August 29, 2024
Peregrine Exploration, a blockchain development and research firm, has secured $3.6 million in funding, with Polychain Capital and Dragonfly leading the round. Other participants included Robot Ventures, Pier Two, EIV, Global Coin Research, and several angel investors like Balaji Srinivasan, Jeff Feng, Julian Koh, and Sidney Powell.
Project | Latest Raise | Latest Raise Date | Lead Investor | Category |
|---|---|---|---|---|
Level | $3.6M | August 29, 2024 | Polychain Capital, Dragontfly | Restaking |
The funds will be used to develop Level, a stablecoin protocol. Level aims to be the first stablecoin protocol backed by restaked dollar tokens. These tokens are created when someone stakes a dollar-denominated token (like USDC or USDT) on a restaking protocol such as EigenLayer to earn yield. This yield comes from the tokens being used to secure other blockchains. The Level platform handles this restaking process for users when they mint its stablecoin using other stablecoins.
EigenLayer, Symbiotic, and Karak have all expressed support for using any token to provide economic security, including dollar tokens.
Peregrine Exploration plans to launch the stablecoin in a closed beta soon. The goal is to allow users to mint Level USD, earning Level XP points and yield from decentralized lending platform Aave on dollar-backed stablecoins like USDT and USDC.
CEO David Lee stated that Level combines the permissionless access to digital dollars and the ability to provide economic security to decentralized networks, creating new opportunities for restakers, AVSs, and DeFi users.
About Level
Level is a platform that allows users to earn yield from stablecoins through a process called restaking. By staking dollar-denominated tokens like USDC or USDT, users can earn additional rewards. Level simplifies this process by providing easy-to-use APIs, making it accessible for anyone to mint and redeem their stablecoin, lvlUSD. This stablecoin is pegged to the dollar, offering a stable value while earning yield from various protocols.
Website: https://www.level.money/
About Investor
Level has raised funds with Polychain Capital and Dragonfly leading the round. Other participants included Robot Ventures, Pier Two, EIV, Global Coin Research, and several angel investors like Balaji Srinivasan, Jeff Feng, Julian Koh, and Sidney Powell.
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments