments of $2.5 million in 2021 and $3.7 million in 2022.

The Thriving Layer3 of Environment

Founded by Brandon Kumar, Layer3 has quickly become a key player in the crypto space, providing a powerful platform for efficient token distribution across multiple blockchains and applications. 

The protocol serves more than 100 crypto projects, including well-known clients such as Uniswap and Arbitrum. With more than 3 million unique users in 120 countries, Layer3 has built a diverse and global user base.

Upcoming Developement

Despite facing current market challenges, Layer3 remains focused on innovation and growth. The protocol plans to launch an AI-powered platform later this year, designed to optimize token distribution strategies. 

This new development is expected to increase personalization for users and introduce an innovative approach to token issuance, potentially driving renewed interest in L3 tokens.

Conclusion

While the recent decline in the value of the L3 token is worrying, Layer3's strategic initiatives and funding success demonstrate a strong foundation for future growth. 

The community remains optimistic that these efforts, combined with the upcoming launch of its AI-powered protocol, will help Layer3 weather the current market volatility and maintain its relevance in the ever-evolving crypto landscape.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.