Level's stablecoin protocol has attracted an additional $2.6 million investment to enhance its operations and increase yields.
Level's New Funding Round
The company that developed Level, Peregrine Exploration, secured $2.6 million, led by Dragonfly Capital. Polychain also joined this round, along with Flowdesk, Native Crypto, Feisty Collective by Path, and angel investors like Sam Kazemian from Frax and Albert Chon from Injective. This brings total venture capital funding to $6 million, following a $3.4 million raise in August.
LvlUSD's Yield and Competition
The LvlUSD token competes in the stablecoin asset class, a popular area for venture capitalists. Stablecoins are cryptocurrencies with a fixed value, often pegged to the US dollar. Unlike most issuers that do not provide yield on reserve assets, Level allows earning yields through DeFi protocols like Aave. Holders can earn about an 8.3% annual return from staking lvlUSD.
Future Plans for Level
With new investments, Level plans to expand its team and marketing efforts while adding more use cases for lvlUSD. In the coming weeks, Level aims to utilize Morpho for yield generation. The team's goal is to increase lvlUSD's market cap to $200-$250 million.
Level continues attracting investments and developing its products, offering high yields through DeFi protocols. With such plans, the company aims to achieve significant success in the stablecoin market.
