LVL Batch Auction
Acquire LVL from the DAO Treasury with USDT
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 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)
- 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