# Introduction
LEVEL is an omnichain, decentralized and non-custodial perpetual exchange, with a focus on providing clear risk management solutions for liquidity providers (LPs). LEVEL is built from the ground up with an original codebase from entrepreneurs and contributors with over a decade of experience in the space. LEVEL services the entire spectrum of market participants: * Traders who are looking to directionally position themselves or delta hedge their portfolio * LPs seeking to earn a passive yield on their assets * Potential shareholders with the desire to steer the future direction and own the treasury backing it through governance ### What Solutions Does LEVEL Provide to Existing Problems? * **Transparency** * **Self-custody** * **Elimination of intermediaries** * **Simple user interface** **Transparency:** LEVEL solves the problem of obscured **Proof of Reserves** and **Balance Sheets** on centralized exchanges. Users can enjoy the transparency of on-chain trading where all trader positions and balances are accessible, along with the entire liquidity and treasury of the protocol. **Self-custody:** The platform offers a self-custody solution with full autonomy for users. Unlike traditional centralized exchanges (CEX), there is no personal record keeping, and no custody of funds required by LEVEL. The platform supports most major wallets including Metamask, Walletconnect, Coinbase Wallet, Frame, Ledger, and Trezor. **Elimination of intermediaries:** LEVEL eliminates intermediaries in digital asset trading. One of the main features of decentralized finance is to enable self-sovereignty, empowering users with full ownership and self-custody of their assets, and reducing third-party risks experienced with centralized exchanges or institutions. The blockchain itself paired with LEVEL’s smart contracts assumes the role of these intermediaries of the past. **Simple user interface:** The platform is built with a simple interface for users, reducing the barriers to entry for newer traders. This makes it easy for traders to execute trades while managing their leverage and liquidation price properly. ### Value Proposition LEVEL offers a unique value proposition, differentiating it from centralized and decentralized exchanges (DEX) in the cryptocurrency market. * **Permissionless markets** * **Real Utility, Real Cash Flow, Real yield** * **Leverage up to 50x with either Market or Limit Orders** * **Minimal price impact trading and reduced liquidation risk with Chainlink Oracles** * **Oracles Innovative Liquidity** * **Omnichain Liquidity Hub** **Permissionless markets:** All exchange trades and swaps are self-executed by smart contracts, which means that even if the user interface goes down, users are still able to access and manage their positions. At LEVEL all traders are equal. There is no prioritized access, and everyone gets equal treatment, unlike some practices in traditional finance or on CEXs. **Real Utility, Real Cashflow, Real Yield:** LEVEL’s utility lies in offering a decentralized, fully permissionless and non-custodial perpetual DEX. Liquidity providers, traders, and other stakeholders can generate real yield from platform revenue and participate in governance, opening up community ownership of the DAO Treasury. **Leverage up to 50x with either Market or Limit Orders:** Users can margin trade with up to 50x leverage. The non-stablecoin assets are available to margin trade. Besides market orders, LEVEL offers on-chain limit orders for both perpetuals and swaps, increasing trading flexibility and the possibility of more complex strategies. **Minimal price impact trading and reduced risk of liquidation with Chainlink Oracles:** LEVEL uses Chainlink Oracles to offer minimal price impact trades, improving execution for perpetual trading. Minimal-price impact means that trades made by a user do not move the market price as with CEX order books or spot DEX AMMs (Automated Market Maker - e.g. Uniswap), but may still incur slippage. Slippage is caused by external market movements between the time the trade is executed and confirmed on the blockchain, defined as the difference between the expected price of the trade and the execution price. **Omnichain Liquidity Hub:** As blockchains transition towards greater modularity with increasing levels of customization and interoperability, activities like deploying capital, liquidity provision and trading take place across multiple chains. As such, LEVEL is pioneering an omnichain platform, offering its services across the ecosystem. **LEVEL Key Components** * **LPs:** Provide liquidity to the system enabling anyone to trade * **Traders**: Utilise liquidity in the platform to trade available assets * **LEVEL DAO**: The platform's Asset Manager and ultimate strategic decision-maker * **Dual Token Model (LVL/LGO)**: Balancing utility and governance of the ecosystem for all stakeholders # Protocol Revenue ### **Fee Collection** The platform generates revenue through fees charged for its usage. These fees take various forms, including: * Position fee for perpetual trading * Liquidation fee * Dynamic borrowing fee (interest rate for leveraged/perpetual trading) * Swap fee * LLP minting and burning fee (LLP = Level Liquidity Pool) * Accelerated vesting fee (preLVL vesting)\ (Note: This fee will be distributed equally, with 50% to the DAO and 50% to the LLP.) {% hint style="info" %} For more information, see [**Protocol Fee Structure**](https://docs.level.finance/protocol-fee-structure) {% endhint %} ### **Fee Distribution** Revenue is distributed from fees collected on the platform. These fees are routed as follows: * LLP Fees = 45% * LVL & LVL/USDT LP Stakers = 10% * DAO Treasury = 30% * LGO Stakers = 10% * Reserved for Development = 5%
{% hint style="success" %} Proposals passed by the Level DAO can change protocol fee parameters and distribution. {% endhint %} # Earn Yield LEVEL generates revenue from multiple trader and LP actions on its omnichain platform and distributes them to stakeholders across the ecosystem. ### **Providing Liquidity as an LLP** 45% of all protocol revenue is directed to the LLP. LLP also act as the counterparty to traders and as such are exposed to their PnL. {% hint style="info" %} Become an LLP with our [**Liquidity Tutorial**](https://docs.level.finance/tutorials/liquidity-tutorials) {% endhint %} ### **LVL & LVL/USDT LP Yield Staking** 10% of all protocol revenue is directed to LVL & LVL/USDT LP stakers, in addition to the other utilities of the LVL token. {% hint style="info" %} Learn more about the [**LVL Utility Token**](https://docs.level.finance/tokenomics/lvl-utility-token) {% endhint %} {% hint style="info" %} Stake your LVL and your LVL/USDT LP in our[ **LVL Yield Staking Tutorial**](https://docs.level.finance/tutorials/yield-staking-tutorials/lvl-yield-staking) {% endhint %} ### **LGO Yield Staking** 10% of all protocol revenue is directed to LGO stakers. LGO also provides governance and treasury rights to holders who have control over the protocol. {% hint style="info" %} Learn more about the[ **LGO Governance Token**](https://docs.level.finance/tokenomics/lgo-governance-token) {% endhint %} {% hint style="info" %} Stake your LGO in our [**LGO Yield Staking Tutorial**](https://docs.level.finance/tutorials/yield-staking-tutorials/lgo-yield-staking) {% endhint %} # Roadmap ## **2023 / 2024 Outlook -** **Roadmap** ### Level 2.0: The Next Frontier in Decentralized Trading

Timeline and steps subject to change

Detailed article about our 2.0 roadmap can be find here: {% embed url="" %} 1. **Part One - On-chain orderbook testnet (Complete)** * 2.0 Testnet launched December 22nd 2023 * Crypto, Commodity and FX Trading * Cross Margin Capabilities * Testnet rewards *** #### Ultimate Decentralization * Community-controlled threshold signature schemes * Auditable Multi-Party Computation verification protocols using a federation of community-controlled nodes #### Cross Chain * Emissions of LVL for cross-chain ventures will be minimal and focused on attracting liquidity, with the primary goal of generating Real Yield for token holders * LEVEL’s success to date has served to create a strong decentralized liquidity marketplace on BNB Chain. Moving forward, LEVEL will accelerate this success by pioneering a chain-agnostic solution. The goal is to become a multi-chain liquidity aggregator where fragmented liquidity across different ecosystems can be unified in a single pool, allowing users to trade, swap, and borrow seamlessly. *** ### **Level 1.5 (Complete)** 1. [Part One](https://dao.level.finance/proposals/0x5f11b6e0a70126286a336ce2c4f9201c4e9e480e648489571aff6219655a0df2) **(Complete)** * The DAO Treasury was approved to add liquidity to the LEVEL Ecosystem * Redemption of LGO was approved to include LLP tokens owned by the treasury * LGO Yield Staking was approved to receive 10% of protocol revenue 2. [Part Two](https://dao.level.finance/proposals/0xc6e4b5b4b808192171846434574be85887a25b22776c7ececa3c355f5c753f7e) **(Complete)** * LVL Yield Staking was approved to receive 10% of protocol revenue * LGO Dutch Auction via burning LVL was approved * To increase scarcity of assets and allow for anti-dilution/deflationary tokenomics * LVL Batch Auction was approved * 25% of proceeds go towards building LVL/USDT liquidity on PancakeSwap * 75% of proceeds go towards minting Senior LLP * Provide better trader incentives * Instead of static LEVEL Loyalty (lyLVL) rewards, the transition to a dynamic leaderboard-based incentive structure was approved (with emissions unchanged) * Locked LVL and staked LGO will count towards lyLVL accumulation * The final distribution will be based on the leaderboard position, taking into account the volume of trades + LVL Staked on the platform 3. [Part Three](https://dao.level.finance/proposals/0xbfacb725aed5210506c4e4c4c80bc0c51a5e382374aa740e3fc4de3296736be5) **(Complete)** * Transfer of the entire unissued LVL token supply (except for the Team Allocation) to the administration of the Treasury was approved, under the complete control of the LEVEL DAO * The motion to take LEVEL cross-chain was approved * [LIP #19: First steps: Multi-Blockchain Expansion](https://dao.level.finance/proposals/0x635261f7c4495111a96c8d9af49a9e54363493fd2487ea75ab9d7f65a716b807) furthered this process where an expansion to Arbitrum was approved * Deploying LayerZero’s omnichain interoperability protocol to support LVL/LGO and enable the use of cross-chain bridges was approved * The introduction of a Level NFT drop was approved *** **Bonding mechanism** **(Complete)** * LVL incentives will no longer be distributed directly to traders or liquidity providers * rewards will be in an unvested version called *preLVL* * 2 choices to vest preLVL tokens (Normal vesting or Accelerated vesting) #### Omnichain - Arbitrum (Complete) Following [LIP #19: First steps: Multi-Blockchain Expansion](https://dao.level.finance/proposals/0x635261f7c4495111a96c8d9af49a9e54363493fd2487ea75ab9d7f65a716b807), 5M LVL will be bridged to Arbitrum using LayerZero’s technology to initiate bootstrapping liquidity, through auctions and other incentive programs. # Tokenomics ### Dual Token Model LEVEL uses a dual-token model within its omnichain ecosystem to separate governance (LGO) and utility (LVL) functions and align user incentives by using two distinct tokens. This separation helps allocate resources for governance efficiently while not being negatively impacted by excessive demand for utility purposes, resulting in a fairer system for all users. Thus allowing each segment of stakeholders to separate their allocation between LVL and LGO in a way that aligns with their particular interest in the protocol. \ **LVL** is the native utility token of LEVEL, providing users with a range of utility functions within the platform, including: * Staking, where users can either earn platform revenue or **LGO** tokens by depositing their LVL tokens. * Incentives to reward platform participants, through liquidity provider rewards and other incentive programs (after vesting preLVL). * Burning LVL to acquire LGO at set intervals through Auctions. As part of the the 2023 roadmap and[ LIP #23](https://dao.level.finance/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1), LEVEL introduced preLVL. LEVEL will no longer distribute LVL incentives directly to traders or liquidity providers, as rewards will be in an unvested version called preLVL Users will have 2 choices to vest preLVL tokens: Normal or Accelerated vesting. {% hint style="info" %} Learn more about [**preLVL**](/tokenomics/prelvl-unvested-token) {% endhint %} {% hint style="info" %} Learn more about [**Auctions**](/auctions) {% endhint %} LGO is the native governance token of LEVEL, providing ownership and decision-making power within the LEVEL DAO. The LEVEL DAO holds governance power within the LEVEL ecosystem. As the creation of LEVEL was a fair launch, there was no LGO allocated to any party, whether team, community members, or users. We invite all these parties to become a part of the LEVEL DAO by staking LVL tokens in the LVL DAO Pool to earn LGO and growing their governance share in the DAO and hopefully contributing to its success. # LVL Utility Token LVL is the protocol utility token of the LEVEL ecosystem. ## **Token Details** * Ticker: LVL * Max Supply: 50,000,000 * Total Supply: Continually reduced via [**LGO Dutch Auction**](/tutorials/auction-tutorials/lgo-dutch-auction) and [**LVL Weekly Burn**](/level-dao/lvl-weekly-burn) * Distribution: Fully under the control of the LEVEL DAO * Contract address: see[ **Smart Contracts**](/security-and-contracts/smart-contracts) * **BNB Chain:** \ PancakeSwap LVL/SDT LP v2 (**used for DAO and Yield Staking**):\ [0x69d6b9a5709eead2c6568c1f636b32707ea55a7e](https://pancakeswap.finance/info/pairs/0x69d6b9a5709eead2c6568c1f636b32707ea55a7e)\ PancakeSwap LVL/BNB LP v2: [0x70f16782010fa7ddf032a6aacdeed05ac6b0bc85](https://pancakeswap.finance/info/pairs/0x70f16782010fa7ddf032a6aacdeed05ac6b0bc85)\ PancakeSwap LVL/USDT LP v3: [0x77E4ba48091f23a8a54b3e2c72F17be58cC2D137](https://pancakeswap.finance/info/v3/pairs/0x77E4ba48091f23a8a54b3e2c72F17be58cC2D137?chain=bsc) * **Arbitrum:** \ PancakeSwap LVL/USDT LP v2 (**used for DAO and Yield Staking**):\ [0x4c7cC7DdbC0530cafde9cFbc55F7583Fe71C7171](https://pancakeswap.finance/info/arb/pairs/0x4c7cc7ddbc0530cafde9cfbc55f7583fe71c7171?chain=arb)\ PancakeSwap LVL/ETH LP: [0xD58522653D3F368D76d453Bc4C80CD7Fb36AC786](https://pancakeswap.finance/info/v3/arb/pairs/0xD58522653D3F368D76d453Bc4C80CD7Fb36AC786?chain=arb) ### **How to Receive LVL?** * Buy LVL from [our partners](https://app.level.finance/buy) * Become a [Liquidity Provider](https://dao.level.finance/liquidity/buy) to earn LVL on your chain of choice! * Trade to Earn LVL through our [**Loyalty Program**](/incentive-programs/trading-incentives/loyalty-program) * Invite your friends to LEVEL, and both be rewarded through our [**Referral Program**](/incentive-program-tutorials/referral-program) * Acquire through LVL Batch[ **Auctions**](/auctions) ### **LVL Allocation** | Allocation | Amount (LVL) | Percentage | | ------------------- | ------------ | ---------- | | Liquidity Providers | 13,000,000 | 26% | | Team | 10,000,000 | 20% | | DAO / Strategic | 27,000,000 | 54% | | TOTAL | 50,000,000 | 100% |
* [**Liquidity provider**](https://dao.level.finance/liquidity/buy) rewards are used to bootstrap liquidity and reward LEVEL LPs * **Community incentives** are for various campaigns and mechanisms, focusing on user acquisition, user retention, and most importantly trading volume growth. * The team allocation has a 4-year unlock duration. Team tokens will unlock every 12 months, with an initial 12-month cliff, where the first unlock (1/4 of team allocation) occurred on the 26th of December 2023. {% hint style="info" %} Note that a portion of the team allocation of LVL tokens (locked or unlocked) can be staked in the DAO. Learn more at [**Initiation of the LEVEL DAO**](https://docs.level.finance/level-dao#initiation-of-the-level-dao) {% endhint %} * The strategic investor allocation has been set aside for external contributors. If you would like to contribute to the LEVEL project, please contact us on [Discord](https://discord.gg/levelfinance). We are continually exploring opportunities to sell LVL to high-profile strategic partners. All proceeds from these sales go to the LEVEL DAO Treasury. ### **LVL Emissions** The LVL token distribution is decided by the LEVEL DAO. {% hint style="info" %} With Level 2.0 a Bonding Mechanism [(LIP #23)](https://dao.level.finance/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1) was implemented with an unvested token called preLVL. **All** LVL rewards are no longer distributed directly. [**Details about preLVL Bonding Mechanism**](/tokenomics/prelvl-unvested-token) {% endhint %} **Weekly Fixed Emissions** | BNB - Allocation | per week | | ---------------- | ----------- | | Senior Tranche | 8750 preLVL | | Arbitrum - Allocation | per week | | --------------------- | ----------- | | Senior Tranche | 8750 preLVL | **Weekly Variable Emissions** | | per week | | -------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------- | |

Trading Incentives:
Loyalty Program
+ Ladder

|


70,000 preLVL
+ minimum 10,000 preLVL (up to 100,000 preLVL)

| | [Referral Program](/incentive-programs/referral-program) | Referral tier and volume-dependent | | **Total Program Incentives** |

minimum 80,000 preLVL
(up to 170,000 preLVL)
+ Referral Program

| {% hint style="info" %} For more information on variable emissions, see [**Incentive Programs**](https://docs.level.finance/incentive-programs/trading-incentives) {% endhint %} The chart below shows LVL emissions for the first 5 months of the project, since launch. The LEVEL DAO has repeatedly adjusted emissions to ensure a sustainable token economy for the ecosystem. Further changes to the LVL emission schedule can be proposed and voted on through LEVEL DAO governance. This may be to facilitate the continued sustainability of our tokenomics or for future strategic plans, such as cross-chain expansion. Previous impacts from governance proposals are labelled on the chart.

