Omnichain Exploration Begins

LEVEL Weekly : Issue 1

May 29, 2023

At LEVEL, transparency has been at the core of our project since the very start, and we want to ensure that you're always up to date with the latest developments.

Instead of digging through different social platforms to follow updates, we've created this concise, weekly digest to keep you in the loop. In this newsletter, we'll cover everything from developer updates to product announcements and governance news.

Get ready, because we're just getting started!

Developers Corner

🛠️ Lets dive into the developer updates from over the last two weeks.

Week 15th May - 19th May 2023

Arbitrum Expansion:

  • Final internal review round for LVL bridge (LayerZero’s OFT standard) completed.

  • Sent requests for review to Quanstamp and LayerZero teams.

  • Added more bricks to Level UI V2 - allowing multi-chain operations.

  • Tested new trading contracts on Arbitrum Goerli.

Referral Program Revamp:

  • Improved user experience of the Referral program invitation flow.

  • Added custom referral codes (on-demand, contact us for a vanity link).

Week 22nd May - 26th May 2023

Arbitrum Expansion:

  • Finalized UI for Level Bridge, where users can bridge Level’s tokens (LVL + LGO) and also to support trading tokens like USDT, ETH, BTC by integrating bridge aggregators like Bungee, Axelar and Stargate.

  • Updated API and UI to count LVL supply and Treasury assets across multiple chains.

  • Continuing to rigorously test trading contracts.

📢 As the estimated date for the Arbitrum expansion launch approaches (aiming for mid June), the team is fully focused on ensuring the deployment is as smooth, efficient and successful as possible. Heads are down, and the dedicated progress to date matches the stellar level that our community has grown to expect from us.

Product Updates & Announcements

Following the DAO’s decision to expand to Arbitrum, the team has been relentlessly building cross chain infrastructure with the generous support of our new technology partners at LayerZero as well as a new security mandate with Quantstamp.

We’re about 90% of the way there. Over the course of the next three weeks, we will be rolling out a series of tools that will take the protocol one step closer to becoming a blockchain agnostic liquidity marketplace.

Starting with the LVL token followed by LGO, we will be migrating to an Omnichain Fungible token (OFT) standard. The goal is to enable cross chain fee aggregation where users can stake LVL on any of the blockchains where LEVEL is deployed and earn trading fees from the entire ecosystem.

This will also apply to the redemption of LGO. When LGO is surrendered for treasury assets, pro-rata redemption of treasury will occur on all chains as Level’s DAO Treasury is considered singular across all ecosystems.

⏰ Subject to further testing along with bandwidth constraints of our external partners, we aim to start deploying these features as early as possible.

Governance Updates

May 15th “First steps: LEVEL's Multi-Blockchain Expansion”

This proposal gave the community the choice to vote on which ecosystem LEVEL would focus its first multi-chain deployment on. The choices (deliberated by the team) were:

  • Arbitrum

  • Optimism

  • Polygon

  • zkSync

The results of the vote were as follows:

Arbitrum 53.9% (21.1 LGO)

zkSync 38.6% (15.2 LGO)

Optimism 6.5% (2.6 LGO)

Polygon 0.96% (0.4 LGO)

Abstain from voting 0.01% (0.002 LGO)

None of the above 0.00% (0 LGO)

This vote ensured that Arbitrum was the Blockchain of choice for the first expansion of the LEVEL project to other chains. Work to deploy to this chain began immediately after the vote passed.

View the vote snapshot and read more about the motivation here:

May 27th “Bootstrapping Liquidity for Arbitrum” - Live as of publish date

The aim of this DAO proposal is to put to the community the decision on how liquidity is bootstrapped upon Arbitrum deployment.

To ensure a smooth integration, there will be a series of preparatory steps that would require the DAO’s approval.

  1. LVL Liquidity To make LVL tokens more accessible to users on Arbitrum, we propose the migration of the DAO’s LVL/USDT pool currently at (currently ~ $713,214) to Arb. This will ensure that new community members discovering the protocol for the first time will have immediate access to LVL tokens without experiencing unnecessary liquidity constraints.

  2. Trading Pool Liquidity To enable access to Level’s trading features, we propose the migration of 3,555,192 snrLLP (currently ~ $4,061,500) from the DAO treasury to seed trading liquidity on Arbitrum.

The community have the decision to decide if these steps are taken, or if this particular action should not be taken. At the time of writing, 99.69% of the vote is currently FOR agreement with the proposal.

View the proposal snapshot at this link:

Platform Metrics & Stats

Market Watch

LVL token price slowly recovered and stabilized over the latter half of May, following the sharp sell off initially caused by the Referral Controller exploit on May 1st.

LVL/WBNB on PancakeSwap -Dexscreener.com 

Current market volatility in the crypto space is at its lowest in a year. The CVI (Crypto Volatility Index) is at an absolute all-time low at 50. The Fear & Greed Index signals a very neutral sentiment. Calm before the storm?

Macro forecasts remain uncertain. Expectations of a Federal Reserve June interest rate hike are increasing. The FED swaps are now pricing in a 40% chance of a 25 bps hike in June. On a positive note, the US raised the debt ceiling and there has been unprecedented bullish media coverage of crypto on China’s national TV, along with Hong Kong legalizing retail trading of crypto on June 1st.

âť“ What position are you taking ahead of upcoming volatility, anon?

Community Highlights

Arbitrum expansion = bullish, and here’s why:

Level trading volume is right at the top year to date and we’re just 5 months old.

Alpha leaks?

Upcoming Events

We held our first-ever Twitter Spaces AMA on May 21st. Thanks to the 1,400 listeners!

Listen to AMA:

AMA TL;DR summary:

📢 Keep your eyes peeled for LEVEL joining other projects AMA’s, as well as our own monthly Spaces AMA!

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

Useful Links

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