LVL Batch Auction
Acquire LVL from the DAO Treasury with USDT
Last updated
Acquire LVL from the DAO Treasury with USDT
Last updated
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