LVL Token Emissions since the first 4 months.

### **Token Release Events** {% tabs %} {% tab title="5th Strategic Sale" %} [Strategic Sale - ](https://dao.level.finance/proposals/0x6d48569466e18abd7dc329314d2ff70ae0b248dffe4783066eed8145a80eba96)Unknown * Date: 22nd Jun 2023 * Deal Size: 2,000,000 USDT ($2M) * LVL Size: 526,316 LVL * LVL Price: $3.8 (7-day TWAP + discount) * Term Length: 6-month lock up with 6-month linear vesting period after {% endtab %} {% tab title="4th Strategic Sale" %} [Strategic Sale - Arthur Hayes](https://level-finance.medium.com/hear-ye-hear-ye-73b0423c9b98) * Date: 15th Feb 2023 * Deal Size: 10 BTC ($220,900) * LVL Size: 47,000 LVL * LVL Price: $4.7 (24-hour TWAP) * Term Length: 6-month lock up with 6-month linear vesting period after {% endtab %} {% tab title="3rd Strategic Sale" %} [Strategic Sale - Unknown](https://level-finance.medium.com/level-dao-receives-400-000-investment-208ec0be37ad) * Date: 12th Feb 2023 * Deal Size: $400,000 * LVL Size: 121,212 LVL * LVL Price: $3.3 * Term Length: 6-month lock up with 6-month linear vesting period after {% endtab %} {% tab title="2nd Strategic Sale" %} [Strategic Sale - Unknown](https://level-finance.medium.com/level-secures-500-000-strategic-investment-d8262b93ae37) * Date: 11th Feb 2023 * Deal Size: $500,000 * LVL Amount: 200,000 LVL * LVL Price: $2.5 * Term Length: 6-month lock up with 6-month linear vesting period after {% endtab %} {% tab title="1st Strategic Sale" %} [Strategic Sale - Unknown](https://level-finance.medium.com/level-secures-100-000-strategic-investment-20e1b17d4ff) * Date: 9th Jan 2023 * Deal Size: $100,000 * LVL Amount: 1,000,000 LVL * LVL Price: $0.1 * Term Length: 12-month lock up {% endtab %} {% tab title="Liquidity Bootstrapping" %} [Liquidity Bootstrapping](https://level-finance.medium.com/decentralized-perpetual-market-launch-on-bnb-chain-ceba89d0dc37) * Date: 12 Dec 2022 - 26 Dec 2022 * Details: Users committed their BTC, ETH, BNB, CAKE, BUSD, and USDT for 12 weeks, in exchange for LVL rewards * LVL Amount: 1,000,000 LVL * Term Length: 12 weeks from 26th December {% endtab %} {% endtabs %} ### **Utility (Staking)** #### **LVL Staking** There are currently 3 venues to stake your LVL tokens with varying benefits to suit multiple stakeholders. #### **1) LVL DAO Staking** In this [pool](https://dao.level.finance/dao-staking), LVL holders can stake their LVL to earn **LGO**, giving them governance rights over the DAO and management rights of the DAO Treasury. {% hint style="info" %} [**LVL DAO Staking Tutorial**](https://docs.level.finance/tutorials/dao-tutorials/lvl-staking-lgo-rewards) {% endhint %} #### **2) LVL Omnichain Yield Staking** In the [Earn Pool](https://dao.level.finance/yield-staking), LVL holders can stake their LVL to earn protocol fees. 10% of protocol fees generated are distributed to this LVL staking pool in the form of Senior LLP, which can be redeemed for any Senior LLP asset [here](https://dao.level.finance/liquidity/sell) (for example, BTC, ETH, USDT, e.g.). Staking is available on both, Arbitrum and BNB Chain. Every 1 LVL staked earns you 1 share per second. The total rewards are calculated from 10% of the total fees collected over the 7-day epoch on both BNB Chain and Arbitrum. Your share of these rewards is proportional to your stake. Rewards are distributed per epoch (7 days).\ 24h **after** end of the epoch, users will be able to claim their yield rewards. {% hint style="info" %} [**LVL Yield Staking Tutorial**](https://docs.level.finance/tutorials/yield-staking-tutorials/lvl-yield-staking) {% endhint %} #### 3) LVL Fee Credit Staking In the Stake LVL to Earn Fee Credit Tab, LVL holders can stake their LVL to earn Fee Credits. \ Each 100 LVL staked will be rewarded with a maximum $5 fee credit, linearly reducing toward the end of the epoch. The earlier you stake during an epoch, the more fee credits you will earn. Staking is available on both, Arbitrum and BNB Chain. Note: The chain you stake your LVL is the chain you will get your Fee Credits. Rewards are distributed immediately and they expire at the end of that epoch. {% hint style="info" %} [**LVL Fee Credit Staking Details**](https://newsletter.level.finance/p/trade-free) {% endhint %} # preLVL Unvested Token preLVL = unvested LVL token ## LVL Bonding Mechanism - preLVL {% hint style="info" %} With Level 2.0 a Bonding Mechanism [(LIP #23)](https://dao.level.finance/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1) was implemented with an unvested token called preLVL. **All** LVL rewards are no longer distributed directly. {% endhint %} As part of the the 2023 roadmap and[ LIP #23](https://dao.level.finance/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1), LEVEL introduced preLVL. LEVEL will no longer distribute LVL incentives directly to traders or liquidity providers, as rewards will be in an unvested version called preLVL. Users will have 2 choices to vest preLVL tokens: Normal or Accelerated vesting ## How to vest preLVL tokens ### **Normal vesting using LVL**: Users may stake and lock LVL tokens in order to vest preLVL tokens. To vest 1 preLVL token into 1 LVL, users will be required to stake 10 LVL tokens for 1 year. Users can claim vested LVL, stop vesting and/or unstake at any time. **Example:**\ If a user wants to vest 10 preLVL tokens, that user is required to stake 100 LVL tokens for 1 year. ### **Normal vesting using LVL/USDT LP**: Users may also stake and lock LVL/USDT LP in order to vest preLVL tokens. This option has a 2.5 times higher rate than using a single LVL token for normal vesting. **Example:** \ If a user wants to vest 10 preLVL tokens, that user is required to stake a LVL/USDT LP with 40 LVL tokens within the LP for 1 year. ### **Accelerated vesting**: Users may pay fees in USDT in order to vest and receive preLVL immediately. To vest and claim 1 preLVL token immediately, users will need to pay a 60% tax in USDT. Assuming that $LVL is $3, users would then need to pay 1.80 USDT to immediately realize the conversion. The taxed USDT will be distributed equally, with 50% to the DAO, and 50% to the LLP. {% hint style="info" %} [**preLVL Vesting Tutorial**](/tutorials/prelvl-vesting-tutorials) {% endhint %} # LGO Governance Token ### **Token Details** * Ticker: LGO * Max Supply: 1,000 * Total Supply: Continually reduced via the **Redemption Process** * Emission: Dynamic LGO emission (cap at 3.5 LGO weekly) * Contract address: see [**Smart Contracts**](/security-and-contracts/smart-contracts) ### **How to Receive LGO?** * Earn LGO by staking LVL in the LVL DAO Pool * Acquire through LGO **Auctions**, by burning LVL ### **LGO Allocation** To ensure a fair launch of the project, there is no pre-allocation or pre-mining of LGO tokens. All users, community members and contributors are invited to join the LEVEL DAO by staking any LVL tokens they earn. ### **LGO Emissions** At the end of each epoch, LGO emission will be dynamically set to 80% of the fees that the DAO received during that epoch. This ensures that the emission remains valuable and is tied directly to the activity within the ecosystem. \ Total weekly reward cap is at 3.5 LGO. The emission chart below shows LGO emissions from the project launch to mid May 2023. To align with future strategic plans, the LGO emission schedule can only be changed by a DAO governance vote. Previous impacts from governance proposals are labelled on the chart.

LGO emission since the first 5 months

### **Utility** #### **Governance Rights** LGO (pronounced *algo*) is the governance token for LEVEL. LGO token holders are the de-facto stakeholders of the entire LEVEL ecosystem. LGO Holders form the LEVEL DAO, which manages the entire ecosystem and treasury through governance proposals. The LEVEL DAO acts as the decision-maker for LEVEL’s strategic future, including but not limited to protocol expenditure, treasury management, the nomination of contributors, the control over fees, features, and functionalities of the protocol, as well as security. Several partnerships, audits, strategic investors, and protocol changes have already been successfully routed through the DAO. #### **Treasury Rights** The LEVEL DAO also assumes the role of an **Asset Manager** for the ecosystem, overseeing all management and access to the DAO Treasury. 30% of protocol revenue is distributed to the DAO Treasury (see **Fee Distribution**) in the form of Senior LLP, which then continues to provideearn yields for LGO stakers, continuously creating additional value for DAO participants. #### **Treasury** **Redemption** Treasury Liquid Assets available in the DAO Treasury are available for redemption by LGO holders. These Liquid Assets exclude all LVL tokens in the DAO Treasury Reserve. Every 4 weeks there is a 2-day redemption window for LGO holders to redeem their LGO tokens for these Treasury Liquid Assets. Once redeemed those LGO tokens are burned. #### **LGO Omnichain Yield Staking** LGO holders can stake their LGO to earn protocol fees. 10% of protocol fees generated daily are distributed to this LGO staking pool in the form of Senior LLP, which can be redeemed for any Senior LLP asset [here](https://dao.level.finance/liquidity/sell) (BTC, ETH, BNB, USDT). Staking is available on all ecosystems supported by LEVEL. Every 1 LGO staked earns user 1 share per second, proportionally to their stake. The total rewards are calculated from 10% of the total fees collected over the 7-day epoch on all LEVEL supported networks. Rewards are distributed per epoch (7 days).\ 24h **after** the end of the epoch, users will be able to claim their yield rewards. {% hint style="info" %} Stake your LGO with our [**LGO Yield Staking Tutorial**](https://docs.level.finance/tutorials/yield-staking-tutorials/lgo-yield-staking) {% endhint %} # Token Economics Overview * LVL = Utility Token * Fair Launch of LVL - there were no private sales or seed rounds * Receive LVL by becoming an LLP, trading on the platform, or bidding in Auctions * Stake LVL in LVL DAO Staking or bid through LVL Auctions to receive LGO * Stake in LVL Yield Staking to earn 10% of protocol revenue * Stake LVL to earn Fee Credits for trading and trade for free * LGO = Governance Token * No pre-mining or pre-allocation of LGO * Asset Manager and Decision-Maker of the LEVEL DAO * Receive LGO through LVL DAO Staking or LGO Auctions * Redeem LGO against Liquid Treasury Assets * Stake to earn 10% of the daily protocol revenue
# LEVEL DAO Our mission is to position the DAO as the platform's Asset Manager and ultimate strategic decision-maker of our omnichain ecosystem.
### **Goals of the LEVEL DAO** * To be completely **permissionless** and **decentralized** * To ensure **democracy** and **transparency** * To act as the **centrepiece** of the Level ecosystem * To be the ultimate **Decision-Maker** for strategic matters * To be the **Asset Manager** of the ecosystem * To encourage stakeholder **participation** and contribution of **expertise** * To lead the ecosystem to be a preeminent omnichain marketplace for decentralized liquidity ### **Initiation of the LEVEL DAO** The LEVEL DAO began as a means to grow stakeholders’ share of governance power by staking LVL tokens for LGO. It then evolved to include deeper functionalities such as managing protocol assets, proposing and voting on governance, and sharing a portion of the protocol’s revenue. The LEVEL team is committed to ensuring a smooth governance and decision-making transition from our hands to the DAO and community. A gradual process of decentralization is required to make this transition smooth, efficient, and secure. With the support of the DAO and community, the team will retain control over governance for an initial period of several months, at which point the LEVEL community will be sufficiently engaged and mature to face all the challenges of the ecosystem. Although the allocation of LVL tokens to the LEVEL team has a 4-year unlock duration, with 1/4 unlocking every 12 months, a portion of these tokens (locked or unlocked) can be staked in the DAO. The majority control of governance (via LGO holdings) is ensured in the short term by staking these tokens in line with overall LVL emissions. This ensures that the LEVEL team holds over 50% of the LGO supply and can safeguard the protocol in its infancy. After the first year, the team’s share of LGO relative to other holders will then be gradually reduced in the following years to a maximum of 25% of the circulating LGO supply. # DAO Treasury The DAO Treasury is managed by the LEVEL DAO through the governance participation of LGO holders. {% hint style="info" %} To learn more about LGO tokenomics, see [**LGO Governance Token**](https://docs.level.finance/tokenomics/lgo-governance-token) {% endhint %} The DAO Treasury can be split into two distinct categories: * Treasury Reserve = LVL tokens * Treasury Liquid Assets (on BNB Chain) = Senior LLP + LVL/USDT LP * Treasury Liquid Assets (on Arbitrum) = Senior LLP + LVL/USDT LP
### **Treasury Reserve** The LEVEL DAO has a Treasury Reserve of LVL tokens made up entirely of the remaining LVL supply (excl. team allocation). Typically, the Treasury Reserve is used for: * Strategic Investor allocations, where all proceeds from the sale go to the DAO Treasury * Partnership allocations (e.g. [PancakeSwap](https://dao.level.finance/proposals/0x4b7bae39ca4008c9d0b9184f41aa4d9ad4d6d22a4587a4a727358a8bbbf7eea0)) * Security audits (e.g. [Quantstamp](https://dao.level.finance/proposals/0xfd8cd0c325529c52a4ca769b878b59b87ed219dc10b55ed99683cb766c0bbc85)) ### **Treasury Liquid Assets** 30% of protocol revenue is distributed to the DAO Treasury in the form of Senior LLP tokens that continually increase in value with fees from the protocol. The DAO Treasury also owns a position in LVL/USDT LP. These liquid portions of the DAO Treasury represented by Senior LLP and LVL/USDT LP can be redeemed from LGO holdings. {% hint style="info" %} To learn more about the distribution of fees, see [Protocol Fee Structure](/protocol-fee-structure) {% endhint %} # Redemption Process LGO Omnichain Redemption This redemption mechanism was implemented in [LIP-003: Governance Redemption Pool](https://dao.level.finance/proposals/0x2c567a1927a82b0c54c4b3df144eaf449f2e75bb8cd98130f4677dc35d4c3e0c) after the DAO voted in favour. This allows all LGO holders to claim Liquid Treasury assets, made up of LLP token (BTC, ETH, USDT) and LVL/USDT LP tokens. Using this redemption mechanism, LGO holders can surrender their LGO tokens against their pro-rata ownership of the Treasury Liquid Assets. LVL tokens held in the Treasury Reserve are excluded from the Liquid Assets. A 2-day redemption window will be available on the last Monday of the month for LGO holders to redeem their LGO tokens for the Treasury Liquid Assets. Once redeemed the LGO tokens are burned. {% hint style="info" %} **After** redemption epoch time ended, assets will be **claimable after 24 hours**, and user have to claim on all chains which have treasury liquid assets. {% endhint %}
{% hint style="info" %} Redeem your LGO in our [LGO Redemption Tutorial](/tutorials/dao-tutorials/lgo-redemption) {% endhint %} # LVL Weekly Burn This LVL Burn mechanism was implemented in [LIP-022: Regulating LVL Balance](https://dao.level.finance/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1) after the DAO voted in favor. This mechanism regulates the DAO’s LVL balance. Given that the DAO accrues trading fees on a continuous basis, there will be a weekly 1:1 burning of LVL tokens from the treasury reserve for every 1$ of trading fees it accumulates. > *We believe that reducing terminal supply of LVL at the same rate that the platform is growing is a great way to simultaneously enhance the value of the protocol as well as reward its community of early adopters committed to the long term success of the protocol.*
# DAO Proposals The LEVEL DAO preliminarily focuses on the following topics: * **Submitting and approving all Expenditures (incl. engineering)** * **Submitting and approving Treasury** functions, partnerships, and incentive programs * **Nominate contributors** * Anyone can petition the DAO to engage new contributors, advisors, community members, or professionals, so long as it is in the interest of the majority * Our vision is to have a lasting and strongly aligned community continually working toward the improvement and expansion of LEVEL * **Propose, control and approve** **Fees, features, and functionalities**: * Trading fees * Fee distribution * The listing of additional crypto assets * Integration of new asset classes (forex, indices, synthetics, commodities, etc.) * Cross-chain expansion opportunities * Other features that are integral to the platform's success * **Complete oversight on Security** - as LEVEL grows, security will continually increase in importance. The DAO has complete oversight over current and future bug bounty programs and security audits - the cornerstones of operational security. * **Other** topics or matters that are of operational and/or strategic importance Through governance proposals, the LEVEL DAO has control over all parts of the LEVEL ecosystem. The flow of governance proposals is as follows: * Forum posts are created on the [**LEVEL Governance Forum**](https://forum.level.finance/) * Open to the public for deeper discussion and community feedback * Once a proposal reaches quorum, it is formally raised on the [**LEVEL DAO Proposals**](https://dao.level.finance/proposals) site as a Level Improvement Proposal (LIP) * Voting time may vary depending on the topic # Auctions At LEVEL, auctions are focused on: * Increasing and decentralising ownership of both LVL and LGO * Deepen protocol-owned liquidity * Creating a stronger link between LVL and LGO * Expanding the utility of LVL * Improving the accessibility to LEVEL and the LEVEL DAO We address these goals by introducing auction mechanisms for both LVL and LGO. {% hint style="info" %} You can find all Auctions [here](https://auction.level.finance/) {% endhint %} # LVL Batch Auction Acquire LVL from the DAO Treasury with USDT ### **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 # LGO Dutch Auction Burn LVL to acquire LGO, access the LEVEL DAO ### **Who Can Participate?** Everyone with LVL! The LGO Dutch Auction uses state-of-the-art theories in mathematics, finance, and economics to devise a formula protecting existing LGO holders from possible dilution caused by the LGO Dutch Auction. The auction serves as a vehicle to create a stronger link between LGO and LVL, boost demand for LVL, and increase the accessibility of LGO and governance as a whole by providing another avenue for acquisition. 