> For the complete documentation index, see [llms.txt](https://docs.level.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.level.finance/auctions/lvl-batch-auction.md). # LVL Batch Auction ### **Who Can Participate?** Everyone with USDT! The LVL Batch Auction is a vehicle to deepen the protocol-owned liquidity of LEVEL, by offering Treasury-owned LVL to the public in exchange for USDT. This mechanism was approved by the LEVEL DAO in the [LEVELING UP: 1.5 Upgrade Part Two](https://dao.level.finance/proposals/0xc6e4b5b4b808192171846434574be85887a25b22776c7ececa3c355f5c753f7e) governance proposal. **How Does it Work?** * Asset at Auction: LVL * Bid Asset: USDT * Duration: 24 hours * Time: Will be announced * Offering a fixed amount of LVL from Treasury to the community, allowing users to exchange assets with the Treasury (USDT <> LVL)
### **Rules** * The *ceiling price* of the auction is preset by the protocol * The LVL token price is determined based on the total amount of USDT raised divided by the total number of LVL being auctioned * The auction ends when one of the following conditions are met: * The auction time ends * The token price reaches the *ceiling price* * After the auction is finalized, LVL tokens are distributed to participants proportionally to their contribution to the pool * The USDT obtained by the Treasury is then allocated as follows: * 25% is paired with LVL from the treasury to deepen LVL/USDT Treasury-owned liquidity for the LVL utility token * 75% is converted to Senior LLP, deepening Treasury-owned liquidity for traders on the platform * LVL tokens acquired via the auction are vested to participants for 24 hours after the auction has been finalized * If the last bidder enters a USDT amount that corresponds to an overall price that is larger than *the ceiling price,* the unused amount will be refunded