Omni-Staking Arrives

LEVEL Weekly: Issue 10

August 01, 2023

Greetings, Leveller!

Welcome to the Tenth 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

  • Developers Corner

  • Platform updates & announcements

  • Governance updates

  • Platform metrics & stats

  • Market Watch

  • Community highlights

  • Upcoming events

Developers Corner

Week 23rd July - 31st July 2023

  • Update Trading Terminal & LLP Tracker support on Arbitrum

  • Update Liquidity UI with Weekly Performance: added 7-day Trading Fees, PnL vs Trader, LVL Rewards.

  • Continued to test LVL Omni-Staking contract

Week ahead plans

  • Launch LVL Omni-chain Staking on both BNB Chain & Arbitrum

Updates & Announcements

We're thrilled to announce the launch of our LVL Omni-Chain Staking system. Available on both BNB Chain & Arbitrum, this upgrade introduces flexibility and new opportunities to earn.

Launching Wednesday 2nd August 2:00PM UTC

  • Stake and claim rewards on either chain, providing you with more choice

  • Staking rewards will be distributed per epoch (default 7 days), instead of daily

Every 1 LVL staked earns you 1 share per second. The total rewards are calculated from 10% of the total fees collected over the 7-day epoch on both BNB Chain and Arbitrum. Your share of these rewards is proportional to your stake.

Current stakers have to migrate to the new Omnichain Staking. You will have the following options:

A: Receive unclaimed rewards and migrate to the new contract instantly through our migration panel.

B: Unstake, bridge and re-stake on your preferred chain.

The migration panel will be available for you to migrate already staked LVL (under the Earn tab) to move your staked LVL into the new Staking Contract. While using this migration panel there will be no 0.4% staking fee.

LVL staked in the DAO (earn LGO) will not need to be moved.

This update is only for LVL yield staking (earn Senior LLP)

Get ready for a flexible and rewarding staking experience!

Period: July 19th - July 26th

Total fees: $267,102

Fees to DAO: $80,130

Burned: 27,661 LVL

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.

Tier Adjustments:

Tier 1:

Requires at least:
• 5 Traders
• $2,000 fees paid per week

Whitelisted Referrer
 — Referrer Rebate: 5%
 — Trader Discount: 5%

Regular Referrer
 — Referrer Rebate: 2%
 — Trader Discount: 2%

Tier 2:

Requires at least:
• 15 Traders
• $10,000 fees paid per week

Whitelisted Referrer
 — Referrer Rebate: 7%
 — Trader Discount: 7%

Regular Referrer
 — Referrer Rebate: 3%
 — Trader Discount: 3%

Tier 3:

Requires at least:
• 30 Traders
• $50,000 fees paid per week

Whitelisted Referrer
 — Referrer Rebate: 12%
 — Trader Discount: 9%

Regular Referrer
 — Referrer Rebate: 5%
 — Trader Discount: 3%

To get started with the referral program and start passively earning LVL, follow these instructions:

  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 12% regular passive LVL from your active traders!

Governance Updates

No Governance proposals have been made through the last week.

Platform Metrics & Stats

BNB Chain & Arbitrum

Market Watch

In the last week, Bitcoin's price experienced a slight dip of 1.8% to around $29.5K, while Ethereum edged up by roughly 0.2% to $1.9K, and BNB increased by 0.4% to $244. The Federal Reserve raised the federal funds rate target range by 25 bps, amidst pressures to meet the 2% inflation target, suggesting two more similar hikes might occur before the year's end. Bitcoin's correlation with the Nasdaq composite and the S&P 500 maintained a marginal negative trend.

In upcoming weeks, notable events include Litecoin's block reward halving, the release of July's Consumer Price Index data, and the Federal Open Market Committee's meeting on September 20, where no further rate hikes are anticipated. Despite the sluggish market, altcoins like Solana and Chainlink saw significant moves, with Litecoin also experiencing a year-to-date rise of approximately 29.5% ahead of its block reward halving.

Community Highlights

Selection of notable tweets about Level

Recent Events

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.

Vaultka Finance - The Potential Synergy Between Vaultka and Level Finance
July 25th at 14:00 UTC

Upcoming Events

Steadefi x LEVEL Spaces chat - Friday 4th August 2:00PM UTC

Join us with our friends at Steadefi as we talk about our partnership and upcoming integrations.

📢 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.

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