Cash-flow Engine & Robust Balance Sheet: Profitable since Q1 of last year, Layer3’s latest monthly annualized revenue figure is 26.6 million with currently 17 full-time employees.
Dominant Distribution Network: Millions of unique wallets (7.6 million latest figure in May 2025) and hundreds of protocols form a self-reinforcing two-sided marketplace; solving discovery and acting as the matching engine that connects consumers with relevant projects in crypto.
Pricing Power & Scale: Protocol contracts range from mid-five-figure (seed apps) to low-seven-figure (L1/L2 foundations) fees; this flexible pricing and optionality fuels the inbound pipeline growth.
Proprietary Data Moat & Expansion Optionality: With millions of onchain actions logged, Layer3 owns an unmatched behavioral dataset not only for optimizing incentive design and attribution but also for incubating new ventures within its ecosystem.
Quest-fatigue and Cyclicality: Protocol incentive budgets are VC-funding-driven and the narrative for monetizing attention can be fleeting or perceived as being over-heated because of increased competition.
Beware supply shocks: Outside of community rewards, investors and core contributors control ~50% of the supply with the cliff period ending in July 2025.
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