6 Months Triumph: New Investor Arrives, Treasury Thrives.

LEVEL Weekly: Issue 5

June 26, 2023

Greetings, Leveller!

Welcome to the fifth edition of our weekly newsletter.

Its LEVEL’s 6 Month birthday! Much has happened in the last week, from Arbitrum feature releases & new strategic investment, to featured articles and metric milestones!

Continue reading to dive into the progress.

In this issue

  • Developers Corner

  • Platform updates & announcements

  • Governance updates

  • Platform metrics & stats

  • Market Watch

  • Community highlights

  • Upcoming events

Developers Corner

Week 19th June - 26th June 2023

  • Launched Liquidity & Trading features on Arbitrum

  • Launched Weekly Ladder & lyLVL Loyalty program

  • Launched Level All-in-One Dune Dashboard

Week ahead plans:

  • Merge BNB Chain and Arbitrum UI’s

  • First Omni-chain integration: Referral Program

  • Conceptualising a new LVL burning mechanism

  • Designing a new rewards mechanism which requires vesting or minting

Updates & Announcements

As the features are procedurally rolled out, you will notice small changes to the level platform UI. By the end of June, most of the features will be complete - and UI V2 will be merged with V1, completing a fully seamless integration of both BNB Chain and Arbitrum on LEVEL.

We will continue to inform users about these deployments as they happen.

Users on both chains are already enjoying the recently deployed trading incentives — loyalty rewards and trading ladder — which are both very popular features with our platform since they launched.

Articles covering our Arbitrum expansion were also published on Yahoo Finance and Cointelegraph in the last week!

Level Advances Into Arbitrum: Initiates Omnichain Liquidity Marketplace and Exclusive NFTs

London, UK - (NewMediaWire) - June 26, 2023 -- Level, a prominent decentralized exchange, announces its strategic expansion to the Arbitrum network, launching its omnichain liquidity marketplace. Along with this significant initiative, Level also rev...

finance.yahoo.com/news/level-advances-arbitrum-initiates-omnichain-054332881.html

LEVEL: The omnichain liquidity marketplace launches on Arbitrum

Since inception, LEVEL has designed a protocol to serve as a functional alternative to centralized counterparty risk

cointelegraph.com/press-releases/level-the-omnichain-liquidity-marketplace-launches-on-arbitrum

Birthday celebration!

Level is officially 6 MONTHS old today! (June 26th 2023)

We have seen incredible growth in both our platform and our community since we initially launched, and we express our gratitude to every user and supporter that has joined us along the way. See further below for our current platform metrics.

To help celebrate, we are hosting a giveaway on our twitter account, Its easy to enter, and entrants have the chance to win $50 in LVL tokens from the $500 prize pool, check it out!

NFT Drop Information

The success LEVEL has enjoyed so far wouldn't have been possible without the amazing support from our user community. To celebrate our initial strides towards becoming a cross-chain liquidity marketplace, we're planning to launch a unique utility-based NFT, a first of its kind.

These special items will be reserved exclusively for LEVEL's community, with distribution determined retroactively based on past interactions with our protocol on both Arbitrum and BNB Chain.

There will be three categories corresponding to the three main facets of LEVEL:

🦺 Stock Broker’s Vest – Earned through proving yourself as a trader. The life blood of any financial hub, a Trader needs to look the part at his desk.

🔨 Auctioneer’s Hammer – A key group of mechanisms at LEVEL, Auctions serve to widen the reach of the ecosystem as a whole. Embody the power of the Auctioneer with their Hammer.

👒 Tattered Farmer’s Hat – We wouldn’t we be anywhere without liquidity. LPs take on risk enabling the entire marketplace to function. It ain’t much, but it’s honest work

 Governance Updates

21st June: New rounds of strategic investment

This Dao Proposal was to ask for the LEVEL DAO approval for a new series of strategic investments. The first being a 9-figure asset management company looking to acquire a $20m stake in the project.

This proposal PASSED with a 99.57% approval.

The investment will occur in tranches and subject to the growth of the protocol along with the platforms underlying liquidity.

On June 22nd, The first Tranche of $2M USDT in exchange for 526,316 LVL tokens (equivalent to $3.8 per LVL) was completed. The price was estimated by 7D TWAP + discount. Similar to previous investors, the $LVL is locked for 6 months and Vested for another 6 months.

All USDT from the investor was deployed to Arbitrum:

  • 30% to LVL/USDT LP

  • 35% to Mezzanine Tranche

  • 35% to Junior Tranche

As always, all investment proceeds are owned by the LEVEL DAO.

Click here to view the DAO proposal Snapshot

Platform Metrics & Stats

BNB Chain & Arbitrum

Market Watch

The Bitcoin rally continues as it has seen the highest weekly close in the past 12 months, peaking at around $31,400. The price surge was influenced by BlackRock's Bitcoin spot ETF application. If approved, the ETF would allow investors to gain exposure to Bitcoin without directly owning the digital asset.

Nevertheless, the crypto market faces ongoing challenges due to regulatory frameworks, and the market remains intricate and dynamic. It displays indications of optimism, yet remains under intense scrutiny from both regulators and market participants.

Many global macro indicators demonstrate striking resilience, while others warn of an imminent recession. The worldwide economy is undergoing a non-uniform recovery, with China flirting with disinflation, while developed markets are likely to face persistent services inflation due to structural supply factors. More volatility ahead, trader?

Community Highlights

Selection of notable tweets about Level

Recent Events

We joined Common Wealth + guests for their All Street Beat episode, to talk about the shift in NFT use cases!

We joined our friends from Wombex Finance and Perpy Finance for an interesting discussion on the projects, Defi, NFT’s and future plans!

The Trader Joe team joined us on a twitter spaces for a chat around our Omnichain future together. We talked about the partnership, NFT’s and co marketing!

Upcoming Events

Join us on TraderJoe’s Discord group as we have an informal chat, taking questions live directly from the community.

The next LEVEL official Spaces AMA will be hosted around 1st-2nd July
This will include a giveaway for the best questions asked in the lead up!
Details to be announced soon.

📢 All upcoming AMAs & Spaces will be announced across Twitter and our other social media channels (as well as in this newsletter), so keep your eyes peeled!

About LEVEL

LEVEL is the Omnichain Perpetual DEX, enabling fully permissionless, on-chain and non-custodial trading with up to 50x leverage.

At LEVEL, we provide cutting-edge risk management solutions for liquidity providers, allowing you to choose your preferred level of risk and asset exposure. All income generated from trading fees is distributed in the form of real yield to LEVEL stakeholders.

Useful Links

Thanks for reading, and we will see you next week for more updates and news on LEVEL!