Decentralized Perpetual Market Launch on BNB Chain
As the world of cryptocurrency continues to evolve, decentralized exchanges (DEXs) are becoming increasingly popular among traders and investors looking for a more secure and transparent platform for buying and selling digital assets that eliminate the need for intermediaries and allow for direct peer-to-peer transactions.
SAVE THE DATES:
▶ Liquidity bootstrapping deposits open: 12-Dec-2022 @ 2pm UTC
▶ Liquidity bootstrapping deposit deadline: 26-Dec-2022 @ 2pm UTC
▶ LEVEL DEX trading launch: 26-Dec-2022 @ 2pm UTC
▶ LVL/BNB Pool launch on PancakeSwap: 26-Dec-2022 @ 2pm UTC
As presented in our intro article, with the launch of the LEVEL perpetual DEX on BNB Chain on 26 December 2022, we’re bringing a host of exciting and innovative features built from the ground up around decentralized risk management and liquidity solutions to the community. With its non-custodial architecture, perpetual contracts, on-chain governance, and advanced security measures, LEVEL is the first liquidity solution with built-in risk management for both liquidity providers and traders.
Tokenomics
To efficiently facilitate community rewards as well as governance, there will be two classes of tokens associated with LEVEL: LVL, the utility token, and LGO, the governance token of the LEVEL DAO.
▶ Token ticker: LVL
▶ Total supply: 50,000,000 LVL
The LVL token distribution follows a fixed supply, decaying emission model. This means that, as time passes, emission keeps decreasing according to a fixed schedule. This is a way of rewarding our early liquidity providers. The first weeks of launch will be aimed at bootstrapping liquidity for the protocol (see next chapter) as well as setting up governance in the form of the LEVEL DAO. Once the DAO has been set up, it will vote to determine the emission going forward.
- Liquidity Provider rewards (18,000,000 LVL) are used to bootstrap liquidity and reward LEVEL LPs.
- Community incentives (17,000,000 LVL) will be used for various campaigns and mechanisms to focus on user acquisition, user retention and most importantly trading volume growth. For example, the “Refer & Earn” campaign will let users create their unique personalized referral link and send it to friends and followers to start earning LVL tokens. Likewise, the “Trade & Earn” campaign rewards trading activity, where users will receive rewards based on the realized trading volume.
- Strategic Partnership (5,000,000 LVL) has been set aside for high-profile external contributors who can not only help LEVEL financial but also help on strategic matters (partnerships, CEX listings, BNB Ecosystem . If you would like to contribute to the LEVEL project, please contact us on Level Discord.
- Team allocation (10,000,000 LVL) has a 4-year unlock duration and is used to incentivize and align some of the most capable minds in the industry. Team tokens unlock starts in 12 months, in December 2023.
LGO Token
▶ Token ticker: LGO (pronounced algo)
▶ Total supply: 1,000 LGO
Being the protocol governance token of the LEVEL ecosystem, LGO is only obtained by staking LVL tokens. We aim to launch the LEVEL DAO governance module in January 2023 and will release more details about governance and LGO staking in a separate upcoming article.
Liquidity Bootstrapping
To kickstart liquidity on the LEVEL DEX, we propose a mechanism that allows users to commit their assets to the platform for a duration of 12 weeks. Instead of rewarding our users based on previous actions, they are rewarded based on their deposits.
▶ Lockup duration: 12 weeks
▶ Deposits open: December 12, 2022
▶ Lockup period start: December 26, 2022 (Level DEX launch)
▶ Lockup period end: March 15, 2023 @ 2pm UTC
▶ Total LVL rewards: 1,000,000 LVL
How Does it Work?
In a nutshell, users must lock their assets (BTC, ETH, BNB, CAKE and stablecoins) for a duration of 12 weeks. The 12-week liquidity bootstrapping period opens on 12-Dec-2022 @ 2pm UTC. Anyone who wants to participate in the liquidity bootstrapping event must deposit assets between 12-Dec and 26-Dec-2022.
After 26-Dec-2022, users can not participate in the liquidity bootstrapping event anymore. User liquidity remains locked until 15-Mar-2023 (12 weeks). On March 15, the liquidity bootstrapping period ends and provided liquidity is no longer locked. Any accrued LVL rewards during the 12 weeks are continuously available for claiming beginning from 26-Dec.
This model aims to eliminate some of the mercenary capital that simply stakes staggering amounts with the intention of dumping underlying rewards immediately without contributing much to the community or supporting the project in general. We want to achieve an impartial yet totally fair launch while seeding the liquidity necessary for the platform to function as a viable marketplace.
Have you already tried out Level on TestNet?
Check out our TESTNET! We’re not here to sell you a product, we’re here to build a community. Join us on Discord as we’re giving out limited OG roles for early contributors and supporters!
LEVEL is a decentralized and non-custodial perpetual DEX on BNB Chain with custom risk management and innovative LP solutions. Experience LEVEL’s advanced DeFi venue that offers great user experience, leverage trading and real yield. Start trading on LEVEL today and take control of your decentralized trading journey.
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