# Update for the Level Community

Our mission has always been to build and expand access to high quality onchain financial products. Since launching nearly a year ago, lvlUSD grew to a peak market cap of $185M and slvlUSD has delivered an average APY of over 7%.

To fully realize this mission, greater scale and reach are required. Today, we are announcing that the Level team will be joining a leading DeFi protocol to accelerate the future of onchain finance.

As part of this transition, we will be sunsetting the Level protocol, including lvlUSD and slvlUSD. All users will be able to unstake their slvlUSD and redeem lvlUSD, and all cooldown periods will be reduced to 2 seconds. More details below.

The last yield distribution will be on October 2nd, 2025. After that date, users will not receive any yield regardless of whether their assets remain staked. The frontend will remain live until December 15th, 2025. After that date, users will still be able to interact with the smart contracts to unstake and redeem their assets.

We are deeply grateful for everyone that has been part of our journey so far and look forward to the next chapter.

**For users with funds in Level XP Farm**

Users who have lvlUSD or LP tokens for the lvlUSD/USDC or slvlUSD/lvlUSD Curve pools will be able to withdraw from the farm in 2 seconds. This cooldown reduction also applies to any redemptions in flight. Withdrawing from the Level XP Farm for the above tokens will remain a two step process.&#x20;

Withdrawing all other tokens from the farming contract will continue to remain one step.

Visit <https://app.level.money/farm?tab=withdraw> to get started.

**For users who have staked lvlUSD**

The protocol will reduce the time to unstake lvlUSD to 2 seconds. Unstaking will remain a two step process. Note: in-flight redemptions will continue to have a cooldown period of 3 days.

Visit <https://app.level.money/earn?tab=unstake> to get started

**lvlUSD redemptions**

The protocol will:

* *Make redemptions public:* everybody will be able to redeem lvlUSD for underlying collateral at <https://app.level.money/redeem>
* *Fix redemption rates to 1:1:* whereas we were previously using Chainlink oracles to calculate conversion rates from lvlUSD to collateral, users will be able to convert 1:1 back to the underlying collateral
* *Pause mints*: no more lvlUSD will be able to be redeemed

In addition, the redemption cooldown period will be reduced to 2 seconds, and the per-block redemption limit will be increased to 1m lvlUSD per block.

Visit <https://app.level.money/redeem> to get started.

**For integrators**

The recommended way to convert lvlUSD to underlying collateral is to call the LevelMinting to redeem instead of selling through liquidity pools. Redemption is a two step process:

* LevelMinting contract: [0x9136aB0294986267b71BeED86A75eeb3336d09E1](https://etherscan.io/address/0x9136aB0294986267b71BeED86A75eeb3336d09E1)

  * First, call `initiateRedeem()` with the following variables:
    * `asset (address)`: the collateral asset to redeem for. Use USDC's Ethereum Mainnet address `(0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48)`
    * `lvlUsdAmount (uint256)`: the amount of `lvlUSD` to redeem. `lvlUSD` is an 18-decimal token
    * `minAssetAmount (uint256)`: the minimum amount of collateral to receive back, to the collateral's precision. For example, to receive back $1 in USDC, input `1e6`&#x20;
  * Two seconds later, call `completeRedeem()` with the following variables:
    * `asset (address)`: the desired collateral asset. Must be the same address you inputted when calling `initiateRedeem()`.&#x20;
    * `beneficiary (address)`: the address to receive the collateral asset
  * *Note: if you call `initiateRedeem()` twice, you will restart the cooldown period*

**Interacting with contracts directly**

Though the front-end will remain up until December 15th, users will always be able to withdraw their funds by interacting with the smart contracts directly. Instructions on how to do so will be posted here soon: [interacting-with-level-contracts](https://level-money.gitbook.io/level-documentation/user-guides/interacting-with-level-contracts "mention")
