Layer Raises $6M to fix Smart Contracts

Layer, a blockchain infrastructure startup, has raised $6 million to develop developer tools that facilitate full-stack decentralized applications on Ethereum

Layer, a blockchain infrastructure startup, has secured $6 million in a seed round anchored by 1kx, with Fabric Ventures, Arrington Capital, and Stake Capital Group participating.

The company intends to utilize the proceeds to enhance the capabilities of Ethereum by developing developer tools that facilitate full-stack decentralized applications through the use of Web Assembly, as stated in a press release that was shared with crypto.news.

Layer, which was established by blockchain veterans Sam Cassatt, Jake Hartnell, and Ethan Frey, is anticipated to facilitate the development of more intricate decentralized applications that depend on off-chain computation, thereby overcoming the constraints of existing smart contracts.

The Layer SDK will enable applications to integrate blockchain security with off-chain services, such as decentralized messaging infrastructure and AI agents.

Layer secures angel funding to create a full-stack Ethereum SDK.

Angel investors, such as Sreeram Kannan of EigenLayer, Mike Silagadze of Ether.fi, and former BlackRock executive Paul Taylor, also contributed to the funding round.

The team has announced that their forthcoming product, the “Layer SDK,” will enable developers to construct new layers on top of Ethereum that function as full-stack blockchain-based applications.

These applications will include smart contracts, consensus mechanisms, UI, and verifiable off-chain services.

The funding is being provided in response to the expanding concern regarding the concealed vulnerabilities in smart contracts, which malicious actors are exploiting to deceive unsuspecting victims.

Analysts at the blockchain firm Trugard Labs discovered more than 34,000 high-risk vulnerabilities in smart contracts that were implemented on Base during August in late September.

Hidden balance updates and minting manipulations were also identified in Ethereum and BNB Chain (formerly Binance Smart Chain, BSC), albeit in lesser quantities.