LEVELING UP 1.5 Upgrade Part Three [3/3]

MOTIVATION

Since the start of LEVEL’s 1.5 upgrade towards the end of February, we’ve witnessed unprecedented growth in the protocol despite turbulent markets. The protocol has processed a staggering 13bn of trades in just four months and generated over 16m in fees for the community (on 30m$ AUM in average, currently sit at 42m$ AUM). LGO is currently the most valuable governance token in existence, with a surrender value of $94,971 fully backed by BTC, ETH, and USDT generated from trading fees.

As the only programmatic liquidity marketplace with functional risk management built in for liquidity providers, we saw LEVEL’s innovative tranche design validated during recent market turbulences. When BTC and ETH experienced a peak to trough drawdown in excess of 10%, the Senior LLP tranche remained incredibly resilient, taking less than a 2% hit while still generating one of the highest yields in the DEFI space due to upticks in trading volume. Imitation being the sincerest form of flattery, several reputable protocols have begun copying our token design, as well as a number of less reputable forks are soon to begin sprouting like wildflowers. Please exercise caution and as with all things; be prudent.

With the final portion of Level’s 1.5 upgrade, we propose a complete transfer of the platform’s economics to the DAO. The entirety of the remaining LVL [ex-team allocation] with a current market value of ~$220m will be transferred to the DAO’s administration and fully owned by the Treasury. All rewards, partnerships, incentives, auctions, as well as future emissions will be made directly by the Treasury. This will further improve the value of LGO and solidify its position as the most valuable BTC/ETH backed governance token. In time this will also serve as the foundation to a new paradigm of full reserve, revenue backed digital economies.

From the start, LEVEL was never meant to be a BNB Chain project. Rather we recognized an opportunity to serve the BNB Chain community (and will continue to do so) by providing a much-needed decentralized liquidity marketplace that is entirely owned by its users. As the largest non-Binance funded/supported/controlled project in the entire BNB ecosystem, it is time for LEVEL to expand. The end goal is for LEVEL to become the most effective ecosystem agnostic liquidity marketplace owned by its community of users.

As a thank you for the tremendous support the protocol has received from its community of users and in celebration of LEVEL taking the next steps in becoming a cross-chain liquidity marketplace, we propose a first in-kind utility based NFT drop. These rewards will be exclusive to LEVEL’s community of users, and allocation will be retroactively determined based on interactions with the Level protocol.

Should this proposal succeed, and you’re very lucky, there might just be a chance to discover a random stock broker vest, an auctioneer’s hammer, or a tattered farmer hat in your associated wallet.

9/12: Transfer the entire unissued token supply of LVL to the administration of the Treasury and under the full administration of the DAO.

10/12: Take LEVEL cross-chain. More details will be presented in a follow-on proposal where the community determines the LEVEL deployment sequence into other ecosystems should the current proposal succeed.

11/12: Deploy LayerZero’s omnichain interoperability protocol to support LVL/LGO and enable the use of cross-chain bridges

12/12: LEVEL NFT drop. More details will follow in a subsequent proposal.

VOTING OPTIONS

• YES - For the team to continue with part 3 of LEVEL 1.5 Upgrade by implementing the above steps.
• NO - Stop working hard

ELIGIBILITY

Only LGO token holders are eligible to vote.