Welcome to the Eleventh edition of our weekly LEVEL newsletter, your one-stop source for all things related to our platform.
Sit back, and dive into the latest happenings at LEVEL. Don't forget to subscribe to receive this newsletter straight to your inbox!
In this issue
Platform updates & announcements
Platform metrics & stats
Further preparations and development around Level 2.0 features
Updates & Announcements
With the Level 1.5 upgrades, we successfully achieved a number of significant milestones in line with our goal of becoming an omnichain protocol. To that end, we expanded to Arbitrum, launched omnichain referrals and staking, announced a new strategic investor with a total commitment of $20M, exceeded over $20B in protocol volume, and released improved dashboard visualization tools.
The team continues to push forward with execution and design improvements with the ultimate goal of having the best omnichain liquidity marketplace user experience in all of DeFi.
The immediate next step is LEVEL 2.0, where our target will mainly focus on improving LVL reward design and incentive alignment. A summary for LEVEL 2.0 can be seen in our roadmap below (roadmap subject to change).
Similar to the LEVEL 1.5 upgrade, we aim to release LEVEL 2.0 in a three-part implementation, starting with part 1.
“Part 1: A Closer Bond with LVL” was published today (August 14th) and can be viewed here.
LEVEL 2.0 ROADMAP
This roadmap is not finalised and is subject to change.
A fully detailed article surrounding LEVEL 2.0 in its entirety will be released in due course.
Weekly LVL Burn
Omni-chain Referral Program
Users are now able to track their progress with the referral tiers, and easily see how much in fees their traders are generating, along with how much LVL they are passively earning.
To support the organic growth of LEVEL, Users are now also able to apply for the WHITELIST. This Whitelist allows referrers to access higher rebate and discount rates than basic referrers. This feature has been introduced to help to reduce the amount of self-referring that typically takes place on Decentralised Exchanges.
To get started with the referral program and start passively earning LVL, follow these instructions:
Click “Get Your Referral Link” to generate your own.
Share the link to your friends!
Earn up to 12% regular passive LVL from your active traders!
Monday August 14th 2023
DAO PROPOSAL: LEVEL 2.0 Part 1 - A Closer Bond with LVL
This proposal introduces LEVEL 2.0, building on previous upgrades to enhance LEVELS goal to become the best omnichain liquidity marketplace in DeFi. This phase aims to improve the LVL reward design, implementing a Bonding Mechanism that awards unvested preLVL tokens instead of direct incentives to traders or liquidity providers.
Users have two options to vest preLVL tokens: Normal vesting requires staking 10 LVL tokens for 1 year to vest 1 preLVL, while Accelerated vesting allows immediate vesting with a 30% USDT tax. The tax will be split evenly between the DAO and the LLP. This proposal represents a strategic move to align incentives more closely with user interests and the platform's broader goals.
This week, 1Inch Network completed full integration of LEVEL across BNB Chain and Arbitrum. As a leading DEX aggregator, this integration allows users of both chains to utilize LEVEL’s DEX seamlessley from within the 1inch app.
This integration enhances users' access to better swap rates and increases swap volume on the LEVEL DEX.
Platform Metrics & Stats
BNB Chain & Arbitrum
Over the past week, BTC’s price increased slightly by 1.5% to around $29.4K, and ETH edged up by 0.9% to $1.9K, while BNB dipped by 1.4% to roughly $240. The U.S. SEC has delayed its decision on ARK 21Shares's spot Bitcoin ETF, extending the matter into a 21-day public commentary period. Meanwhile, PayPal's launch of its stablecoin "PayPal USD" (PYUSD) has ignited discussions, particularly among lawmakers expressing concern over the lack of federal regulations. As the market continues to navigate these changes, focus shifts to key economic indicators and regulatory developments that could influence the future of crypto assets.
Selection of notable tweets about Level
1/ Exciting announcement! 🌩️
XOX Labs is thrilled to announce the upcoming integration of @Level__Finance as one of the main liquidity providers on the BNB Chain & ARB.
🌐 Get ready for a whole new level of liquidity and a seamless trading experience! http
— XOX Labs (@Xox_Labs)
Aug 2, 2023
Impressive $LVL milestone:
➡️Tokens burned are approaching 800k
FDV is going down weekly📉
Wait till people come back from vacations and volume comes back to Perp DEXs👀
Amount burned about to go BRRR💸
— Crypto Gideon🦇🔊 (@CryptoGideon_)
Aug 9, 2023
This week's project spotlight: LEVEL Finance
Level might be the most undervalued Perp DEX I've seen!
It's -73% from ATHs - yet it still collects the 3rd most amount of fees across all perp DEXes
Here's ALL THE DATA you need to know about the decentralized perp DEX
— Kyle (@0xkyle__)
Aug 5, 2023
New proposal on @Level__Finance 👀
$LVL incentives will now be vested in 2 ways:
1️⃣Lock 10 $LVL tokens for 1y to vest 1 preLVL
2️⃣Receive preLVL immediately but pay 30% tax in $USDT
Taxed USDT will be split into DAO and LPs💰
Bet on the team🤝
— Crypto Gideon🦇🔊 (@CryptoGideon_)
Aug 14, 2023
DeltaPrime joined us on our spaces to discuss their exciting project and how they will integrate with LEVEL, they also dropped interesting alpha about their project, and outlined the steps to come in the future.
We invited some other DEX projects within the ecosystem along for an informative chat based around the current market and the future of DeFi. Keep an eye out for more perpetual roundtables in the future.
Arbitrum x LEVEL Spaces chat - Monday August 28th 3:30PM UTC
We will be joining the team from Arbitrum to discuss our Arbitrum launch, and to dive into more details around our LEVEL 2.0 upgrade proposals.
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.