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. The anti-dilution paper describing the mechanism can be found below. [20230316 LEVEL\_1\_5\_Antidilution.pdf](https://github.com/level-fi/assets/blob/eb6976b1c2876101b195c7509e4f956702185458/whitepapers/LEVEL_1_5_Antidilution.pdf) ### **How Does it Work?** * Asset at Auction: LGO * Bid Asset: LVL * Duration: 24 hours * Time: Will be announced * A fixed amount of LGO is offered, newly minted from the contract to the community, allowing users to acquire LGO and governance power
### **Rules** * The *starting price* is preset by the protocol for the start of the auction * The *floor price* is preset by the protocol for the end of the auction (the lowest possible price) * The *clearing price* decreases linearly every second throughout the auction (24hr) from the start time * With every additional LVL commitment, the live *token price* increases * *Token price* = amount raised / token supply * The auction ends successfully when the current *token price* reaches *the clearing price* * In case the auction fails to meet the completion criteria, all committed LVL tokens are returned to the participants * After the auction is finalized, all participants are distributed LGO tokens proportional to their contribution to the pool at the last reached price * LGO tokens acquired via the auction are claimable immediately after the auction is finalized * The LVL tokens provided to the auction are burned * If the last bidder enters an LVL amount larger than the available amount for the auction to meet *the clearing price* then the unused amount will be refunded # Protocol Fee Structure Our fee structure is consistent across all chains where LEVEL is deployed. See below for a full breakdown of all fees incurred through the usage of the platform: * **Position fee for perpetual trading:** 0.05% of position size (open/close) * **Liquidation fee**: $5 * **Dynamic borrowing fee** (interest rate for leveraged/perpetual trading): Traders pay a borrowing fee every hour. The fee is calculated dynamically based on the asset utilization rate: > `Borrowing fee (per hour) = (assets borrowed) / (total assets in pool) * 0.01%` * Maximum borrowing fee: 0.01% per hour (at 100% utilization) * **Swap fee**: ranging from 0% to 0.65% * The base swap fee equals 0.25% for non-stablecoin swaps (i.e. USDT>ETH, or BTC>BNB) * Note that LEVEL incentivizes swapping assets that are underrepresented (in terms of pool weight) by dynamically reducing or increasing the swap fee. * **LP minting and burning fee:** 0% to 0.6% * The base LP minting and burning fee is equal to 0.2% * Each asset's fee is dynamically determined to incentivize actions that bring the actual weight closer to the target weight. * The minting and burning fee decreases whenever adding/removing liquidity would bring the actual weight closer to the target weight, and vice versa. * **LVL accelerated vesting fee**: 60% tax in USDT * Users may pay fees in USDT in order to vest and receive preLVL immediately. * To vest and claim 1 preLVL token immediately, users will need to pay a 60% tax in USDT. * Note: The taxed USDT will be distributed equally, with 50% to the DAO, and 50% to the LLP. # Platform Risks As with all of DeFi, there are several risks that our users and stakeholders need to be aware of. ### Liquidation Risks An open trade position will be liquidated when either the user’s collateral cannot cover the margin fee ($5) or is lower than the maintenance margin (1% of Position Size). The keepers managing liquidations in LEVEL are [Pyth Network](https://pyth.network/) and [Chainlink](https://chain.link/). ### Smart Contract Risks Decentralized applications have inherent smart contract risks through vulnerabilities in their codebase. At LEVEL, security is our primary concern. As such, we have undergone several audits from both [Quantstamp](https://quantstamp.com/) and [Obelisk](https://obeliskauditing.com/) in addition to having a live ImmuneFi Bug Bounty. The LEVEL DAO has full ownership and oversight over the security of the platform and can commission any further security-related actions. {% hint style="info" %} For more information, see [**Security and Smart Contracts**](/security-and-contracts/security-and-audits) {% endhint %} # Fee Credit Program Lock LVL to earn Fee Credit In the Stake LVL to Earn Fee Credit Tab, LVL holders can stake their LVL to earn Fee Credits. Each 100 LVL staked will be rewarded with a maximum $5 fee credit, linearly reducing toward the end of the epoch. The earlier you stake during an epoch, the more fee credits you will earn.
Staking is available on both, Arbitrum and BNB Chain. {% hint style="info" %} The chain you stake your LVL is the chain you will get your Fee Credits. Free Credit Rewards are distributed immediately and they expire at the end of that specific epoch. {% endhint %} Users have the option to either roll their staked LVL over to the next epoch or withdraw them, based on their preference set in the user interface. **Example:**\ A trader decides to stake 1,000 LVL tokens for a trading epoch, which lasts one week. Upon doing so, they receive Fee Credits. If the trader stakes their 1,000 LVL tokens right at the start of the epoch, they are rewarded with $50 in Fee Credits, which can be used for leveraged trading. Given our fee structure, where the fee is 0.05% of the position size, these $50 in Fee Credits empower the trader to execute trades with a notional value of up to $100,000. # Trading Incentives Incentives for traders on LEVEL are separated into two separate streams, where a **total cap** of **170,000 preLVL** exists per epoch - 7 days. * **Loyalty Program**: fixed 70,000 preLVL tokens per epoch * **Ladder**: based on total trading fees from the platform **capped** at 100,000 preLVL per epoch # Weekly Ladder The [**Ladder**](https://app.level.finance/ladder) runs continuously and is implemented to scale LVL incentives with trading volume on the platform. This incentivization of trader activity establishes a flywheel effect driving increased trading volume and fees at LEVEL. Ladder rewards are only distributed to the top 20 traders on a leaderboard, based on a trader’s trading volume of leverage contribution. ### Incentive Emissions Each ladder runs for one epoch (7 days), starting at 2pm UTC every Wednesday. \ LVL incentives distributed for the Ladder are based on the total trading volume generated by traders at LEVEL per epoch. The amount is **capped** at 100,000 preLVL per epoch. A baseline reward of 10,000 preLVL rewards are allocated to the rewards for the epoch. Additional rewards are allocated at $50,000,000 trading volume hurdles as revenue is collected throughout the epoch. Each of the hurdles reached corresponds to an additional 10,000 preLVL rewards. * Level 0: Trading Volume = $0.00 → 10,000 preLVL rewards * Level 1: Trading Volume = $50,000,000 → additional 10,000 preLVL rewards * Level 2: Trading Volume = $100,000,000 → additional 10,000 preLVL rewards * ... ### Participating in the Program Whenever you generate trading volume through Leverage Trading actions, you automatically earn Ladder Points. Ladder Points are only assigned for generating trading volume on the trading platform, through the following actions: * Opening or increasing the size of a Leverage Trade position * Closing or decreasing the size of a Leverage Trade position * Having your Leverage Trade position liquidated ### Leaderboard and Rewards After each weekly Ladder period, only the top 20 traders in the leaderboard will be awarded preLVL tokens. A trader’s ranking on the leaderboard is based on their amount of Earned Points. * Earned Points are calculated based on a trader’s trading volume contribution to the protocol > **Current Earned Points formula:** > > Earned Points = Trader Volume Contribution preLVL rewards distributed to traders who achieved a top 20 spot are determined based on their ranking within the leaderboard. The table below shows the weighting of rewards distributed amongst the top 20 traders. > preLVL (per trader) = Total preLVL Rewards \* Reward weight (trader ranking) / Total Reward weight ### Ladder **Reward Allocation** | Rank | Reward weight | Reward weight (%) | | ----- | ------------- | ----------------- | | 1 | 10000 | 28.41% | | 2 | 6000 | 17.05% | | 3 | 4000 | 11.36% | | 4 | 3000 | 8.52% | | 5 | 2500 | 7.10% | | 6 | 2000 | 5.68% | | 7 | 1700 | 4.83% | | 8 | 1400 | 3.98% | | 9 | 1100 | 3.13% | | 10 | 800 | 2.27% | | 11 | 600 | 1.70% | | 12 | 500 | 1.42% | | 13 | 400 | 1.14% | | 14 | 300 | 0.85% | | 15 | 200 | 0.57% | | 16 | 180 | 0.51% | | 17 | 160 | 0.45% | | 18 | 140 | 0.40% | | 19 | 120 | 0.34% | | 20 | 100 | 0.28% | | Total | 35200 | 100% | ### **Example** A trader contributes $1,000 in trading volume in the week-long Ladder period. As a result, they would have 1,000 Earned Points throughout the week and placed 10th on the leaderboard. From the table above, 10th place corresponds to 2.27% of the total rewards for the Ladder. If the total trading volume contributed to the platform each week were $50,000,000, then Level 1 would have been reached, equating to 20,000 in preLVL rewards for the epoch. As a result, the trader would have received 454 preLVL for this particular weekly Ladder. > preLVL (per trader) = 20,000 preLVL \* 0.0227 = 454 preLVL
Anti-Recycling (not active) In order to disincentivize any potential recycling of staked LVL across multiple wallets, a 40 bps (0.4%) deposit fee exists on staking LVL tokens.
# Loyalty Program The Loyalty Program expands the platform's reach and retains users once they start trading. This incentivization of trader activity establishes a positive feedback loop contributing to increased LEVEL trading volume, thus higher protocol revenue. Incentive rewards are distributed as LEVEL Loyalty tokens (lyLVL), based on fees paid by users when swapping assets or leverage trading (open/close/liquidation/borrowing). {% hint style="info" %} **For every $1 paid in trading fees, you receive 1 lyLVL** {% endhint %} ### Participating in the Program Whenever you pay trading fees to the protocol, whether through executing a Swap or Leverage Trading action, you automatically receive lyLVL. Minting lyLVL only takes place when paying fees on the trading platform, through the following actions: * Executing a Swap * Opening or increasing the size of a Leverage Trade position * Closing or decreasing the size of a Leverage Trade position * Having your Leverage Trade position liquidated * Borrowing fee paid when increasing or decreasing a position ### Incentive Emissions A total of 70,000 preLVL per week are allocated to incentivize loyal traders at LEVEL. These preLVL rewards are allocated to qualifying traders each week based on their executed trades. The amount of preLVL received depends on the following factors: * A trader’s weekly trading fees paid to the protocol (opened, closed, and liquidated positions, borrowing fees, and swaps) = **Trader lyLVL** * The total weekly trading fees at LEVEL (opened, closed, and liquidated positions, borrowing fees, and swaps) = **Total lyLVL** * Current preLVL allocated to the Loyalty Program > preLVL (per user) = (70,000 preLVL \* lyLVL (per user)) / lylLVL (total supply in both chains) For example, if the total weekly trading fees on LEVEL is $1M, 1M lyLVL is distributed to traders ($1M in fees = 1M lyLVL). If a trader pays $10,000 in trading fees (opened, closed, and liquidated positions, borrowing fees, and swaps), the trader **will receive 700 preLVL** for their 10,000 lyLVL ($10,000 in trading fees = 10,000 lyLVL). > 210,000 preLVL \* 10,000 lyLVL / 1,000,000 lyLVL = 700 preLVL If the weekly trading fees on LEVEL doubled to $2M the next week, but the trader still earned 10,000 lyLVL, their preLVL rewards would be halved to **350 preLVL**. > 70,000 preLVL \* 10,000 lyLVL / 2,000,000 lyLVL = 350 preLVL ### Claiming Rewards Users can access a dedicated [interface](https://app.level.finance/profile/loyalty) showing their lyLVL balance for the current day and any pending preLVL available to claim. At 2pm UTC every Wednesday, preLVL tokens are distributed to users and the entire lyLVL balance is reset to zero. You just have to navigate to the Loyalty Program interface and claim your preLVL rewards — that’s it. There will be no official trading pool or any kind of incentives to hold, trade, or transfer lyLVL. Rewards of the Loyalty program are vested for 24hrs. # Referral Program Invite followers to LEVEL and earn LVL rewards together!
LEVEL features an omni-chain referral program. With your single unique referral link, you can start earning your referral rewards from trading activity on all chains. Here is how you can start earning preLVL! {% hint style="info" %} * [**Connect to Level.Finance**](https://app.level.finance/referral) * Click on “**Get Your Referral Link**” to generate your link {% endhint %} That's all! Start sharing your referral link with your friends and earn **up to 12% passive income**. The Referral Program serves to expand the awareness of the platform and its user base. The incentivization of both the trader and referrer activity creates a snowball effect, enhancing LEVEL’s position in the space and increasing its usage simultaneously. This leads to wider engagement and platform volume reach, ultimately driving higher protocol revenue. # Incentive Emissions Traders and Referrers get a Rebate/Discount based on their [Tier](/incentive-programs/referral-program/referral-tiers). Referral rewards apply automatically for trading fees incurred by the following actions: * Executing a Swap * Opening or increasing the size of a Leverage Trade position * Closing or decreasing the size of a Leverage Trade position * Having your Leverage Trade position liquidated * Borrowing fee paid when increasing or decreasing a position Based on your Referral Tier, these points are redeemable for preLVL every week. All preLVL rewards gained through this program have a **7-day vesting period** on the chain of your preference. # Referral Tiers The higher your Tier, the greater the rewards. The more trading volume is realized, and the higher the referral tier, the more you earn. Rewards are distributed depending on the Referral Tier of a Referral Link. The higher your Tier, the greater the rewards. To climb up Referral Tiers, certain conditions must be met.
**What is the Referral Whitelist?**\ Users that are approved for the Whitelist have access to much higher rebate and discount rewards from the Referral Program, up to a maximum of 12% Referrer rebate and 9% Trader discount for Tier 3. {% hint style="info" %} For a referrer to get **Whitelisted** status, they will need to fill out the following form:\ [**Apply for Whitelist**](https://forms.gle/bn6u7HMVR4QgceXZ9) {% endhint %} {% tabs %} {% tab title="Regular Referrers" %} | Tier | Referrer Rebate | Trader Discount | | ------------ | --------------- | --------------- | | 1 | 2% | 2% | | 2 | 3% | 3% | | 3 | 5% | 3% | | {% endtab %} | | | {% tab title="Whitelisted Referrers" %} | Tier | Referrer Rebate | Trader Discount | | ------------- | --------------- | --------------- | | 1 | 5% | 5% | | 2 | 7% | 7% | | 3 | 12% | 9% | | {% endtab %} | | | | {% endtabs %} | | | #### **Example: Tier 2 *****Regular***** Referral Link** During a week, the referrer collects $10,000 in fees incurred from traders using his referral link * **Referrer income**: For $10,000 and a Tier 2 regular referral link, the referrer will receive $300 (3% rebate to the referrer) * **Trader income**: If some referred trader incurred $500 in trading fees, they will receive $15 cashback in preLVL tokens (3% discount to the trader) {% hint style="info" %} * Rewards are paid **every week** in preLVL tokens. * You can freely **choose** on which chain to claim the rewards. * The applicable price of preLVL will be calculated using a **7-day TWAP of LVL** (time-weighted average price) from various exchanges. {% endhint %} # What is Omnichain? A omnichain platform is a protocol that operates across several blockchain networks. As the blockchain world moves increasingly towards modularity and cross-chain applications evolve, Level allows its users to seamlessly operate across all supported networks. Users can simply switch network and take advantage of all offerings within the Level ecosystem, greatly facilitating the user experience. # What is BNB Smart Chain? BNB Smart Chain (BNB) is one of the most popular blockchains in the world. It has cemented its place in the wider Web3 space, currently the 2nd largest chain in terms of active users and the number of protocols, and the 3rd largest by Total Value Locked (TVL), fees, and volume. {% hint style="info" %} For more help getting started with BNB follow this [resource](https://academy.binance.com/en/articles/how-to-get-started-with-binance-smart-chain-bsc) {% endhint %} # What is Arbitrum chain? Arbitrum is one of the most popular blockchains and Layer 2 and one of the most vibrant ecosystems, in the Top 5 by amount of daily users. Furthermore, Arbitrum is the 4th biggest ecosystem in terms of Total Value Locked (TVL), and volume. # Setting Up a Wallet LEVEL is compatible with all the major wallet providers. Please choose one of the following wallets to begin using LEVEL and unlocking the world of Web3: * [Metamask](https://metamask.io/) * [WalletConnect](https://walletconnect.com/) * [Trust Wallet](https://trustwallet.com/download) * [Coinbase Wallet](https://www.coinbase.com/wallet) Also consider purchasing a hardware wallet for added security, such as a [Ledger](https://www.ledger.com/ledger-live) or a [Trezor](https://trezor.io/trezor-suite). If you are facing RPC Issues when trading, please visit [chainlist.org](http://chainlist.org), navigate to your chain of choice, access the RPC URL List, and select one with a green score. # Trading Tutorials # Spot Trading At LEVEL, you can trade one asset for another with minimal price impact through a **Spot Trading**. The spot trading interface is clean and simple, just like swap platforms across DeFi. {% hint style="info" %} 💡 Swap assets on LEVEL [here](https://app.level.finance/spot) {% endhint %} To perform a Swap, follow the step-by-step guide below: 1. **Connect** your wallet 2. **Navigate** to the [Spot Trading page](https://app.level.finance/spot)
3. **Select Spot Trading type** * Market: the order executes immediately at the market price * Limit: set an order to execute at a specific price in the future
4. **Select** the two **tokens** you want to swap
4. **Enter** the quantity, click ‘**SWAP**’, and sign the pop-up transaction in your wallet
5. After the transaction has been completed, click ‘**CONFIRM**’, and sign the pop-up transaction in your wallet.
6. Once confirmed in your wallet, you will see a ‘**Successful’** pop-up on the LEVEL UI after a few seconds. Your trade is now complete!
