Blog

Research, market structure, and product updates from N1.

How we built the TCGX index. A fanned hand of trading cards running off the edge of the frame, including Charizard G, Surfing Pikachu, Mew, Monkey D. Luffy, Sol Ring, Elsa, Vivi Ornitier and Tony Tony Chopper.

How We Built Our TCGX Index

How N1 constructed the TCGX trading card index: card selection, game weights, anchored log ratios and a weighted Huber center.

By Dima
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How we built the TCGX index. A fanned hand of trading cards running off the edge of the frame, including Charizard G, Surfing Pikachu, Mew, Monkey D. Luffy, Sol Ring, Elsa, Vivi Ornitier and Tony Tony Chopper.
Product · Engineering

How We Built Our TCGX Index

How N1 constructed the TCGX trading card index: card selection, game weights, anchored log ratios and a weighted Huber center.

Discovery-Markets
Announcement · Product

Introducing Discovery Markets: New Markets. Only on N1.

Discovery Markets opens access to assets and sectors with limited trading venues, starting with the TCGX trading-card index.

introducing $TCGX
Announcement · Product

Introducing TCGX: The first trading-card index market

TCGX brings 160 card variants across four games into one market, with long and short exposure without managing a physical collection.

N1 Prime — New Liquidity Frontier. A lone figure climbs a stairway toward a bright opening.

N1 Prime

N1 Prime is designed to combine liquidity across venues with N1’s trading flow to deepen markets and improve execution.

day-one

Day One For The N1 Exchange

The N1 Exchange launches on Nord Nova with RFQ markets and N1 Points, alongside a roadmap for deeper liquidity and new trading products.

acquisition
Announcement

N1 is acquiring 01

N1 is acquiring 01 to bring exchange and network together under one full stack financial network.

atomics
Product

Introducing Atomics on N1

Bundle orders and cancellations into one transaction for coordinated hedges, baskets, and quote updates that succeed or fail together.

L1's are not infra
Opinion

L1's are not infra (or they shouldn't be)

Why L1s should compete through integrated applications and financial flows, rather than transaction fees and commodity compute.

MCP
Research

Multiple Concurrent Proposers is not a scaling solution

How Solana’s Multiple Concurrent Proposers proposal improves inclusion fairness—and why it leaves throughput bottlenecks unchanged.

liquidity convergence theory
Opinion

Liquidity Convergence Theory

A thesis on why liquidity concentrates in the most capital-efficient venues, and what that means for blockchain design.

2025 Crypto End-User Report
Research

2025 Crypto End-User Report

Findings from more than 250 crypto users on custody, investing, blockchain usage, and the applications they use.

EVM: The Illusion of Progress
Research

EVM: The Illusion of Progress

An argument that Ethereum’s scaling limits lie in consensus and bandwidth, with a case for execution environments built around developers.

The Two-Chain Thesis: N1 alongside Solana, Sui, Monad, and Hyperliquid.
Opinion

Two-Chain Thesis

A case for two complementary chains: a resilient financial ledger and a compute layer built for high-performance applications.

We Built the Fastest Rollup on Ethereum, then left
Research

We Built the Fastest Rollup on Ethereum, then left

The engineering behind Nord’s high-throughput rollup, and why settlement costs and latency led us to build N1’s own settlement layer.

GM, N1
Announcement

GM, N1

Layer N becomes N1, with a vision for scalable execution, familiar programming languages, and simpler access to onchain applications.

The Effects of Latency on Market Making
Research

The Effects of Latency on Market Making

How execution latency affects market-making spreads and arbitrage losses, with a model and backtests exploring the cost to traders.

The Endgame
Research

The Endgame

Layer N’s early vision for independently scaling applications, with shared security and native communication between execution environments.

N1 Launches Liquidity Program With $20M Commitment From Amber Group
Announcement

N1 Launches Liquidity Program With $20M Commitment From Amber Group

Amber Group commits $20 million to N1’s liquidity program, supporting early-stage protocols building onchain financial products.

Former Fidelity International Executive Luc Froehlich Joins Layer N Advisory Board
Announcement

Former Fidelity International Executive Luc Froehlich Joins Layer N Advisory Board

Froehlich brings his expertise in bridging traditional finance with digital assets to Layer N.

Layer N's Nord Engine Achieves 100,000+ TPS on Closed Testnet
Engineering

Layer N's Nord Engine Achieves 100,000+ TPS on Closed Testnet

Nord Engine records 20,000 sustained and 120,018 peak transactions per second in a closed testnet benchmark of its trading-focused rollup.

Layer N raises $5M from Peter Thiel's Founders Fund
Announcement

Layer N raises $5M from Peter Thiel's Founders Fund

Layer N raises $5 million in a seed round co-led by Founders Fund and dao5 to build a network for high-performance financial applications.

Zero-knowledge Fraud Proofs
Product

Zero-knowledge Fraud Proofs

How Layer N uses RISC Zero to resolve disputed rollup execution with zero-knowledge fraud proofs, avoiding onchain transaction replay.