LEVEL Loyalty Program Launch
Introduction
A highlight aspect of sustainable growth is to retain users and community members. In order to incentivize and reward trading activity, traders will automatically receive LEVEL loyalty tokens, abbreviated as lyLVL, based on the size (USD volume) of their swaps and closed trading positions. LyLVL can then be exchanged for LVL tokens.
▶▶ Simply put, the more you trade, the more lyLVL you earn.
The LEVEL Loyalty Program will establish a positive feedback loop that will contribute to increased trading volume on the LEVEL DEX and result in more protocol revenue. The program will launch on 5th January 2023.
Rewards Allocation
To start the Loyalty program, a total of 20,000 LVL per day will be allocated for the first 10 days (6th to 15th January). Thereafter, we will likely switch to a weekly rewards allocation timeframe.
How does it work?
Below are a few examples to better understand how lyLVL works.
1️⃣ Do I earn lyLVL regardless of whether my trade was profitable or not?
Yes. Whenever you make any trade, you will receive LEVEL loyalty rewards once the trade is executed (swap) or closed (long/short). Each user will have access to a dedicated interface that shows their lyLVL balance and actions.
2️⃣ I closed a BTC position worth $10,000. How many lyLVL do I get?
For every $1 of trading volume, you get 1 lyLVL point. So, for a $10,000 trade, you will get 10,000 lyLVL. The ratio is always 1 lyLVL for $1 of trading volume.
3️⃣ I have a balance of 10,000 lyLVL. How many LVL tokens will I get?
It depends on 3 factors:
▶ how much you trade (USD volume)
▶ the overall (total) trading volume on the Level DEX
▶ allocated LVL token rewards for the Loyalty program
Example A: On January 6th, the total trading volume on LEVEL DEX amounts to $1M which equals 1 million lyLVL tokens distributed to traders ($1M in volume = 1M lyLVL total balance). If 20,000 LVL rewards are allocated for that day, then you will get 200 LVL for your 10,000 lyLVL (conversion ratio 1 lyLVL = 0.02 LVL)
E️xample B: On January 7th, the total trading volume on LEVEL DEX amounts to $2M which equals 2 million lyLVL tokens distributed to traders. If 20,000 LVL rewards are allocated for that day, then you will get 100 LVL for your 10,000 lyLVL (conversion ratio 1 lyLVL = 0.01 LVL)
4️⃣ How do I exchange my lyLVL for LVL tokens?
The Level devs (aka Levelopers, lol) will periodically run a function to redeem all outstanding lyLVL for LVL tokens. You will just have to navigate to the Loyalty interface and claim your LVL (see screenshot below). That’s it.
Once the lyLVL points have been redeemed for LVL, the lyLVL balance will reset to zero.
5️⃣ Are lyLVL transferrable? Can I sell them anywhere?
LyLVL is intended to be redeemed for LVL tokens only. There will be no official trading pool or any kind of incentives to hold, trade, or transfer lyLVL.
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 a 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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