# Perpetual Trading Leveraged positions on an asset are opened by executing a ‘Long’ or ‘Short’. When you Long, you speculate that the future price will exceed the current price. When you short, you speculate the future price will be below the current price. **Long position** * Earns a profit if the token price goes up * Makes a loss if the token price goes down **Short position** * Earns a profit if the token price goes down * Makes a loss if the token price goes up {% hint style="info" %} 💡 Trade with leverage on LEVEL [here](https://app.level.finance/trade/btc/long) {% endhint %} ### **Opening a Position**
1. **Connect** your wallet 2. **Navigate** to the [Leveraged Trading page](https://app.level.finance/trade/btc/long) 3. Click on ‘**Long**’ or ‘**Short**’ depending on which side you would like to open a leveraged position on 4. Choose the Market you want to open a Leveraged position on (e.g. BTC) 5. Choose the token you want to pay in. If you choose a different collateral asset than that required, a swap fee will be incurred 6. Enter the **Amount** of the token you want to **Pay** and the **Leverage** you want to use.\ E.g. 0.05 BTC (\~$1,447.28) used to buy 10x Long position \~$14,329.53 in size 7. Check that the output variables shown below are as expected: * Entry Price: the price at which the position will be opened * Liquidation Price: the price at which your entire position will be liquidated * Borrow Fee: the hourly fee paid to the counterparty of your trade (LLPs) - will vary based on asset utilization 8. Click ‘**APPROVE BTC**’ 9. Sign the pop-up transaction in your wallet 10. After the transaction has been completed, click ‘**BUY BTC**’ 11. Confirm the pop-up transaction in your wallet 12. Once confirmed in your wallet, you will see a ‘**Successful’** pop-up on the LEVEL UI after a few seconds. Your trade is now open! ### Managing Positions
After opening a trade, it is visible in a list under your Positions, as shown above. Various actions are available to manage your position: * **Deposit**: allows you to deposit additional collateral to reduce your leverage * **Withdraw**: allows you to withdraw existing collateral to increase your leverage * **Close**: allows you to partially or completely close a trade The profit or loss made on a position is proportional to the collateral used and the overall position size. In the example above, $1,447.28 of collateral has been used to buy a position size of $14,329.53 in BTC (10x leverage). If the price of BTC increased from your Entry Price by 10%, the position would have a profit of $1,432.95. Conversely, if the price of BTC decreased from your Entry Price by 10%, the position would have a loss of $1,432.95. If a short position had been opened instead and the price of BTC decreased by 10% from your Entry Price, then the position would have a profit of $1,432.95. Conversely, if the price of BTC increases by 10% from your Entry Price, the position would have a loss of $1,432.95. ### **Deposit** When opening a new position or depositing additional collateral, a snapshot of the USD price of the collateral is taken. For example, if your collateral is 0.05 BTC (worth $847.57 at the time) then your collateral is $847.57 and will not change even if the price of BTC changes. Additional collateral can be deposited to an open position by clicking on ‘Deposit’ in your Positions list. Depositing additional collateral reduces the leverage and liquidation price of a trade. The image below shows the impact of adding \~25% additional collateral to an open position. {% hint style="danger" %} Depositing collateral helps to reduce the risk of position liquidation {% endhint %}
1. **Connect** your wallet 2. **Navigate** to the [Leveraged Trading page](https://app.level.finance/trade/btc/long) 3. Click on ‘**Deposit**’ in your Positions List 4. Enter the **Amount** of collateral you want to **Deposit** 5. Check that the output variables shown below are as expected 1. Leverage: Position Size / Collateral Value 2. Liquidation Price: the price at which your entire position will be liquidated 6. Click ‘**CONFIRM**’ 7. Confirm the pop-up transaction in your wallet ### **Withdraw** Collateral can be withdrawn from an open position by clicking on ‘Withdraw’ in your Positions list. Withdrawing collateral increases the leverage and liquidation price of a trade. The image below shows the impact of removing \~20% of the collateral on an open position. Note: A maximum withdrawal limit is applied to prevent the position from getting liquidated. {% hint style="danger" %} Withdrawing collateral increased the risk of position liquidation {% endhint %}
1. **Connect** your wallet 2. **Navigate** to the [Leveraged Trading page](https://app.level.finance/trade/btc/long) 3. Click on ‘**Withdraw**’ in your Positions List 4. Enter the **Amount** of collateral you want to **Withdraw** 5. Check that the output variables shown below are as expected * Leverage: Position Size / Collateral Value * Liquidation Price: the price at which your entire position will be liquidated 6. Click ‘**CONFIRM**’ 7. Confirm the pop-up transaction in your wallet ### **Closing a Position** A position can be closed by clicking on ‘Close’ in your Positions list.
* For long positions, profits are paid in the asset you are longing (e.g. if you long BTC you would get your profits as BTC) * For short positions, profits will be paid out in USDT - shorts opened with other collateral will be swapped to USDT before opening the position The position can either be fully or partially closed when closing an open position. When partially closing a position, you can select two separate closing options: 1. **Reduce size and keep leverage the same**: only the sizing of the trade is affected (Position Size, Collateral Value, Net Value), and not the Leverage or Liquidation Price. 2. **Reduce size and leverage without withdrawing collateral**: collateral is kept the same whilst both the position size and leverage are reduced. The collateral will, however, take on any loss from the open position where a portion of the collateral will be deducted to cover the loss. The image below shows the impact of closing \~25% of an open position whilst keeping leverage the same.
{% hint style="danger" %} If partially closing a position, you need to maintain at least $5 in net value to prevent the position from getting liquidated {% endhint %} 1. **Connect** your wallet 2. **Navigate** to the [Leveraged Trading page](https://app.level.finance/trade/btc/long) 3. Click on ‘**Close**’ in your Positions List 4. Select ‘**Market order**’ in the ‘Order Type’ dropdown 5. Select the ‘**Closing Option**’ you would like to use 6. Enter the **Size** of the position you want to **Close** 7. Check that the output variables shown below are as expected * Liquidation Price * Position Size * Collateral Value * Leverage 8. Click ‘**CONFIRM**’ 9. Confirm the pop-up transaction in your wallet ### **Take Profit and Stop Loss** A take profit is used as a target within your trade plan, whereupon hitting this price level, a full or partial close with be triggered on the position. A stop loss is used to exit a trade upon invalidation of your original plan, protecting yourself from further losses by triggering at a certain price level. Both of these actions are set at specific trigger prices, a Take Profit above the current price, and a Stop Loss below the current price. Take profit and stop loss functions are available within the ‘Close’ window after clicking on ‘Close’ in your Positions List. Instead of closing the position at the market price (Market Order), you can select **Take Profit** or **Stop Loss** functions under the ‘Order Type’ dropdown to choose to trigger actions at a specific price.
1. **Connect** your wallet 2. **Navigate** to the [Leveraged Trading page](https://app.level.finance/trade/btc/long) 3. Click on ‘**Close**’ in your Positions List 4. Select either ‘**Take Profit**’ or ‘**Stop Loss**’ in the ‘Order Type’ dropdown 5. Select the ‘**Trigger Price**’ you want your Take Profit or Stop Loss to trigger at 6. Select the ‘**Closing Option**’ you would like to use 7. Enter the **Size** of the position you want to **Close** when the Trigger Price is hit 8. Check that the output variables shown below are as expected 1. Liquidation Price 2. Position Size 3. Collateral Value 4. Leverage 9. Click ‘**CONFIRM**’ 10. Confirm the pop-up transaction in your wallet # Platform Restrictions for trading on BNB Chain Some restrictions are in place on the platform to protect liquidity providers that act as the counterparty to traders. Trade restrictions specifically apply when attempting to open a new position. If the position you are attempting to open would push the ratio of Longs vs Shorts of an asset over its Limit Ratio, the position will not be allowed to open. Additionally, cannot open a short position with a Position Size larger than the Maximum Value allowed. **Limit Ratio of Long Positions vs Short Positions** | BTC | ETH | BNB | CAKE | | --- | --- | --- | ---- | | 95% | 95% | 15% | 30% | **Maximum Value of a Short Position** | BTC | ETH | BNB | CAKE | | -------- | -------- | ----- | ---- | | No limit | No limit | $300K | $50K | Liquidity provider restrictions apply when attempting to add liquidity to the LEVEL liquidity pools (LLPs). Both BNB and CAKE have a Maximum Liquidity limit as shown below. Once a limit for one of these assets is reached inside a specific pool, that asset will no longer be available for deposit in the pool. Additionally, users will not be able to swap that asset into the pool for another asset, whether as a direct Swap or as a Swap required when providing collateral to open a position. **Maximum Liquidity Accepted in the LEVEL Liquidity Pools** | BTC | ETH | BNB | CAKE | | -------- | -------- | ----- | ------ | | No limit | No limit | 5,000 | 80,000 | # Pricing Mechanisms LEVEL enables trading with minimal price impact, meaning you can execute large trades without your position size affecting the price of the asset on the market. You can, however, experience slippage due to price movements between when your trade is executed and when it is confirmed on the blockchain. This slippage is defined as the difference between the expected price of the trade and the execution price. When opening or closing a position, there are various factors that affect the price a trader will receive. * Mark Prices are displayed next to the pair in the market dropdown - this is only a reference price and is not associated with any position variables * For market orders, a trader will be returned an Entry Price based on the Mark Price plus any slippage * For limit orders, the Entry Price is simply returned as the price the trader set the order to The chart on the Leverage Trading UI indicates the average of the long and short Mark Prices.
# Fee * **Position fee**: 0.05% of position size * **Execution fee**: fee paid to the network to execute your trade * **Swap fee**: ranging from 0% to 0.65% depending on the pool weight of the asset used for collateral * **Borrowing fee**: calculated dynamically based on the asset utilization rate Opening or closing a position incurs a 0.05% fee based on the Position Size of the trade. Once a request has been made to open, close, or edit (deposit/withdraw) a position, keepers execute the actual trade in a separate transaction. This second transaction incurs an ‘Execution Fee’, paid to the network, and is displayed in the trade confirmation box. Depending on the trade opened, a specific type of collateral is required (ETH for ETH longs, BTC for BTC longs, and USDT for any shorts). If you open a position with a different collateral asset than that required, the collateral will be automatically swapped, incurring a regular swap fee. Depending on each LEVEL Liquidity Pool's current and target weights, this swap fee can range from 0 - 0.65% of the Collateral Size. A borrowing fee is also applied to open positions, paid every hour and calculated dynamically based on the asset utilization rate up to a maximum borrowing fee of 0.01% per hour at 100% utilization. # Liquidity Tutorials # Trading Pool ## Purchase LLP Token You can deposit assets into the LEVEL Trading Pool to deepen the liquidity available to traders and earn protocol revenue from fees paid on the platform and preLVL token incentives. {% hint style="info" %} Deposit liquidity on LEVEL [here](https://dao.level.finance/liquidity/buy) {% endhint %} 1. **Connect** your wallet 2. **Navigate** to the [Liquidity page](https://dao.level.finance/liquidity/buy) 3. Select ‘**BUY**’ and enter the amount of LLP tokens you want to purchase {% hint style="info" %} LLP tokens are automatically staked after purchase. If you do not want to stake your LLP tokens, uncheck the box when buying. If you do not choose to stake your LLP upon purchase, they will be sent to your wallet. {% endhint %} 5. Click ‘**BUY LLP**’, and sign the pop-up transaction in your wallet 6. Check the **Fees** applied, which are dependent on whether the purchase will move the asset weight toward or away from the target weight of the asset 7. Click "**CONFIRM**" and confirm the pop-up transaction in your wallet 8. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds. Your LLP is now deposited and earning fees and preLVL rewards!
### Redeem LLP Token 1. Select the ‘**SELL**’ tab and choose the source of LLP tokens to sell from * From Staked Balance: ‘Withdraw and Sell’ * From Wallet Balance: ‘Sell from wallet’ 2. Enter the Amount of LLP tokens you wish to sell 3. Select the asset you want to sell into 4. Click ‘**SELL LLP**’, and sign the pop-up transaction in your wallet 5. Check the **Fees** applied, which are dependent on whether the sale will move the asset weight toward or away from the target weight of the asset 6. Click ‘**CONFIRM** and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds. Your LLP is now redeemed to your selected asset.
# Yield Staking Tutorials Yield from protocol revenue is distributed to various stakeholders in the ecosystem. {% hint style="info" %} For more information, see **Fee Distribution** {% endhint %} # LVL Yield Staking In the [Earn Pool](https://dao.level.finance/yield-staking), LVL holders can stake their LVL to earn protocol fees. 10% of protocol fees generated are distributed to this LVL staking pool in the form of LLP, which can be redeemed for any LLP asset [here](https://dao.level.finance/liquidity/sell) (for example, BTC, ETH, USDT, e.g.). Staking is available on both, Arbitrum and BNB Chain.
### **Staking your LVL** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click "**DEPOSIT"** 4. Enter the amount of LVL you want to stake. 5. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 6. Click ‘**DEPOSIT**’ and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a ‘**Successful’** pop-up on the LEVEL UI after a few seconds. Your LVL is now staked and earning LLP token!
### **Unstaking your LVL** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click '**WITHDRAW**' 4. Enter the amount of LVL you want to unstake then click ‘**WITHDRAW**’ and confirm the pop-up transaction in your wallet 5. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds. Your LVL is now unstaked and no longer earning LLP tokens!
### **Claiming** **Rewards** Rewards are distributed per epoch (7 days).\ 24h **after** end of the epoch, users will be able to claim their yield rewards. 1. **Connect** your wallet 2. **Navigate** to the [LVL Staking page](https://dao.level.finance/yield-staking) 3. Click ‘**CLAIM**’ , select the asset you want to receive your rewards in and confirm the pop-up transaction in your wallet 4. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds.
# LGO Yield Staking LGO holders can stake their LGO to earn protocol fees. 10% of protocol fees generated daily are distributed to this LGO staking pool in the form of LLP, which can be redeemed for any LLP asset [here](https://dao.level.finance/liquidity/sell) (BTC, ETH, BNB, USDT). Staking is available on both, Arbitrum and BNB Chain.
### **Staking your LGO** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click **"DEPOSIT"** 4. Enter the amount of LGO you want to stake 5. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 6. Click ‘**DEPOSIT**’ and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a ‘**Successful’** pop-up on the LEVEL UI after a few seconds. Your LGO is now staked and earning LLP tokens!
### **Unstaking your LGO** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click '**WITHDRAW**' 4. Enter the amount of LGO you want to unstake then click ‘**WITHDRAW**’ and confirm the pop-up transaction in your wallet. 5. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds. Your LGO is now unstaked and no longer earning LLP tokens!
### **Claiming** **Rewards** Rewards are distributed per epoch (7 days).\ 24h **after** end of the epoch, users will be able to claim their yield rewards. 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. In the LGO section, click ‘**CLAIM**’, select the asset you want to receive your rewards in and confirm the pop-up transaction in your wallet 4. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds.
