Omni-Chain Features Emerge

LEVEL Weekly: Issue 6

July 03, 2023

Greetings, Leveller!

Welcome to the sixth edition of our weekly LEVEL newsletter, your one-stop source for all things related to our platform.

This week, we're excited to bring you a host of updates, from the merging of V1 and V2 of our platform to the release of our first omni-chain feature: the Referral Program. We also have some exciting news about our current Zealy Campaign with $2,000 in prizes. As always, we'll keep you informed about governance updates, platform metrics, market watch, and community highlights.

So, sit back, and dive into the latest happenings at LEVEL. Don't forget to subscribe if you haven't already!

In this issue

  • Developers Corner

  • Platform updates & announcements

  • Governance updates

  • Platform metrics & stats

  • Market Watch

  • Community highlights

  • Upcoming events

Developers Corner

Week 26th June - 3rd July 2023

V1 and V2 of the platform have been merged into one over the last week. Almost all platform features are now live on both BNB and Arbitrum chain.

Week ahead plans:

  • Today (Monday 3rd July), we have released our first omni-chain feature: Referral Program. Users now will receive referral rewards from both BNB and Arbitrum chains. Users have the option to select the chain where they want receive their LVL rewards.

  • This week, we will focus on implementing omni-chain staking features to allow users to stake for yield from any chains. Staking will be epoch-based, so users will stake for 7 days and receive all the yield at the end of the epoch. Yield will include revenue from both ARB, BNB and future chains.

  • We will begin writing code for new vested LVL rewards mechanism this week.

Updates & Announcements

Omni-chain Referral Program

The Omni-chain referral program is now live! As mentioned above, users can now receive referral rewards on BNB Chain and Arbitrum.

Here is how you can get started with the referral program and start passively earning LVL!

  1. Connect to Level.finance

  2. Click “Get Your Referral Link” to generate your own.

  3. Share the link to your friends!

  4. Earn up to 15% regular passive income from your active traders!

Zealy Campaign

The Trader Joe & Level Finance Zealy Campaign is live!

Do quests, have fun, and earn $JOE & $LVL rewards.

You will have to complete a series of quests (on both, Zealy & Guild) to enter the raffle at the end.

Rewards:

  • → Total reward pot: $1,000 worth of $JOE & $1,000 worth of $LVL tokens

  • → 50 winners

  • → Exclusive Discord Roles

  • → Simple quest experience that will take little time to complete

At the end of the quest series, if you have collected all the required guild roles and did the Final Task, you will be able to access a quest raffle offering $2k in total. (50 random winners → $40 each)

Prizes will be distributed about 1 week after end of sprint.

This campaign will be available until July 7, 2023

Good Luck!

Important Notice:

Make sure to add your address to your Zealy account to participate in the raffle!

NFT Drop Information

The success LEVEL has enjoyed so far wouldn't have been possible without the amazing support from our 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

 Governance Updates

27th June: Regulating LVL Balance

This Dao Proposal was to ask for the LEVEL DAO approval for a strategy to reduce the number of circulating LVL. Reducing terminal supply of LVL at the same rate that the platform is growing is a great way to simultaneously enhance the value of the protocol as well as reward its community of early adopters committed to the long term success of the protocol.

The DAO was asked to vote For / Against these two points.

  1. Burn 180,842 LVL accumulated on TraderJoe LP

  2. Implement continuous weekly burning of LVL tokens

This proposal PASSED on June 30th with a 99.81% approval.

180k LVL was immediately burned following the proposal end.

For every dollar of revenue the Level DAO collects, we will burn an equivalent dollar worth amount of LVL from the treasury.

The burn will happen every Wednesday, using 7-day TWAP of LVL.

At terminal emission, LGO’s intrinsic value should equal its surrender value.

As an example of the weekly burn in practice, Consider the following scenario:

On a particular week, the total protocol fees amount to $1M. The DAO recieves 30% of these fees, which is equal to $300K. As a result of this $300K inflow to the asset reserve of the DAO, $300K worth of LVL would be burned from the treasury reserve. This would lead to the burning of 60,000 LVL, (assuming the 7 day TWAP of LVL is $5).

Platform Metrics & Stats

BNB Chain & Arbitrum

Market Watch

The crypto markets have experienced a rather low-volatility and sideways market over the past week with Bitcoin closing the first half of the year and Q2 2023 just above the $30,000 mark.

After BlackRock’s Bitcoin ETF filing news, we’re seeing a wave of institutional funds following a similar path — Deutsche Bank, Schwab, Citadel Securities, Fidelity and more. Additionally, Michael Saylor's MicroStrategy has just announced that they added another 12,333 BTC for $347 million in the last two months. MicroStrategy now holds 152,333 BTC and is one of the largest BTC holders (worth around $4.6 billion at current prices).

While the market is still calculating and discussing the implication of increasing interest in crypto by traditional financial institutions, the crypto community is undoubtedly seeing such news as a step towards the DeFi landscape becoming more mature, organised, and regulated.

Community Highlights

Selection of notable tweets about Level

Recent Events

We joined Blue from Trader Joe and their fantastic community for a relaxed Friday evening voice chat on their Discord. This chat wasn’t recorded, but Dr_LVL and Blue talked about the upcoming LEVEL NFT drop, Marketing and took some interesting community questions.

We joined Common Wealth + guests for their All Street Beat episode, to talk about the shift in NFT use cases!

Upcoming Events

There are currently no events planned for this week, but things change fast!

📢 All upcoming AMAs & Spaces will be 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!