Omnichain Expansion Initiated

LEVEL Weekly : Issue 2

June 05, 2023

Greetings, Leveller!

Great to see you again for the second edition of our weekly newsletter.

It's been an active week at LEVEL, with the entire team working diligently to keep the progress steady. So, without further ado, let's take a look at the strides we've made over the past week.

Developers Corner

🛠️ What development has taken place in the last 7 days? Let’s take a look.

Week 29th May - 5th June 2023

Arbitrum Expansion:

  • Continued testing trading contracts and UI

  • Improved Level Bridge UI

  • Integrated Bungee Bridge by Socket Tech

Liquidity update:

  • Added LLP price with LVL rewards in LLP price chart

Week ahead plans:

  • Deploy final version of trading contracts on Arbitrum.

  • Deploy backend and subgraph infrastructure for trading on Arbitrum.

  • Start migrating LLP Liquidity to Arbitrum.

  • Add support for official USDC token on Arbitrum.

  • Design and propose a new locking mechanism for staking.

  • Draft final design paper for omni-chain staking mechanism.

📢 Our hard working developers are firing on all cylinders, this week ahead will bring more features, and further drive the omnichain vision of LEVEL.

Updates & Announcements

As previously announced on Twitter, LVL token is now officially live on the Arbitrum ecosystem. To achieve this, we integrated LayerZero’s Omnichain Fungible Token standard (OFT) which allows our native token LVL to be transferred between BNB chain and Arbitrum.

To bootstrap LVL liquidity within the Arbitrum ecosystem, LEVEL has also partnered with the AMM DEX Trader Joe. We migrated the DAO-owned portion of the LVL/USDT LP from BNB Chain to Arbitrum, (valued at $750k) utilizing Trader Joe’s bespoke AMM Liquidity Book.

Read the Trader Joe article about LEVEL and our partnership below.

Joe Content

Level & Trader Joe: Teaming Up for Liquidity

joecontent.substack.com/p/97e1f836-1602-49bd-a58c-342076c216e0

LevelUp group

To further deepen ties with our beloved community of traders and holders, we have created the LevelUp group. This is a curated group exclusively for the top traders / users of LEVEL.

Want a spot?

Fill out this Google form to apply.

Auctions

The latest weekly LGO auction of 0.5 LGO ended successfully on June 1st.

Amount Raised

20,063.54 LVL

Token Price

40,127.08 LVL

View the auction result details here.

⏰ The LGO auctions will continue weekly, every Thursday at 2PM UTC.

Governance Updates

May 27th “Bootstrapping Liquidity for Arbitrum”

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

This proposal PASSED on May 30th, with a 99.69% agreement vote.

View the proposal snapshot at this link:

Platform Metrics & Stats

Find more LEVEL stats here: https://dune.com/levelfinance/overview

Market Watch

LVL token price has held strong and tight around the $6 price range over the last few days, after a gradual rise in price and volume from the mid-May low of $3.59.

The crypto market volatility continues to scrape along its lows, with volumes continuing to gradually decrease across the larger market (both centralised and decentralised exchanges). BTC dropped 6% in May but is still up about 66% year-to-date. ETH dropped less than 1% in the month and is up 58% overall so far in 2023.

The CVI (Crypto Volatility Index) continues to grind at its all time lows, now showing 43.6, down from 50 last week. The Fear & Greed Index remains very neutral during this time.

Community Highlights

Selection of notable tweets from our community

Upcoming Events

Following our first ever twitter spaces Live AMA, we have been busy connecting with our partnerships and contacts to bring you more live LEVEL content. To this end, we have a few exciting events lined up for June.

Live Spaces with friends at Wombex & Perpy - June 22nd, time TBD

Twitter spaces with LayerZero - (Date TBD)

Twitter spaces with TraderJoe - (Date TBD)

Twitter spaces with Dynamo Defi + guest projects (Date TBD)

The next LEVEL official Spaces AMA will be hosted around 24th-25th June

📢 All TBD 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

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