# LVL/USDT LP Staking Staking is available on both, Arbitrum and BNB Chain.
### **Add LVL/USDT LP** 1. Click "+Add liquidity" 2. Add liquidity on Pancake Swap 3. Add LVL/USDT LP to Metamask
### **Staking your LVL/USDT LP** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click **"DEPOSIT"** 4. Enter the amount of LVL/USDT LP you want to stake 5. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 6. Click ‘**DEPOSIT**’ and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a ‘**Successful’** pop-up on the LEVEL UI after a few seconds. Your LVL/USDT LP is now staked and earning LLP tokens!
### **Unstaking your LVL/USDT LP** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. Click '**WITHDRAW**' 4. Enter the amount of LVL/USDT you want to unstake then click ‘**WITHDRAW**’ and confirm the pop-up transaction in your wallet. 5. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds. Your LVL/USDT is now unstaked and no longer earning LLP tokens!
### **Claiming** **Rewards** Rewards are distributed per epoch (7 days).\ 24h **after** end of the epoch, users will be able to claim their yield rewards. 1. **Connect** your wallet 2. **Navigate** to the [LEVEL Staking page](https://dao.level.finance/yield-staking) 3. In the LVL/USDT section, click ‘**CLAIM**’, select the asset you want to receive your rewards in and confirm the pop-up transaction in your wallet 4. Once confirmed in your wallet, you will see a ‘Transaction Completed' pop-up on the LEVEL UI after a few seconds. # preLVL Vesting Tutorials preLVL tokens serve as rewards for Liquidity Providers who stake their LLP and LP tokens in liquidity farming. preLVL also functions as an incentive for the loyalty, ladder, and referral programs. The value of preLVL is equivalent to LVL. Users can convert preLVL into LVL through either Normal Vesting or Accelerated Vesting {% hint style="info" %} Vesting preLVL [here](https://dao.level.finance/vesting/accelerated) {% endhint %} ## Adding preLVL to Metamask 1. Click Metamask Symbol
2. Add preLVL token ![](/files/4cvth6i8MRbwFb6DE5rD) ## Normal vesting What is LVL Normal Vesting? * Users must reserve LVL in LVL staking in order to vest preLVL * Specifically, vesting 1 preLVL requires reserving 10 LVL in LVL staking for 1 year * Users can claim vested LVL, stop vesting and/or unstake at any time.
### Start vesting 1. Click **"VEST"** 2. Enter amount of LVL "Reserve for vesting" 3. Click **"Approve preLVL"** and sign the pop-up transaction in your wallet 4. Click **"Start Vesting"** 5. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds. Your preLVL is now vesting!
### Claim LVL 1. In your unclaimed section, click **"CLAIM"** 2. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds.
### Stop vesting 1. Click **"Stop Vesting"** 2. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds.
## Accelerated Vesting What is LVL Accelerated Vesting? * Users may pay fees in USDT in order to vest and receive LVL instantly * To vest and claim 1 preLVL token instantly, users will need to pay a 30% tax in USDT * The taxed USDT will be split 50% to the DAO, and 50% to the LLP ### How to vest? 1. Enter amount of preLVL to vest 2. Click **"Approve preLVL"** and sign the pop-up transaction in your wallet 3. Click **"Approve USDT"** and sign the pop-up transaction in your wallet 4. Click **"REDEEM"** 5. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds.
# DAO Tutorials The LEVEL ecosystem is governed by the LEVEL DAO through the governance participation of LGO holders. {% hint style="info" %} For more information, see [**LEVEL DAO**](/level-dao) {% endhint %} # DAO Staking (LGO rewards) LVL tokens can be staked to earn LGO, the governance token of LEVEL. Holding LGO grants you governance rights over the ecosystem and management rights of the DAO Treasury. {% hint style="info" %} For more information, see [**LGO Governance Token**](/tokenomics/lgo-governance-token) {% endhint %}
## **LVL token** ### **Staking your LVL** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL DAO page](https://dao.level.finance/dao-staking) 3. In the LVL Staking section, click "**DEPOSIT**" 4. Enter the Amount of LVL you want to stake 5. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 6. Click ‘**DEPOSIT**’ and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a ‘Transaction Complete' pop-up on the LEVEL UI after a few seconds. Your LVL is now staked and earning LGO!
### **Unstaking your LVL** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL DAO page](https://dao.level.finance/dao-staking) 3. In the LVL section, click ‘**WITHDRAW**’ and enter the amount of LVL you want to unstake 4. Click ‘**WITHDRAW’** again and confirm the pop-up transaction in your wallet 5. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. Your LVL is now unstaked and no longer earning LGO.
{% hint style="info" %} Note: if you stake additional LVL tokens or unstake LVL tokens, your unclaimed LGO rewards will be automatically claimed {% endhint %} ## LVL/USDT LP ### **Staking your LVL/USDT** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL DAO page](https://dao.level.finance/dao-staking) 3. In the LVL/USDT LP Staking section, click '**DEPOSIT**' 4. Enter the Amount of LVL/USDT LP you want to stake 5. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 6. Click ‘**DEPOSIT**’ and confirm the pop-up transaction in your wallet 7. Once confirmed in your wallet, you will see a ‘Transaction Complete' pop-up on the LEVEL UI after a few seconds. Your LVL/USDT LP is now staked and earning LGO!
### **Unstaking your LVL/USDT LP** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL DAO page](https://dao.level.finance/dao-staking) 3. In the LVL/USDT LP section, click ‘**WITHDRAW**’ and enter the amount of LVL you want to unstake 4. Click ‘**WITHDRAW’** again and confirm the pop-up transaction in your wallet 5. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. Your LVL is now unstaked and no longer earning LGO.
{% hint style="info" %} Note: if you stake additional LVL/USDT LP or unstake LVL/USDT LP, your unclaimed LGO rewards will be automatically claimed {% endhint %} ### **Claiming LGO** 1. **Connect** your wallet 2. **Navigate** to the [LEVEL DAO page](https://dao.level.finance/dao-staking) 3. In the Claimable rewards section, click ‘**CLAIM’** and confirm the pop-up transaction in your wallet 4. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds.
# LGO Redemption Users can redeem their LGOs to receive Treasury liquid assets when the redemption window is open. Right after the redemption process is finalized, which should take about 24 hours, assets will be available to claim. Users must claim on all-chains which have treasury liquid assets. Once redeemed those LGO tokens are burned.
{% hint style="info" %} For more information, see [Redemption](/level-dao/redemption-process)[ Process](/level-dao/redemption-process) {% endhint %} ### **Redeem LGO** 1. **Connect** your wallet 2. **Navigate** to the [Redemption page](https://dao.level.finance/redemption) 3. Enter the Amount of LGO you want to redeem against 4. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 5. Click ‘**COMMIT** and confirm the pop-up transaction in your wallet 6. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. # Auction Tutorials Auctions for LVL and LGO occur weekly, intending to improve the accessibility and distribution of both tokens, deepening protocol-owned liquidity, expanding the utility of LVL, and creating a stronger link between LVL and LGO. {% hint style="info" %} For more information, see [Auctions](/auctions) {% endhint %} # LVL Batch Auction You can participate in this auction by providing USDT in exchange for Treasury-owned LVL. {% hint style="info" %} To see historical commitments to LVL Batch Auctions, visit the [LVL Batch Auction page](https://app.level.finance/auction/lvl) {% endhint %} #### **Participating in the LVL Batch Auction** 1. **Connect** your wallet 2. **Navigate** to the [LVL Auction page](https://app.level.finance/auction/lvl) 3. Enter the Amount of USDT you want to bid with 4. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 5. Click ‘**COMMIT**’ and confirm the pop-up transaction in your wallet 6. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. 7. After the auction is finalized, all participants will get LVL tokens proportional to their contribution to the pool {% hint style="info" %} LVL tokens acquired via the auction will be vested for 24 hours after the auction has been finalized {% endhint %} # LGO Dutch Auction You can participate in this auction by offering LVL in exchange for newly minted LGO. {% hint style="info" %} To see historical commitments to LGO Dutch Auctions, visit the [LGO Auction page](https://app.level.finance/auction/lgo) {% endhint %} ### **Participating in the LGO Dutch Auction** 1. **Connect** your wallet 2. **Navigate** to the [LGO Auction page](https://app.level.finance/auction/lgo) 3. Enter the Amount of LVL you want to bid with 4. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 5. Click ‘**COMMIT**’ and confirm the pop-up transaction in your wallet 6. Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. 7. After the auction is finalized, all participants will get LGO tokens proportional to their contribution to the pool {% hint style="info" %} LGO tokens acquired via the auction can be claimed directly after the auction has been finalized - if the auction fails, all participants will have their committed LVL returned {% endhint %} # Incentive Program Tutorials # Referral Program ### How to Become a Referrer? To access the Referral Program page, click on your wallet address in the top right corner of the screen and proceed to your Referral Program page. 1. **Connect** your wallet 2. **Navigate** to your Referral Program 3. **Copy** your unique Referral Link
4. Share your Referral Link with friends and followers across social channels along with your trading experience. You can even put the link in your Bio or any of your content channels!
5. Collect points automatically from referred trader activity
6. Redeem your points for preLVL every week
### Earn Rebates from Trading After navigating to the LEVEL site via a Referral Link, you will see the modal shown below.
Simply click ‘Trade Now’ and make a trade to link your account with the referrer’s address. The first trade you make after clicking a referral link will store the referrer’s address against your wallet on-chain. Once stored on-chain, the registration is **irreversible**. If you have clicked multiple referral links before confirming with a follow-up trade, the last link clicked will be registered against your account upon executing the follow-up trade. Once successfully registered on-chain, you will automatically earn Trader Points to your account with each trade. {% hint style="info" %} Prior to confirming the referral address through a trade, the referral address is stored in your browser’s local storage (cache). Using a different computer or browser, or clearing your browser cache before making the follow-up trade will result in the referral address not being registered against your account. {% endhint %} Custom Referral Codes are available in a limited capacity for select traders within the community. These select few traders will need to contact the LEVEL team to walk through the registration process for custom referral codes. ### **Manually Adding a Referral Address** A Referral Address can also be added manually through the following steps 1. **Connect** your wallet 2. **Navigate** to your Referral Program 3. Select ‘**Add Referral Address**’
4. Enter the address manually and submit 5. **Collect** points automatically from your trading activity
### Set chain to claim the rewards You can freely choose on which chain to claim the rewards. 1. On "Claim rewards on...", Click "**Change**"
2. **Select** the chain to claim rewards: BNB chain or Arbitrum then click **"Confirm"**
2. Click "**Switch to Arbitrum**" or vice versa then confirm "**Switch network**"
3. Click "**Confirm**"
4. Once confirmed in your wallet, you will see a "**Successful**" pop-up on the LEVEL UI after a few seconds.
# Fee Credit In the Stake LVL to Earn Fee Credit Tab, LVL holders can stake their LVL to earn Fee Credits. Each 100 LVL staked will be rewarded with a maximum $5 fee credit, linearly reducing toward the end of the epoch. The earlier you stake during an epoch, the more fee credits you will earn. ### Stake LVL to earn Fee Credit 1. **Connect** your wallet 2. **Click 'FEE CREDIT'** button 3. Enter the Amount of LVL you want to stake 4. Click ‘**APPROVE**’ and confirm the pop-up transaction in your wallet 5. Click ‘**STAKE LVL**’ and confirm the pop-up transaction in your wallet 6. Once confirmed in your wallet, you will see a ‘Transaction Complete' pop-up on the LEVEL UI after a few seconds.
7. Your LVL is now staked and earning Fee Credit!
# Bridge Tutorials ### Level * Connect your wallet * Navigate to the[ Bridge Page](https://bridge.level.finance/) * Select the token you want to bridge * Enter the Amount of LVL/LGO you want to bridge * Choose Home network and Destination Network: From BNB Chain to Arbitrum or vice versa * Click ‘APPROVE’ * Click "TRANSFER" then "CONFIRM" and confirm the pop-up transaction in your wallet * Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds.
