Big Leap Forward of Level Finance

Motivation

This merger of LEVEL into Foundation is a strategic step forward in our quest to create a more efficient and integrated trading ecosystem. By leveraging Foundation's advanced trading infrastructure, we're not only streamlining operations but also enhancing user benefits. This move aligns with our commitment to innovation and the continuous improvement of our platform, ensuring our community remains at the forefront of the rapidly evolving cryptocurrency and DeFi landscape.

For more details, please read our announcement.

Goals

• Seamless Transition: Ensure a smooth transition from Level to Foundation, with no disruption for our users.
• Community Benefits: Maximize the benefits for the Level community, ensuring they are well-positioned to take advantage of the new opportunities Foundation offers.
• Ecosystem Integration: Fully integrate Level's features and offerings into the Foundation ecosystem, enhancing overall user experience and platform efficiency.

Proposals

1. LVL Emission:
   • Termination of all LVL and preLVL emissions, including rewards for LLP, lyLVL, Referral, Ladder and Fee Credits.
   • Restriction of preLVL minted tokens to Accelerated Vesting options only.
   • Discontinuation of Normal Vesting; preLVL tokens in Normal Vesting can be withdrawn for use in Accelerated Vesting.
2. Level DAO and LGO:
   • LGO now can be redeemed to Liquid assets, including LLP and LP tokens.
   • All of the reserved assets (LVL tokens) will be burnt.
   • LGO holders will be entitled to claim for themselves a unique LevelUp NFT
3. Fees, Yields and Staking:
   • Cessation of all Yield staking programs, including LVL, LVL/USDT, LGO.
   • Cessation of DAO staking
   • Fees received from trading now will be allocated 50% to LLP and 50% to a "Level Vault".
4. Foundation Points Incentive for Level Community:
   • Post-launch of the Foundation Engagement Point system, we'll introduce staking pools and programs to encourage the Level Community's transition to Foundation while maintaining Level's functionalities.
   • Foundation Points will be awarded for:
     • Staking LVL
     • Staking LLP
     • Trading on Level
   • Specific details on point reward multipliers will be announced once ready.
5. Conversion to Foundation Token:
   • LVL will be eligible to convert to Foundation token once it is introduced. This option will be always available. When converting LVL, users will have an opportunity to receive a special LevelUp NFT.
6. Continuing Operations at Level:
   • Level Finance, marketed as an Exchange, will continue its operation. Upon the launch of Foundation on the mainnet, Level will serve as the first exchange integrated with the Foundation backend. Level V1 trading using oracle-based model will operate as usual.
   • Revenue from Level V1 trading fees and Foundation broker fees will be all collected to Level Vault.
7. LevelUp NFT and Level Vault:
   • The "LevelUp NFT" collection is a distinctive offering for our Level Community members. Each NFT in this collection includes a unique attribute known as Level Points. These points are calculated based on either your LGO holdings or the amount of LVL you have converted. Additionally, owning a LevelUp NFT qualifies you for future Foundation Token airdrops. We will provide more details about the NFT collection and its comprehensive plans at a later date.
   • "Level Vault" will serve as the central repository for all fees generated from trading on Level in the future. This vault will securely hold the assets, which can be claimed exclusively by Level NFT holders. The amount claimable by each holder will be directly proportional to the Level Points embedded in their NFTs.

Voting options:

• For: Agree with this proposal to merge Level into Foundation, and transitioning smoothly.
• Against: Do not agree with this proposal.
• Abstain: No strong opinion about this proposal.

If passed, the team will communicate a detailed timeline for implementing these changes, aligning with Foundation's progress for a coordinated transition.