DeFi
The community of Level Finance, the decentralized crypto derivatives exchange, is voting on moving over $200 million of its native LVL tokens to its decentralized autonomous organization (DAOs) in a move that is expected to bolster value for token holders.
The proposal, which began on Thursday and is set to close on Friday, comes ahead of a protocol upgrade meant for mid-April.
“The entirety of the remaining ~$200m LVL [ex-team allocation] will be transferred to the DAO’s administration and fully owned by the Treasury,” the proposal read.
“Rewards, incentives, as well as all emissions will be made directly out of the DAO. Proposals and delegations of votes will be live, and the community (along with our new ecosystem partners), will collectively materialize the full potential of the project alongside our team,” it added.
At writing time, 100% of all voters were in favor of the move. Level’s native LVL tokens were nominally down – but may gain in the weeks ahead as newer incentives are created for token holders from the capital infusion.
Level allows users to trade financial derivatives, such as futures on bitcoin (BTC) and ether (ETH), with low slippage and cheap fees. It also offers high leverage of up to 30 times the initial collateral.
The protocol has seen immense growth despite launching in early January. Over $6 billion worth of tokens has been traded on Level in the past three months, with liquidity providers earning over $7 million in cumulative fees.
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