TechFlow reports that the token distribution protocol Layer3 Foundation has unveiled the economic model for its L3 token. The total supply of L3 will be 3,333,333,333 tokens, with 51% (1.69 billion L3) reserved for the community, 25.3% (843 million L3) allocated to core contributors, 23.2% (773 million L3) assigned to advisors, and 0.5% (16 million L3) designated for additional advisors.
At TGE (Token Generation Event), the initial airdrop will account for 7.5% of the total supply: 200 million L3 (6%) will be distributed to early users and S1 participants, while 50 million L3 (1.5%) will go to S2 participants. Allocations for early users and S1 participants are four times those of S2 participants. The snapshot for early users and S1 was taken on May 10, 2024, and the S2 snapshot will be conducted on July 22.
Previous report, Layer3 raised $15 million in a Series A funding round in June this year, co-led by ParaFi and Greenfield Capital.