### Socket * Connect your wallet * Navigate to the[ ](https://bridge.level.finance/bungee)[Socket page](https://bridge.level.finance/socket) * Choose Home network and Destination Network: From BNB Chain to Arbitrum or vice versa * Select the token you want to transfer * Enter the Amount of token you want to transfer * Click "Review Quote" then "Confirm Bridge" * Click and confirm the pop-up transaction in your wallet * Once confirmed in your wallet, you will see a "Transaction Completed" pop-up on the LEVEL UI after a few seconds. # Integration # Receive Trading Incentives Trading incentive includes Loyalty token (lyLVL) and Ladder points, awarded to these account: * with leverage orders (market/limit) and limit swap orders, awarded to order owner. * with market swap order, awarded to specified benicifier To define benicifier, contract owner must send extradata to swap function of pool contract as below: ``` interface IPool { function swap(address _tokenIn, address _tokenOut, uint256 _minOut, address _to, bytes calldata extradata) external } ``` ### With extradata is encoded address #### In solidity ``` address benificier; bytes memory extradata = abi.encode(benificier); ``` #### In js (ethers.js for example) ``` const benificier = '0x...' const extradata = defaultAbiCoder.encode(['address'], [benificier]); ``` # Receive Referral Reward Trader can claim their referral reward via ReferralRewarder contract for each chain. ## Contract address ``` BNB chain: 0xCEaBce51c59d44C8dE3E58599c296787A9523Fc7 Arbitrum One: 0x2100Ed94172b0627D6fe772EB11B16d9Ba1C4CeA ``` {% hint style="info" %} **Note**: Please use the contract on the exact chain you set to claim reward before {% endhint %} ![image](https://user-images.githubusercontent.com/111835274/254763172-962fdff0-7d33-4d93-809f-5095ff807cb8.png) ### Step 1: Get claimable reward * Get the reward information via this method ``` function epoches() external view returns ( bytes32 merkleRoot, bytes32 ipfsHash, uint256 totalRewards, uint256 totalClaimed, uint64 startVestingTime, uint64 endVestingTime ); ``` The `ipfsHash` is decoded IPFS CID of the airdrop detail file. You will need to encode to get the original CID, like this ``` const hex = '1220' + ipfs.slice(2); // remove '0x' prefix and prepend 1220 tag for v2 CID bs58.encode(Buffer.from(hash, 'hex')) ``` **Eg:** ``` bs58.encode(Buffer.from('1220f6e849cffef302146a84e8d4e41c072410ea214dba9cc05a44af0f302c713a1b', 'hex')); // result: QmexUSUxsUvDzfns9GUoMw19Gqoj885v6H85XMxu68EpVG ``` Then use any IPFS gateway to get file content, like [this](https://cloudflare-ipfs.com/ipfs/QmexUSUxsUvDzfns9GUoMw19Gqoj885v6H85XMxu68EpVG). It is a JSON file with some data. Find your address in the file, something like this ``` { "id": 0, "address": "0xd93497c4659276569f49a32a7abd0691f5ac4467", "rewards_amount": "53872166745238961245", "rewards_claim_on": 56, "rewards_value": "183046130390007773813415143771401", "ref_tier": 0, "ref_count": 7, "ref_point": "0", "ref_rebate_value": "0", "ref_rebate_amount": "0", "trader_ref_tier": 1, "trader_ref_to": "0xebc175b5e5323ceae881ed165fee6f7164a912da", "trader_point": "3660922607800155476268302875428039", "trader_discount_value": "183046130390007773813415143771401", "trader_discount_amount": "53872166745238961245", "trading_fee": [ { "chain_id": 56, "value": "319913282924852490765592624530694" }, { "chain_id": 42161, "value": "3341009324875302985502710250897345" } ], "proof": [ "0xad4dc10f2e49513d0ce7d8f70eccd344100f1f504f0dc970bcbef9b7ce51fda2", "0x55936a5d804758498e334ceb13eace213f21adccb971f84431f93ad08460b08b", "0xe476b39cd5a8ff311c7bb2b01834395a308bdaaf3d420a995e0a3fb94193ede0", "0xd1d5a68fff109730859fb298bca5b1c5b2786c6d04e59fb6ea087910eaad7252", "0xd2731f8bb49a5bea6163b7cb49a9c6ae11c60ae15ddd03a8a3c1ff7c21362ab1", "0xed3046df03a6849286b962681dbef58d43672f6e26af68c33abad847594e3a13" ] } ``` Save the value of the fields `id` and `proof` to claim your reward ### Step 2: Claim reward Use this method from the `ReferralRewarder` contract to claim your reward. ``` function claimRewards(uint256 _epoch, address _to, uint256 _index, uint256 _rewards, bytes32[] memory _merkleProof); ``` * \_epoch: The epoch number * \_to: The address to which reward will be sent * \_index: the `id` value in step 1 * \_merkleProof: the `proof` value in step 1 Now the reward should be sent to the address you set. # Security and Audits We're not here to sell you a product, we're here to build a community. ## Security at LEVEL Security is priority number one. DeFi can be an intimidating place, especially at a time when exploits and hacks are rampant. For market participants, this leads to uncertainty and a general lack of confidence across the industry. To mitigate this impact, the team is focused on acting with integrity and rigorous oversight across the LEVEL ecosystem whilst we pave our way toward trustless decentralization. We believe this ensures all stakeholders can participate at LEVEL with peace of mind in the system as a whole. We are not here to sell you a product, we are here to build a community. LEVEL is developed by a team of industry veterans with significant experience in auditing and protocol development. Our codebase has been thoroughly tested and peer-reviewed through standardised audit and verification processes. These processes include: * Formal verification of the core smart contracts * Full code review of the core smart contracts * Numerical error analysis * Code review of periphery smart contracts (during ongoing development) While we have taken every precaution to ensure the safety of user funds and instil confidence in our work, we still must remind users that this is all-new technology and not without risk. Please use best practices in risk management when deploying capital across the space. ## Audits ### Obelisk * *08 Nov 2022*: Engaged Obelisk Auditing on a full smart contract audit of LEVEL * *09 Jan 2023*: Obelisk released their [core contracts](https://obeliskauditing.com/audits/level-finance-core) audit * *24 Jan 2023*: Obelisk released their [trading contracts](https://obeliskauditing.com/audits/level-finance-trading) audit ### Quantstamp * *02 Feb 2023*: LEVEL [announced](https://dao.level.finance/proposals/0xfd8cd0c325529c52a4ca769b878b59b87ed219dc10b55ed99683cb766c0bbc85) a security partnership with Quantstamp. * Resources allocated to LEVEL will provide ongoing security support and innovation ideation concerning product development * *05 April 2023*: Quantstamp has published the [full smart contract audit report](https://certificate.quantstamp.com/full/level-finance/929d1708-a464-476d-86f3-7d7942faa4d2/index.html). ## # Immunefi Bug Bounty Immunefi is the leading bug bounty and security services platform for Web3, guarding over $25 billion in user funds across crypto projects. Immunefi hosts bug bounties for blockchain projects across all chains and networks by providing a forum bringing builders and hackers together, enabling hackers to report bugs privately and responsibly for projects to fix vulnerabilities securely. ### LEVEL Bug Bounty * **Websites and Applications (App Frontend):** live since 21 February 2023 * **Smart Contracts:** live since 10 May 2023 * [Full scope and further information](https://immunefi.com/bounty/level/) ### **Rewards by Threat Level** Rewards are distributed according to the impact of the vulnerability based on the [Immunefi Vulnerability Severity Classification System V2.2](https://immunefi.com/immunefi-vulnerability-severity-classification-system-v2-2). This is a simplified 5-level scale, with separate scales for websites/apps, smart contracts, and blockchains/DLTs, focusing on the impact of the vulnerability reported. All bug reports must come with a Proof-of-Concept (PoC) and an end-effect that impacts an **Asset in Scope** to be considered for a reward. Bug reports must include an executable PoC in order to prove the impact. Exceptions may be made in cases where the vulnerability is objectively evident by simply mentioning its existence and location. Though please note, in such a case, the bug reporter may be required to provide a PoC at any point in time. ### Reward Payment Terms **Smart Contract** | Level | Payout (Up To) | PoC Required | | -------- | -------------- | ------------ | | Critical | USD $1,000,000 | ✅ | | High | USD $25,000 | ✅ | | Medium | USD $10,000 | ✅ | **Websites and Applications** | Level | Payout | PoC Required | | -------- | ----------- | ------------ | | Critical | USD $10,000 | ✅ | | High | USD $5,000 | ✅ | | Medium | USD $2,000 | ✅ | Payouts are handled by the **LEVEL** team directly and are denominated in USD, but payouts are distributed in **LVL** tokens. The bug bounty program has the following hard caps: * **Smart Contracts**: $1,000,000 * **Websites and Applications**: $10,000 In the event that multiple bug reports are submitted that exceed this amount, the rewards will be provided on a first come first served basis. ### **Assets in Scope** **Smart Contracts** | Target | Type | | -------------------------------------------------------------------------------------------- | ------------------------------------------------- | | | Smart Contract - LiquidityPool | | | Smart Contract - Senior LLP | | | Smart Contract - Mezzanine LLP | | | Smart Contract - Junior LLP | | | Smart Contract - LiquidityRouter | | | Smart Contract - OrderManager | | | Smart Contract - LevelOracle | | | Smart Contract - PriceReporter | | | Smart Contract - TradeExecutor | | | Smart Contract - ETHUnwrapper | | | Smart Contract - LevelTeamMultisig | | | Smart Contract - Timelock (12hr delay) | | | Smart Contract - Timelock (48hr delay) | | | Smart Contract - ProxyAdmin | | | Smart Contract - LVL (Level Token) | | | Smart Contract - LVL Reserve Partnership | | | Smart Contract - LVL Incentives | | | Smart Contract - LVL Dev Fund | | | Smart Contract - LGO (Level Governance) | | | Smart Contract - LevelStake (Dao Staking) | | | Smart Contract - Treasury - Reserve | | | Smart Contract - Treasury - Assets | | | Smart Contract - FeeDistributor | | | Smart Contract - GovernanceRedemptionPool (Old) | | | Smart Contract - GovernanceRedemptionPoolV2 (Old) | | | Smart Contract - VotingPowerView | | | Smart Contract - LGOStakingView | | | Smart Contract - LevelMaster (old) | | | Smart Contract - LevelMasterV2 | | | Smart Contract - LGOStaking | | | Smart Contract - LVLStaking | | | Smart Contract - lylLevel | | | Smart Contract - LevelReferralController (old) | | | Smart Contract - LevelReferralControllerV2 | | | Smart Contract - LevelReferralRegistry | | | Smart Contract - AuctionTreasury | | | Smart Contract - LGO Auction Factory | | | Smart Contract - LVLAuctionFactory | | | Smart Contract - LVLBatchAuctionTreasury | | | Smart Contract - LevelZap | | | Smart Contract - Liquidity Bootstrapping | | | Smart Contract - LVLOracle | **Websites and Applications** | Target | Type | | ------------------------------ | ---------------------------------------- | | ​ | Websites and Applications - App frontend | The entire LEVEL codebase can be found at . The scope of this bug bounty program is restricted to **Assets in Scope**, shown above. For reference purposes, the public testnet can be found at . Please note, program rules prohibit testing on the public testnet. In the case that an impact is found that does not fit into the **Assets in Scope** but can be found below in the **Impacts in Scope**, you are encouraged to submit it for consideration by the team. ### **Impacts in Scope** Only the following impacts are accepted within this bug bounty program. All other impacts are not considered in-scope, even if they affect something in the **Assets in Scope**. **Smart Contract** | Impact | Level | | ---------------------------------------------------------------------------------------- | -------- | | Theft of governance funds | Critical | | Direct theft of any user funds, whether at-rest or in-motion, other than unclaimed yield | Critical | | Loss of user funds by freezing, theft, or manipulation of the price of LLP | Critical | | Permanent freezing of funds | Critical | | Protocol Insolvency | Critical | | Theft of unclaimed yield | High | | Permanent freezing of unclaimed yield | High | | Block stuffing for profit | Medium | | Griefing (e.g. no profit for an attacker but damage to the users or the protocol) | Medium | **Websites and Applications** | Impact | Level | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | | Execute arbitrary system commands | Critical | | Retrieve sensitive data/files from a running server such as /etc/shadow, database passwords, and blockchain keys (this does not include non-sensitive environment variables, open source code, or usernames) | Critical | | Taking down the application/website | Critical | | Taking state-modifying authenticated actions (with or without blockchain state interaction) on behalf of other users without any interaction by that user, such as changing registration information, commenting, voting, making trades, withdrawals, etc. | Critical | | Subdomain takeover with already-connected wallet interaction | Critical | | Direct theft of user funds | Critical | | Malicious interactions with an already-connected wallet such as modifying transaction arguments or parameters, substituting contract addresses, submitting malicious transactions | Critical | | Injecting/modifying the static content on the target application without Javascript (Persistent) such as HTML injection without Javascript, replacing existing text with arbitrary text, arbitrary file uploads, etc. | High | | Changing sensitive details of other users (including modifying browser local storage) without already-connected wallet interaction and with up to one click of user interaction, such as email or password of the victim, etc. | High | | Subdomain takeover without already-connected wallet interaction | High | | Changing non-sensitive details of other users (including modifying browser local storage) without already-connected wallet interaction and with up to one click of user interaction, such as changing the first/last name of user, or en/disabling notification | Medium | | Injecting/modifying the static content on the target application without Javascript (Reflected) such as reflected HTML injection or loading external site data | Medium | | Redirecting users to malicious websites (Open Redirect) | Medium | ### **Out of Scope & Rules** The following vulnerabilities are excluded from the rewards of this bug bounty program: **All Categories** * Attacks that the reporter has already exploited themselves, leading to damage * Attacks requiring access to leaked keys/credentials * Attacks requiring access to privileged addresses (governance, strategist), except in such cases where the contracts are intended to have no privileged access to functions that make the attack possible * Broken link hijacking is out of scope **Smart Contracts and Blockchain/DLT** * Basic economic governance attacks (e.g. 51% attack) * Lack of liquidity * Best practice critiques * Sybil attacks * Centralization risks **Websites and Applications** * Theoretical vulnerabilities without any proof or demonstration * Content spoofing/Plain text injection ex: url parameters, path, etc. * This does not exclude reflected HTML injection with or without javascript * This does not exclude persistent plain text injection * Self-XSS * Captcha bypass using OCR * CSRF with no state modifying security impact (ex: logout CSRF) * Missing HTTP Security Headers (such as X-FRAME-OPTIONS) or cookie security flags (such as “`httponly`”) without demonstration of impact * Server-side non-confidential information disclosure such as IPs, server names, and most stack traces * Vulnerabilities used only to enumerate or confirm the existence of users or tenants * Vulnerabilities requiring un-prompted, in-app user actions that are not part of the normal app workflows * URL redirects (unless combined with another vulnerability to produce a more severe