Welcome to the twelfth 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
Launch of LGO token bridging, LGO Omni-chain staking & redemption
Further preparations and development around Level 2.0 features
Updates & Announcements
LGO Omni-chain features
The long awaited Omni-chain LGO features launch this week, on Wednesday August 23rd. These features will allow users to Bridge LGO across BNB Chain and Abritrum, as well as allowing users to stake and redeem LGO on either chain.
Omni-chain Staking allows users to stake for yield from any chains. Staking will be epoch-based, users will stake for 7 days and receive all yield at the end of the epoch.
All users are required to manually migrate to the new Omni-chain staking contract, instructions will be found on the Staking page once the feature goes live.
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!
Keep your eyes out for the next LEVEL 2.0 proposal, coming soon.
Voting closed Wednesday August 16th 2023
Total LGO voted: 23.764897
For - Agree with this proposal 92.45% (21.971651 LGO)
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.
LayerZero is an interoperability protocol that enables multiple blockchains to communicate cross-chain and share information seamlessly. By integrating LayerZero's tech, LEVEL is shaping its Omnichain vision. The following Omnichain features are live:
• LVL token bridging
• LVL Omni-Chain Staking
We're not stopping there. More features using LayerZero tech will be rolled out this week, such as:
• LGO token bridging
• LGO Omni-Chain Staking
• LGO Omni-Chain Redemption
Platform Metrics & Stats
BNB Chain & Arbitrum
The past week saw significant turmoil in the crypto sector, with Bitcoin plummeting by roughly 11.2% to around $26.2k, marking its steepest dive since November 2022. This decline was influenced by factors like rumours of SpaceX's decrease of its Bitcoin holdings and Chinese real estate titan Evergrande's U.S. bankruptcy filing. Concurrently, the burgeoning U.S. treasury yields divert investments from riskier assets, including crypto. Innovatively, PayPal introduced its Ethereum-based stablecoin, PayPal USD (PYUSD), while gaming powerhouse Zynga announced its foray into blockchain gaming with "Sugartown."
Selection of notable tweets about Level
This week, a total of $7.1m has been generated in fees by perp dexes📊
The distribution of where these fees are from👇
33.8% - @GMX_IO
24.1% - @synthetix_io
16.9% - @dYdX
9.1% - @Level__Finance
3.3% - @muxprotocol
3.0% - @GainsNetwork_io
2.9% -… twitter.com/i/web/status/1…
— Thor⚡️Hartvigsen (@ThorHartvigsen)
Aug 19, 2023
🚀 @Level__Finance stands as one of the most debated entities in the #crypto realm with their #LVL token. With growing attention, many have pointed out its challenges.
But have you caught the latest news? A significant shift might be on the horizon. Something big is coming!🧵👇
— Swixxx (@Swixyswixxx)
Aug 22, 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.
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.