Level Overview
Unlocking permissionless finance with a DeFi-native, yield-bearing stablecoin
Overview
Level is a decentralized stablecoin protocol that issues lvlUSD, a fully-collateralized stablecoin with DeFi-native yield. Level enhances the composability and utility of permissionless finance by integrating deeply with leading DeFi protocols.
lvlUSD is designed to be fully backed by USDC and USDT, the largest and most liquid fiat-backed stablecoins. lvlUSD can be permissionlessly minted only with USDC and USDT, which form the lvlUSD reserves and are used to generate yield in lending protocols. A portion of the lending protocol receipt tokens, which represent Level's lending positions, is then deposited into restaking protocols to generate additional rewards.
The lending yield is passed back to users through an ERC-4626 staking mechanism. lvlUSD can be staked to receive slvlUSD, which accrues yield by appreciating in value as the protocol distributes yield into the staking contract.
Both lvlUSD and slvlUSD can be freely transferred, traded, swapped, and used in DeFi protocols that have integrated them.
As a decentralized stablecoin that generates yield from reliable DeFi sources, Level seeks to deliver scalable and superior risk-adjusted yield with full onchain transparency, and minimized centralized counterparty and operational risk.
Quick Links
Users can currently interact with the Level protocol and Level assets in the following ways:
Acquire lvlUSD – Swap, trade, buy or sell lvlUSD on decentralized exchanges (DEXs) or permissionlessly mint lvlUSD using USDC or USDT. Redemptions are currently permissioned.
Earn Level yield and rewards – Stake lvlUSD to receive slvlUSD and earn yield from the protocol or deposit lvlUSD into the farming contract to farm Level XP.
Use in DeFi – lvlUSD and slvlUSD can be used in integrated DeFi protocols such as Pendle, Spectra and Morpho.
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