Greetings, Leveller! (and new Arbinauts)
Welcome to the fourth edition of our weekly newsletter.
In case you have been asleep for the last week (or devoid of an internet connection) you’ll know that this past week has been HUGE for LEVEL and our community!
The Arbitrum launch is continuing as planned, and the DEX UI deployed successfully on Thursday 15th June.
This issue, we will dive into what is to come over the next few weeks. Lets take a look…
In this issue
Developers corner
Platform updates & announcements
Governance updates
Platform metrics & stats
Market Watch
Community highlights
Upcoming events
Developers Corner
Week 12th June - 19th June 2023
Over the past week, we have been ensuring that the deployment happens smoothly, and correcting any small issues that arose throughout. Small changes with UI were required to facilitate the deployment.
Week ahead plans:
Deploy lyLVL and Trading Ladder system on Arbitrum.
Add more features to our V2 frontend, working toward the goals to merge v1 into v2 end of month.
Working on the cross-chain Referral system
Keep reading for more information about the launch!
Updates & Announcements
Although the DEX has now been deployed, various features are still to be rolled out. Currently, users are able to use the Leveraged trading features on BTC, ETH & ARB. Users are also able to provide liquidity to our three tranches.
The Arbitrum front end is currently located at: v2.level.finance
In 1-2 weeks, this link will be merged with the BNB chain side, creating a seamless user experience for both BNB chain and Arbitrum chain usage on LEVEL.
From that point, app.level.finance will be the only link.
Another important point to note, is that LEVEL is using the official USDC token - Not bridged USDC or USDC.e.
Distribution of protocol revenue on Arbitrum
Revenue from Leveraged trading, swaps & add/remove liquidity is as follows:
45% for LLP Providers
30% for DAO Treasury
5% for Dev Multisig
10% for LVL Staking
10% for LGO Staking
LVL & LGO fees will be accumulated to a reserve contract until omni-staking is ready. Those fees will be distributed once per week on BNB chain to LVL & LGO stakers.
We will make an announcement once Omni-staking is ready and deployed.
Other features to be rolled out
On Wednesday 21st June we will be launching:
lyLVL rewards
Trading Ladder rewards
LVL incentives for LLP providers
Throughout the coming weeks, our plans to bring fully Omnichain operations to our features include:
Incentive programs
Referral System
Staking (for LVL, LGO, DAO)
LGO redemption
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
Keep your eyes peeled for more information about the NFT drop in the very near future.
Governance Updates
No Governance proposals have been made through the last week, but expect a new one to be announced very soon!
Be sure that we will keep you posted.
Platform Metrics & Stats
Market Watch
The past week saw the crypto markets wobble due to concerns over the Federal Reserve's monetary tightening and ongoing regulatory battles involving top exchanges Binance and Coinbase.
Bitcoin and Ethereum took a hit with the anticipation of future rate hikes, while the SEC's enforcement actions on the industry added uncertainty. However, with inflation cooling to expected levels, the market bounced back somewhat, demonstrating its resilience.
The upcoming path is unpredictable due to the dynamic regulatory and economic landscape, reminding us of the inherent volatility in the crypto space.
Community Highlights
Selection of notable tweets from our community
Gm $LVL enjoyooors.
10,000 $JOE rewards added to the $LVL + $USDT liquidity pool on #BNBChain with current APR ~440%.
We're also chatting with the @Level__Finance team in a Twitter Spaces today at 2pm UTC, joining to learn more about our shared vision of an omnichain world.
— Trader Joe (@traderjoe_xyz)
Jun 19, 2023
The Open DeFi Notifications protocol powered by @DefiOrg now supports @Level__Finance🎉
Traders can set up “Limit Order Executed” and “Liquidation” notifications for 24/7 monitoring of their positions🫡
Full details: twitter.com/i/web/status/1…
— Orbs (@orbs_network)
Jun 12, 2023
5⃣ $LVL
@Level__Finance just launched its DEX on Arbitrum, which often results to higher volume, thus fees and price (example of $GNS a few months ago)
The Bubblemaps cluster only owns 1% of the supply and is linked to contracts so the potential sell pressure is quite low.
— Louround 🥂 (@Louround_)
Jun 16, 2023
It has been almost 3 days since Level__Finance officially launched on Arbitrum, Total trading volume is close to $15M, averaging $5M a day. They will launch incentives for traders, LLP providers on Wednesday 21st June. How much do you think the trading volume will increase?
— Weed (@0xWeedie)
Jun 18, 2023
One big difference that will attract whales on $ARB to provide liquidity on $LVL:
➡️Senior Tranche
It consists of:
• $BTC
• $ETH
• $USDC
• $USDTWhile on BSC, you have $BNB & only $USDT
$ARB opens the door for $USDC and removes risks for:
• $BNB
• $USDTNice work👏 httpp
— Crypto Gideon🦇🔊 (@CryptoGideon_)
Jun 15, 2023
Recent Events
Max Power from LayerZero joined Dr LVL to talk about the recent integration, and how Layerzero is helping to propel LEVELs Omnichain vision.
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
Thursday June 22nd, 4:30PM UTC
The next LEVEL official Spaces AMA will be hosted around 24th-25th June
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 fully 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
App: level.finance
Github: github.com/level-fi
Documentation: docs.level.finance
Twitter: twitter.com/level__finance
Discord: discord.gg/levelfinance
Telegram: t.me/LevelFinance
Medium: level-finance.medium.com
Governance Forum: forum.level.finance