vulnerability) * Lack of SSL/TLS best practices * Attacks involving DDoS * SPF records for email domains * Feature requests * Issues related to the front-end without concrete impact and PoC * Best practices issues without concrete impact and PoC * Vulnerabilities primarily caused by browser/plugin defects * Leakage of non-sensitive API keys ex: Etherscan, Infura, Alchemy, etc. * Any vulnerability exploits requiring browser bugs for exploitation. ex: CSP bypass **The following activities are prohibited by this bug bounty program:** * Any testing with mainnet or public testnet contracts: all testing should be done on local-forks of either public testnet or mainnet * Any testing with pricing oracles or third-party smart contracts * Attempted phishing or other social engineering attacks against our employees and/or customers * Any testing with third-party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks) * Any Denial of Service attacks * Automated testing of services that generates significant amounts of traffic * Public disclosure of an unpatched vulnerability in an embargoed bounty ### # Price Oracles LEVEL asset pricing and keepers are powered by [Pyth Network](https://pyth.network/) and [Chainlink](https://chain.link/). # Smart Contracts ## BNB Smart Chain * Timelock 12 hours: [0x360071D15cce5542E6B7209752eA479b84b28625](https://bscscan.com/address/0x360071D15cce5542E6B7209752eA479b84b28625) * Timelock 48 hours: [0xa0E6B7aE9F4D284df33D41B1355aC28CBDC64F8c](https://bscscan.com/address/0xa0E6B7aE9F4D284df33D41B1355aC28CBDC64F8c) * OperatorMultiSig: [0x6023C6afa26a68E05672F111FdbB1De93cBAc621](https://bscscan.com/address/0x6023C6afa26a68E05672F111FdbB1De93cBAc621) * Level Deployer: [0x6442b001c5AcCE8cb71986ad65B22684821A927A](https://bscscan.com/address/0x6442b001c5AcCE8cb71986ad65B22684821A927A) * LiquidityPool: [0xA5aBFB56a78D2BD4689b25B8A77fd49Bb0675874](https://bscscan.com/address/0xA5aBFB56a78D2BD4689b25B8A77fd49Bb0675874) * OrderManager: [0xf584A17dF21Afd9de84F47842ECEAF6042b1Bb5b](https://bscscan.com/address/0xf584A17dF21Afd9de84F47842ECEAF6042b1Bb5b) * LiquidityRouter:[ 0xBD8638C1fF477275E49aaAe3E4691b74AE76BeCd](https://bscscan.com/address/0xBD8638C1fF477275E49aaAe3E4691b74AE76BeCd) * LevelOracle: [0x347a868537c96650608b0C38a40d65fA8668bb61](https://bscscan.com/address/0x347a868537c96650608b0C38a40d65fA8668bb61) * PriceReporter: [0x16d736c2d6Adf7487c10300c8B25Eeb678EE6107](https://bscscan.com/address/0x16d736c2d6Adf7487c10300c8B25Eeb678EE6107) * Pool Lens: [0xbB89B4910DaB84FF62EeD0A3E0892C5f5876C49a](https://bscscan.com/address/0xbB89B4910DaB84FF62EeD0A3E0892C5f5876C49a) * Trade Lens: [0x5056C99dEC02599173101A956d83d1f3247bCc37](https://bscscan.com/address/0x5056C99dEC02599173101A956d83d1f3247bCc37) * snrLLP: [0xB5C42F84Ab3f786bCA9761240546AA9cEC1f8821](https://bscscan.com/address/0xB5C42F84Ab3f786bCA9761240546AA9cEC1f8821) * mzeLLP: [0x4265af66537F7BE1Ca60Ca6070D97531EC571BDd](https://bscscan.com/address/0x4265af66537F7BE1Ca60Ca6070D97531EC571BDd) * jnrLLP: [0xcC5368f152453D497061CB1fB578D2d3C54bD0A0](https://bscscan.com/address/0xcC5368f152453D497061CB1fB578D2d3C54bD0A0) * LVL: [0xB64E280e9D1B5DbEc4AcceDb2257A87b400DB149](https://bscscan.com/address/0xB64E280e9D1B5DbEc4AcceDb2257A87b400DB149) * LGO:[ 0xBe2B6C5E31F292009f495DDBda88e28391C9815E](https://bscscan.com/address/0xBe2B6C5E31F292009f495DDBda88e28391C9815E) * PreLVL: [0x486060269E576F79Fbf8861F4C9c440945b57498](https://bscscan.com/address/0x486060269E576F79Fbf8861F4C9c440945b57498) * IncentiveController: [0x2Ed6ceD074B2E822d3Afc1949A4433Bf4654A43A](https://bscscan.com/address/0x2Ed6ceD074B2E822d3Afc1949A4433Bf4654A43A) * LyLevel: [0x95883611685a20936EC935B0A33F82e11D478e3D](https://bscscan.com/address/0x95883611685a20936EC935B0A33F82e11D478e3D) * Ladder: [0xf1fe97ceA2cd0bA34A73e26635C77C410030fE8e](https://bscscan.com/address/0xf1fe97ceA2cd0bA34A73e26635C77C410030fE8e) * LVL twap oracle: [0x50FB64F99372E87f276fDb1518fA84AEb1719139](https://bscscan.com/address/0x50FB64F99372E87f276fDb1518fA84AEb1719139) * ReferralRegistry: [0x4980c82cF6A4bf0A3265985d4bC01120A0C6bb22](https://bscscan.com/address/0x4980c82cF6A4bf0A3265985d4bC01120A0C6bb22) * ReferralControllerV2: [0x977087422C008233615b572fBC3F209Ed300063a](https://bscscan.com/address/0x977087422C008233615b572fBC3F209Ed300063a) * ReferralController: [0x5e60606Dc9FcAa6891F63c9288E4BF0bB016D79c](https://bscscan.com/address/0x5e60606Dc9FcAa6891F63c9288E4BF0bB016D79c) * ReferralRewarderV2: [0x10AbA926d94BE25EA87eB579321f2Ec8361131a6](https://bscscan.com/address/0x10AbA926d94BE25EA87eB579321f2Ec8361131a6) * ReferrerCodeRegistry: [0x2163ae506e025f473fd22860C47c9Bc9D222A77e](https://bscscan.com/address/0x2163ae506e025f473fd22860C47c9Bc9D222A77e) * PreLVLConverter: [0x46Af2a415a943049B80A6046d107C9838D9D3a76](https://bscscan.com/address/0x46Af2a415a943049B80A6046d107C9838D9D3a76) * Vesting using LVL in LVL Staking: [0xfDd5F4adf7e44D3a3018AB1acEDEAeFE615ed5Ca](https://bscscan.com/address/0xfDd5F4adf7e44D3a3018AB1acEDEAeFE615ed5Ca) * Vesting using LVL/USDT in LVL Staking: [0xE27B26b75cb59B9279C57a27aEae3390E5Dcac3a](https://bscscan.com/address/0xE27B26b75cb59B9279C57a27aEae3390E5Dcac3a) * Vesting using LVL in DAO Staking: [0xa0605c6dBe964273FbC17Ad705bCFDF8796F133c](https://bscscan.com/address/0xa0605c6dBe964273FbC17Ad705bCFDF8796F133c) * Vesting using LVL/USDT in DAO Staking: [0xc65b352de87b134f84c030DA10ACcD7A45B51ee0](https://bscscan.com/address/0xc65b352de87b134f84c030DA10ACcD7A45B51ee0) * Governance redemption pool v2 (deprecated): [0x31A3CDCC3a04fd8a1888e33E38b9D2bb72D6b1dc](https://bscscan.com/address/0x31A3CDCC3a04fd8a1888e33E38b9D2bb72D6b1dc) * Governance redemption pool v3: [0x6A5607CeAeE3F947fb5736753F7722D7Fb69eE4F](https://bscscan.com/address/0x6A5607CeAeE3F947fb5736753F7722D7Fb69eE4F) * Treasury: [0x8BFf27E9Fa1C28934554e6B5239Fb52776573619](https://bscscan.com/address/0x8BFf27E9Fa1C28934554e6B5239Fb52776573619) * Treasury Reserve: [0xB07953F23545796710957faec97F05B21146AC2d](https://bscscan.com/address/0xB07953F23545796710957faec97F05B21146AC2d) * LVL Reserve: [0x92A0A11A57C28d4C86a629530fd59B83B1276003](https://bscscan.com/address/0x92A0A11A57C28d4C86a629530fd59B83B1276003) * LVL Investor Reserve: [0x9a1409a1b7826A80B6C6D33f85a342Cd9448FB54](https://bscscan.com/address/0x9a1409a1b7826A80B6C6D33f85a342Cd9448FB54) * Dev Fund: [0xE2994c23E22C05119FE780684F8CD401E27fFd7A](https://bscscan.com/address/0xE2994c23E22C05119FE780684F8CD401E27fFd7A) * LVL Dev Reserve: [0x804bbb7a06c0934571aAD137360215ef1335e6A1](https://bscscan.com/address/0x804bbb7a06c0934571aAD137360215ef1335e6A1) * LGO Reserve: [0x890D441a9D140F611066deF70B8B5830A36D7725](https://bscscan.com/address/0x890D441a9D140F611066deF70B8B5830A36D7725) * Investor Vesting 1: [0xA67FBecEa04d09a96b6153651093732352A45FFf](https://bscscan.com/address/0xA67FBecEa04d09a96b6153651093732352A45FFf) * Investor Vesting 2: [0x0415ede62FCEBDDD4012F0612fbf4409fE9eD3c5](https://bscscan.com/address/0x0415ede62FCEBDDD4012F0612fbf4409fE9eD3c5) * Investor Vesting 3: [0xfAfb51D61a450974042A1Ce40d2BAF6257486eeA](https://bscscan.com/address/0xfAfb51D61a450974042A1Ce40d2BAF6257486eeA) * Investor Vesting 4:[ 0x343cE0EB08D8c0C7b4351dD1d4ddAC551564f3aF](https://bscscan.com/address/0x343cE0EB08D8c0C7b4351dD1d4ddAC551564f3aF) * Investor Vesting 5: [0x8Ac8F6bA58A61020798B80305B6623Fc61d745af](https://bscscan.com/address/0x8Ac8F6bA58A61020798B80305B6623Fc61d745af) * AuctionTreasury (deprecated): [0x712A2e08C67cD7153f04FdB3037d4696300921d0](https://bscscan.com/address/0x712A2e08C67cD7153f04FdB3037d4696300921d0) * LVL Auction Factory (deprecated): [0xD44B961eA03Fb87330b1b2BDd1b83da4c537f82F](https://bscscan.com/address/0xD44B961eA03Fb87330b1b2BDd1b83da4c537f82F) * LGO Auction Factory (deprecated): [0x7E416685d5dFB54cF0F6258E5b2c1953F7390Ff0](https://bscscan.com/address/0x7E416685d5dFB54cF0F6258E5b2c1953F7390Ff0) * LgoAuctionFactory: [0xc31bcCd2106Dae0b27c2C7E1385E12cEF4512f5E](https://bscscan.com/address/0xc31bcCd2106Dae0b27c2C7E1385E12cEF4512f5E) * LvlAuctionFactory (deprecated): [0xD463EeC58D1Eb7F94865e2F2c09f097f7EB0B895](https://bscscan.com/address/0xD463EeC58D1Eb7F94865e2F2c09f097f7EB0B895) * LvlAuctionLens (deprecated): [0xC926D45bC8bA90174A72625FAb37c2D5FF63d677](https://bscscan.com/address/0xC926D45bC8bA90174A72625FAb37c2D5FF63d677) * LvlAuctionFactoryV2: [0x30f00859A0b4893b8201cb6478434EB8dDb9195a](https://bscscan.com/address/0x30f00859A0b4893b8201cb6478434EB8dDb9195a) * LvlAuctionLensV2: [0x5d9282556668D40D39C8AB69fc0EB613a2CfF92d](https://bscscan.com/address/0x5d9282556668D40D39C8AB69fc0EB613a2CfF92d) * VotingPowerView: [0x4aa34261769BA17FAA10B99BaCF63Baca4238205](https://bscscan.com/address/0x4aa34261769BA17FAA10B99BaCF63Baca4238205) * LGOStakingView: [0xF8b99A0AA1a554192aC09085452e623e0E1B3F06](https://bscscan.com/address/0xF8b99A0AA1a554192aC09085452e623e0E1B3F06) * LVLBridgeController: [0xC0717eb8ad66d0b3BF16Bbe0bAC0fb605a715A35](https://bscscan.com/address/0xC0717eb8ad66d0b3BF16Bbe0bAC0fb605a715A35) * LVLBridgeProxy: [0xe3197276dC213F62d49b0Ee77E61b6a927609eAe](https://bscscan.com/address/0xe3197276dC213F62d49b0Ee77E61b6a927609eAe) * LGOBridgeController: [0x815E85C22692643420B533DE557fFE3583b11C76](https://bscscan.com/address/0x815E85C22692643420B533DE557fFE3583b11C76) * LGOBridgeProxy: [0x7038aaE4AB54de5afeF4Ac6041bf91a32C5501cf](https://bscscan.com/address/0x7038aaE4AB54de5afeF4Ac6041bf91a32C5501cf) * Level Master (deprecated): [0x5aE081b6647aEF897dEc738642089D4BDa93C0e7](https://bscscan.com/address/0x5aE081b6647aEF897dEc738642089D4BDa93C0e7) * pre Level Master: [0x506137d1Ae62685506FCcb7E55457c976425F13a](https://bscscan.com/address/0x506137d1Ae62685506FCcb7E55457c976425F13a) * LVL Staking (deprecated): [0x08A12FFedf49fa5f149C73B07E31f99249e40869](https://bscscan.com/address/0x08A12FFedf49fa5f149C73B07E31f99249e40869) * MultiplierTracker: [0x1908bF4E2cef32C477518B0De7ec3b00De2908c2](https://bscscan.com/address/0x1908bF4E2cef32C477518B0De7ec3b00De2908c2) * LVL Omni-Chain Staking using LVL: [0x890Ca1A86269F26644B758394dCC06e862863500](https://bscscan.com/address/0x890Ca1A86269F26644B758394dCC06e862863500) * LVL Omni-Chain Staking using LVL/USDT: [0x93699A499cA37F3070DF4Ba7D4Ce8f3eA0123538](https://bscscan.com/address/0x93699A499cA37F3070DF4Ba7D4Ce8f3eA0123538) * LVL Omni-Chain Staking reserve: [0x55E8Ce738A4aAF79503Af851460eA5E8ee00C285](https://bscscan.com/address/0x55E8Ce738A4aAF79503Af851460eA5E8ee00C285) * LVL Omni-Chain Staking allocation controller: [0xCAa98a6A5141e027B707521CD533df34285C6f14](https://bscscan.com/address/0xCAa98a6A5141e027B707521CD533df34285C6f14) * LVL Omni-Chain Staking claim helper: [0x09Fbee84aCF60C14574773B54BFeB26E84e4DfC2](https://bscscan.com/address/0x09Fbee84aCF60C14574773B54BFeB26E84e4DfC2) * LGO Staking (deprecated): [0xe5f3b669fd58AF914111759da054f3029734678C](https://bscscan.com/address/0xe5f3b669fd58AF914111759da054f3029734678C) * LGO Omni Staking: [0x6AFdaB39D11339542998e2006a846Cd2cE3D01bd](https://bscscan.com/address/0x6AFdaB39D11339542998e2006a846Cd2cE3D01bd) * DaoStaking (deprecated): [0x87CC04d6FE59859cB7eB6d970EBc22dCdCBc9368](https://bscscan.com/address/0x87CC04d6FE59859cB7eB6d970EBc22dCdCBc9368) * DAO Omni-Chain Staking using LVL: [0x5FEdD15Fbf7D98F91e1DC70c1DA99839613034f7](https://bscscan.com/address/0x5FEdD15Fbf7D98F91e1DC70c1DA99839613034f7) * DAO Omni-Chain Staking using LVL/USDT: [0xbA7e2ab341F929d9455179409646f3A4D44ddA93](https://bscscan.com/address/0xbA7e2ab341F929d9455179409646f3A4D44ddA93) * DAO allocation controller: [0x37c36AA3A17c8fe9E992490Aa2168c6415E5d44E](https://bscscan.com/address/0x37c36AA3A17c8fe9E992490Aa2168c6415E5d44E) * DAO claim helper: [0xb3d0a2164539F8faE962f92E11B165cCe03831d6](https://bscscan.com/address/0xb3d0a2164539F8faE962f92E11B165cCe03831d6) ## ARBITRUM * Timelock 12 hours: [0x5DBe6E2d86f046E827d675Ba7E6234eC513Ac25A](https://arbiscan.io/address/0x5DBe6E2d86f046E827d675Ba7E6234eC513Ac25A) * OperatorMultiSig: [0x3d883658C55210c353506f57B02D11EaBAcE6F7f](https://arbiscan.io/address/0x3d883658C55210c353506f57B02D11EaBAcE6F7f) * Level Deployer: [0x6442b001c5AcCE8cb71986ad65B22684821A927A](https://arbiscan.io/address/0x6442b001c5AcCE8cb71986ad65B22684821A927A) * LiquidityPool: [0x32B7bF19cb8b95C27E644183837813d4b595dcc6](https://arbiscan.io/address/0x32B7bF19cb8b95C27E644183837813d4b595dcc6) * OrderManager: [0x2215298606C9D0274527b13519Ec50c3A7f1c1eF](https://arbiscan.io/address/0x2215298606C9D0274527b13519Ec50c3A7f1c1eF) * LiquidityRouter: [0x1E46Ab9D3D9e87b95F2CD802208733C90a608805](https://arbiscan.io/address/0x1E46Ab9D3D9e87b95F2CD802208733C90a608805) * LevelOracle: [0x82B585a8F15701BBD671850f0a9F1feE57a8DCB5](https://arbiscan.io/address/0x82B585a8F15701BBD671850f0a9F1feE57a8DCB5) * PriceReporter: [0xd75EA10DEa903519E2A7CA6Ba168dAf0b6558cA8](https://arbiscan.io/address/0xd75EA10DEa903519E2A7CA6Ba168dAf0b6558cA8) * Pool Lens: [0x451acd3643D37B2841bEAc94E9a7320f11FDA06F](https://arbiscan.io/address/0x451acd3643D37B2841bEAc94E9a7320f11FDA06F) * Trade Lens: [0x57f051304717E65ec2504f67C94b93EA65BA91ce](https://arbiscan.io/address/0x57f051304717E65ec2504f67C94b93EA65BA91ce) * LiquidityCalculator: [0x1f1A1CFBDE3D05bd93Ad774f09ACFB48A7115773](https://arbiscan.io/address/0x1f1A1CFBDE3D05bd93Ad774f09ACFB48A7115773) * snrLLP: [0x5573405636F4b895E511C9C54aAfbefa0E7Ee458](https://arbiscan.io/address/0x5573405636F4b895E511C9C54aAfbefa0E7Ee458) * mzeLLP: [0xb076f79f8D1477165E2ff8fa99930381FB7d94c1](https://arbiscan.io/address/0xb076f79f8D1477165E2ff8fa99930381FB7d94c1) * jnrLLP: [0x502697AF336F7413Bb4706262e7C506Edab4f3B9](https://arbiscan.io/address/0x502697AF336F7413Bb4706262e7C506Edab4f3B9) * LVL: [0xB64E280e9D1B5DbEc4AcceDb2257A87b400DB149](https://arbiscan.io/address/0xB64E280e9D1B5DbEc4AcceDb2257A87b400DB149) * LGO: [0xf8ec3c8625F9fC8034C8eA62c5Ae71dCBE073214](https://arbiscan.io/address/0xf8ec3c8625F9fC8034C8eA62c5Ae71dCBE073214) * preLVL: [0x964d582dA16B37F8d16DF3A66e6BF0E7fd44ac3a](https://arbiscan.io/address/0x964d582dA16B37F8d16DF3A66e6BF0E7fd44ac3a) * Incentive controller: [0x084292f911C94d00aa4deda08fa7bBb13B29b5Ba](https://arbiscan.io/address/0x084292f911C94d00aa4deda08fa7bBb13B29b5Ba) * LyLevel: [0x1428cC68c38F370c911a537981b75b0E3C650c33](https://arbiscan.io/address/0x1428cC68c38F370c911a537981b75b0E3C650c33) * Ladder: [0x8d7f3359D3d3d0F37a988B89A5824885ED8C52a4](https://arbiscan.io/address/0x8d7f3359D3d3d0F37a988B89A5824885ED8C52a4) * LVL twap oracle: [0xaa32c1c69741A9561ec973D6A36885F096283a96](https://arbiscan.io/address/0xaa32c1c69741A9561ec973D6A36885F096283a96) * ReferralRegistry: [0xED0780210A099271fAE2ba93E1dD2310936761Be](https://arbiscan.io/address/0xED0780210A099271fAE2ba93E1dD2310936761Be) * ReferralController: [0xbf80a1288012Ada64B6086998fA12bb482086bbc](https://arbiscan.io/address/0xbf80a1288012Ada64B6086998fA12bb482086bbc) * ReferralRewarderV2: [0x2100Ed94172b0627D6fe772EB11B16d9Ba1C4CeA](https://arbiscan.io/address/0x2100Ed94172b0627D6fe772EB11B16d9Ba1C4CeA) * PreLVLConverter: [0xaB2E391738F2CAfD6c2f9b6CDEeA9831FA0887dC](https://arbiscan.io/address/0xaB2E391738F2CAfD6c2f9b6CDEeA9831FA0887dC) * Vesting using LVL in LVL Staking: [0x204561088Eb1719987cE815110B3d2e4Ba4c4744](https://arbiscan.io/address/0x204561088Eb1719987cE815110B3d2e4Ba4c4744) * Vesting using LVL/USDT in LVL Staking: [0xd3F658e804AffddF8f9501793e0031e941f8104a](https://arbiscan.io/address/0xd3F658e804AffddF8f9501793e0031e941f8104a) * Vesting using LVL in DAO Staking: [0x51d273802e9199d90aE795Fda11B63409703A315](https://arbiscan.io/address/0x51d273802e9199d90aE795Fda11B63409703A315) * Vesting using LVL/USDT in DAO Staking: [0xBBD0490EA2A7B4e8E9762E8425B881114Fe9D0BE](https://arbiscan.io/address/0xBBD0490EA2A7B4e8E9762E8425B881114Fe9D0BE) * Governance redemption pool v3: [0x9fD5C8AfDB4f7055ce9FfBb5BE6f78a538c97D9d](https://arbiscan.io/address/0x9fD5C8AfDB4f7055ce9FfBb5BE6f78a538c97D9d) * Treasury: [0x635aaC65f37a6bbE06a2dde77B0fD2F1748674d4](https://arbiscan.io/address/0x635aaC65f37a6bbE06a2dde77B0fD2F1748674d4) * LVL Reserve: [0x4B47EF68180EC46A0b6bE4d34FD9D8680BEe2b2c](https://arbiscan.io/address/0x4B47EF68180EC46A0b6bE4d34FD9D8680BEe2b2c) * LGO Reserve:[ 0xc6090086651dcf4C9ffE5132347E11fAE694E477](https://arbiscan.io/address/0xc6090086651dcf4C9ffE5132347E11fAE694E477) * LVLBridgeController: [0x92a103971f1700B716B828E9FC0392E0ae2Eed14 ](https://arbiscan.io/address/0x92a103971f1700B716B828E9FC0392E0ae2Eed14) * LVLBridgeProxy: [0x0dF9e4182D6CA4CE655f1bEd19c0329002e46fD8](https://arbiscan.io/address/0x0dF9e4182D6CA4CE655f1bEd19c0329002e46fD8) * LGOBridgeController: [0x8F52f9739E73c1ACD50bAF5be126eA3e0C87749e ](https://arbiscan.io/address/0x8F52f9739E73c1ACD50bAF5be126eA3e0C87749e) * LGOBridgeProxy: [0x2ee4a310c9D8430FCe1A9Cc14aA905bDB75721D8](https://arbiscan.io/address/0x2ee4a310c9D8430FCe1A9Cc14aA905bDB75721D8) * LevelMaster: [0x0180dee5Df18eBF76642e50FaaEF426f7b2874f7](https://arbiscan.io/address/0x0180dee5Df18eBF76642e50FaaEF426f7b2874f7) * preLevel Master: [0xC18c952F800516E1eef6aB482F3d331c84d43d38](https://arbiscan.io/address/0xC18c952F800516E1eef6aB482F3d331c84d43d38) * MultiplierTracker: [0x53ca490176296857145BE31a9fA0Bf69f04Ee91b ](https://arbiscan.io/address/0x53ca490176296857145BE31a9fA0Bf69f04Ee91b) * LVL Omni-Chain Staking using LVL: [0x23c2d94404fd489Fb9CA25fFE412E86e07428597 ](https://arbiscan.io/address/0x23c2d94404fd489Fb9CA25fFE412E86e07428597) * LVL Omni-Chain Staking using LVL/USDT: [0xccBAdBB39660eC91a8F6da8909d6f4D83855f8ac ](https://arbiscan.io/address/0xccBAdBB39660eC91a8F6da8909d6f4D83855f8ac) * LVL Omni-Chain Staking reserve: [0x75267d2ee69936694a6c2eE82f7d2ae822ca4bd4 ](https://arbiscan.io/address/0x75267d2ee69936694a6c2eE82f7d2ae822ca4bd4) * LVL Omni-Chain Staking allocation controller: [0xA0162fce099313FAF0A7Ee5dC689D6045bE751B8 ](https://arbiscan.io/address/0xA0162fce099313FAF0A7Ee5dC689D6045bE751B8) * LVL staking claim Helper:[ 0x6127A868156e66A94D99A0D9a75cF05503015276 ](https://arbiscan.io/address/0x6127A868156e66A94D99A0D9a75cF05503015276) * LGO Omni Staking: [0x688FF0a32366eC4df2e03aFc6E68015836205bA0](https://arbiscan.io/address/0x688FF0a32366eC4df2e03aFc6E68015836205bA0) * DAO Omni-Chain Staking using LVL: [0xEE6B9c734A35153Be01e63A55466bfc755c005F4](https://arbiscan.io/address/0xEE6B9c734A35153Be01e63A55466bfc755c005F4) * DAO Omni-Chain Staking using LVL/USDT: [0xf3527b25b83AfC8CA29Fe8A0e117344b9CF01866 ](https://arbiscan.io/address/0xf3527b25b83AfC8CA29Fe8A0e117344b9CF01866) * DAO allocation controller: [0x5859c93Fd9aF02921390D579Fe2DABCf20A5Ec15](https://arbiscan.io/address/0x5859c93Fd9aF02921390D579Fe2DABCf20A5Ec15) * DAO claim Helper: [0xB6742103f2c0d9f2E439Ac812d69D66032426e6e ](https://arbiscan.io/address/0xB6742103f2c0d9f2E439Ac812d69D66032426e6e) # Team Background The LEVEL team consists of about 30 people including: * Seasoned developers (Solidity, Backend, and Frontend) * In-house designers * Project managers * Testing and auditing teams We are proud to be made up mostly of crypto entrepreneurs entering crypto in 2011-2012 who are using this experience to build an entire DeFi Liquidity Ecosystem. To demonstrate our long-term commitment and belief in the project, the team allocation of LVL tokens is locked for 4 years. ### Team * Dee\_lvl: Co-founder, Lead Dev * Kyuu: Co-founder (Strategy, Products) * Le Jacque: Co-Founder (Strategy, Economics) * Kahn: Product Manager * H\_potter: Solution Architect * Sonic: Business Development, Partnerships * Wuan: Community & Operations Manager # Brand Assets ### **VISUALS**
![](/files/zHh50atcQeLMJTIv3fHW) ![](/files/VrKRTcgaqpzP4qELNrED)
### **ICONS**
![](/files/GXvHuUkSLVKSRT16UZAo)
### **COLOR CODES** ### Color Scheme * Primary: #FFB313 * Background: #29292C * Green: #35CA65 * Red: #F83636 ![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2F8760496c-5c48-4efe-b242-f3d60129c9cb%2FUntitled.png?id=f1b4e564-ba24-4676-a01b-8d2a16c76baa\&table=block\&spaceId=27a730c4-ae83-42ae-9a17-64d20231ccca\&width=860\&userId=1038f171-c394-4803-aff6-3f75c81d6efe\&cache=v2) ### Font The font used across the LEVEL ecosystem is [Satoshi Variable](https://fonts.google.com/specimen/IBM+Plex+Sans) # Links & Social Media # Official LEVEL links | Target | URL | | ----------------------------- | ------------------------------------------- | | Landing Page | ​ | | DAO Governance & Staking | | | DEX | ​ | | BackUp Page URL | | | FAQ & Live Support | ​ | | | | | Test Server 2.0 | | | | | | Discord Server | ​ | | X (Twitter) | ​ | | Telegram Community Discussion | ​ | | Youtube | ​ | | Governance Forum | | | Reddit | | | | | | Medium Articles | ​ | | GitHub | ​ | | Documentation / Whitepaper | ​ | | Newsletter | | # Wider Ecosystem Links Please exercise caution while using third-party apps or sites, and always do your own research.
LevelInfoURL
Level BridgeBridge LVL and LGOhttps://bridge.level.finance/
LLP TrackerTrack your Liquidityhttps://llp.level.finance/
Trading TerminalTrading Analyticshttps://terminal.level.finance/
LevellerTracking of any LVL holderhttps://leveller.me/
Auction HouseLVL & LGO auctionshttps://auction.level.finance/
Coin MetricsURL
CoinGecko​https://www.coingecko.com/en/coins/level​
CoinMarketCap​https://coinmarketcap.com/currencies/level-finance/​
Project IntegrationsURL
DeBank​https://debank.com/protocols/bsc_level/pools​
DefiLlama​https://defillama.com/protocol/level-finance​
Token Terminal​https://tokenterminal.com/terminal/projects/level-finance​
Dune Analytics​https://dune.com/levelfinance/overview​
$LVL ChartsURL
GeckoTerminal​https://www.geckoterminal.com/bsc/pools/0x70f16782010fa7ddf032a6aacdeed05ac6b0bc85​
DexGuru​https://dex.guru/token/0xb64e280e9d1b5dbec4accedb2257a87b400db149-bsc​
DexScreener​https://dexscreener.com/bsc/0x70f16782010fa7ddf032a6aacdeed05ac6b0bc85​
DexTools​https://www.dextools.io/app/en/bnb/pair-explorer/0x70f16782010fa7ddf032a6aacdeed05ac6b0bc85​
CryptoRank​https://cryptorank.io/price/level-finance​
# Level Newsletter LEVEL Update: Developer Insights & Platform News {% hint style="info" %} {% endhint %}
Release dateLink
May 29th, 2023Omnichain Exploration Begins: #1
June 5th, 2023Omnichain Expansion Initiated: #2
June 12th, 2023Unleashing Chains, Amplifying Gains: #3
June 19th, 2023Chain Reaction: LEVEL Live on Arbitrum: #4
June 26th, 20236 Months Triumph: New Investor Arrives, Treasury Thrives: #5
July 3rd, 2023Omni-Chain Features Emerge: #6
July 10th, 2023LEVEL Up: Celebrating $20 Billion and Beyond!: #7
July 18th, 2023Game of Referrals: #8
July 25h, 2023Calm before the storm: #9
August 1st, 2023Omni-Staking Arrives: #10
August 14th, 2023LEVEL 2.0 : A closer bond with LVL: #11
August 22nd, 2023LGO: Bridge, Redeem, Stake: #12
# LEVEL x Zealy (Crew³) Complete quests, have fun, earn $LVL rewards
Dear community, we are excited to invite you to our quest initiative with Zealy, an engagement platform for web3 communities where you can submit your completed social tasks and get rewarded! Through a series of tasks on Zealy, called quests, we want to reward and give back for your active engagement and contribution to LEVEL ❤️ {% hint style="success" %} **Visit** [**level.zealy.io**](https://level.zealy.io/) {% endhint %} ## How to get involved? It takes you just a few moments to get started. You don’t have to create any Crew³ user accounts. Simply sign in with your existing accounts and you can start. * Go to: [**level.zealy.io**](https://level.zealy.io/) * Connect your accounts * Complete as many quests as you can and collect XP * Follow the [Leaderboard](https://crew3.xyz/c/level/leaderboard) for rankings **Each completed quest rewards you with some XPs**, depending on the difficulty of the quest. There are a variety of quests going on at any one time, ranging from simple tasks, like following us on Twitter, or retweeting a Tweet, to more interactive challenges like writing a thread or article about LEVEL. Quests are split up into a few categories: * Getting started / easy-quests * Social media engagement * Content-creation * Inviting friends and followers, and more Of course, there will be new quests added regularly to keep the fun going, so don’t miss out on the chance to earn rewards and have fun contributing to the community. That’s all. Happy XP hunting! # FAQ {% hint style="info" %} Many more support materials can be found in the [LEVEL Knowledge Base](https://support.level.finance/) {% endhint %} **Is LEVEL a decentralised exchange (DEX)?** LEVEL is an on-chain, non-custodial, frictionless, and permissionless DEX! As a DEX, LEVEL operates without a centralised authority, removing barriers to entry through permissionless smart contracts. DEXs reduce the risk of price manipulation, as well as exploits and theft as crypto assets are never in the custody of the exchange itself. #### **Where to check rewards from my LLPs?** Staked LLP tokens auto-compound fees into the LLP itself, increasing the assets within the LLP and thus the price. The higher the LLP price, the higher the value of your LLP assets will be! You also receive LVL rewards for providing liquidity as an LLP. These can be claimed on the [LEVEL Liquidity page](https://dao.level.finance/liquidity/buy). {% hint style="info" %} 💡 Provide liquidity and claim rewards in our [**Liquidity Tutorials**](/tutorials/liquidity-tutorials) {% endhint %} #### **I provided liquidity to the LVL/BNB LP, where do the rewards come from? Can I stake this LP to earn additional rewards?** When you create a liquidity pool position on Pancakeswap, you are providing liquidity for the LVL/BNB spot market enabling people to swap LVL tokens. When a user swaps between tokens in this pool, a trading fee is taken from them, a part of which is distributed to liquidity providers according to their share of the pool. {% hint style="info" %} 💡 Find more information on PancakeSwap trading fees [here](https://docs.pancakeswap.finance/products/pancakeswap-exchange/pancakeswap-pools#earning-trading-fees) {% endhint %} LP tokens from PancakeSwap can then be staked or farmed to earn additional rewards, either at LEVEL to earn LVL, or at PancakeSwap to earn CAKE. {% hint style="info" %} 💡 Provide LVL/BNB liquidity in our [**Liquidity Tutorials**](/tutorials/liquidity-tutorials) {% endhint %} #### Is there a Dune dashboard for LEVEL? There are several Dune dashboards that monitor the entire LEVEL ecosystem. * Overview: * Total AUM OverTime * Trading Volume OverTime * LPs Net Profit and Loss vs Trader Net Profit and Loss * Open Interest * Fees Breakdown * User Activities * Trading: * Trading Volume for the past 24 hours, week and month * Token Volume Breakdown By Token * Top Trader Profit and Loss * Liquidity: * Individual Tranche (Junior, Mezzanine, and Senior) Pricing and AUM * AUM Performance Annualized * Borrowing Rate Annualized * Earn: * Junior, Mezzanine, and Senior LLP’s APR * DAO Staking * LGO Staking * LVL Staking * Tokens: * LVL Circulating Supply * Top Referrers * Top Loyalty Receivers * Top LVL and LGO Holders #### Can I set a Stop Loss or Take Profit when I am leverage trading on LEVEL? Yes! To do so, you can either create a market order position or a limit order position, once your position has been executed you will be able to define your stop loss or take profit. {% hint style="info" %} 💡 Create a Stop Loss or Take Profit in our [**Trading Tutorials**](/tutorials/trading-tutorials) {% endhint %} Note, you cannot define a stop loss or take profit prior to the position being created, such as when you are creating a limit order. #### Why is the LEVEL team staking LVL in the LGO Staking contracts? The LEVEL team is committed to safeguarding the platform in its early stages. To achieve this, the team need to be the majority holder of LGO, as governance rights are proportional to the LGO share held. Through the staking of LVL team tokens in return for LGO, the team’s ongoing share of governance is determined. For the first year, the LEVEL Team will hold greater than 50% of the LGO Supply. In the following years, the team will gradually reduce their LGO share relative to other holders. {% hint style="info" %} 💡 For more information, see [**LEVEL DAO**](/level-dao) {% endhint %} #### In what ways does LEVEL plan to attract more liquidity to the platform? On top of directing protocol revenue to liquidity providers (LPs), additional incentives in the form of LVL tokens are also distributed. Looking forward, LEVEL plans to create a multi-chain liquidity aggregator collecting fragmented liquidity across various ecosystems to represent a unified pool, for users to trade, swap and borrow against. #### How can I track my LLP over time? * Enter your wallet address here: * Here you can track how your LLP performs against BTC as well as the total fees accrued from your LLP position #### How can I track all my activities on LEVEL? * Enter your wallet address here: * Here you can track: * LVL and LGO Holdings * Trading Performance * Trading Volume * Fees Paid * Net Profit * Liquidity Positions * Which pools they are staked in * Staking Positions * DAO Staked LVL and LGO * Loyalty Program History * lyLVL Balance * Total LVL Rewards from the program * Referral Program History * Total Referrals Accrued #### Who is on the LEVEL team? {% hint style="info" %} See [**Team Background**](https://docs.level.finance/miscellaneous/team-background) {% endhint %} # DAO Changelog ## LIP #1 [LIP #1 - Rewards Emissions Mechanism Update](https://dao.level.finance/dao/proposals/0x522a3e3d4b474f69ee21525d4a4bc68b1edd6d66c9eae8510b67746de7252182) Vote End Date: Jan 09, 2023, 23:00:00 #### Changes 1. Migration to a new LVL farming contract for LEVEL liquidity providers 1. Introduction of a 10-day unstaking cool-down period 2. Automatic staking of LVL rewards in the LEVEL DAO staking contract ## LIP #2 [LIP #2 - More economically-focused LVL emission](https://dao.level.finance/dao/proposals/0x44425f5b0ac739668be10e7d58d5cee081136f920d27b1deb94172d3b2ce11c6) Vote End Date: Jan 16, 2023, 23:00:00 #### Changes 1. Reduction of Daily LVL Rewards for Liquidity Providers: | Liquidity Provider | Previous Emissions (LVL) | New Emissions (LVL) | | ------------------ | ------------------------ | ------------------- | | Senior Tranche | 12,000 | 6,000 | | Mezzanine Tranche | 20,000 | 10,000 | | Junior Tranche | 16,000 | 8,000 | | LVL/BNB | 32,000 | 10,000 | 2. Increase in Daily LVL Rewards for Trading: | Trading Program | Previous Emissions (LVL) | New Emissions (LVL) | | --------------- | ------------------------ | ------------------- | | Loyalty | 20,000 | 36,000 | 3. Introduction of LVL rewards to LEVEL DAO: * 30,000 LVL per day to Treasury on a weekly basis (210,000 LVL) * The LEVEL DAO can use the tokens for multiple purposes including protocol operations 4. All LVL rewards (except for LVL/BNB LPs) will be automatically staked in the LEVEL DAO staking contract ## LIP #3 [LIP #3 - Governance Redemption Pool](https://dao.level.finance/dao/proposals/0x2c567a1927a82b0c54c4b3df144eaf449f2e75bb8cd98130f4677dc35d4c3e0c) Vote End Date: Jan 25, 2023, 21:59:00 #### Changes 1. Introduction of a 2-day redemption window for LGO holders to redeem their LGO for 80% of the Liquid Treasury Assets (the other 20% is reserved for protocol development), every 2 weeks. ## LIP #4 [LIP #4 - Loyalty Program Emission](https://dao.level.finance/dao/proposals/0x877f0c5556e3e5409d36c5636e3a8f3ee8e606585a00d14de9bd39c7b4c9da70) Vote End Date: Jan 23, 2023, 03:00:00 #### Changes 1. Reduction of Daily Loyalty Program emissions to 16,000 LVL ## LIP #5 [LIP #5 - End of Liquidity Bootstrapping Pool](https://dao.level.finance/dao/proposals/0xb3a4ccc7657ae5cf48f44c14b3aa0809a46e42a00b652ca81ccbed22df030b8f) Vote End Date: Jan 26, 2023, 23:00:00 #### Changes 1. Bootstrapping LPs ceased to receive LVL rewards on January 27th at 00:00 UTC 2. Bootstrapping LPs could withdraw deposited assets starting from January 27th at 00:00 UTC 3. Transfer of 550,000 LVL (half of promised bootstrapping) to the Treasury, to be managed by the DAO 4. The remaining LVL would be claimable for the next 2 months on a pro-rata basis, starting from the 1st of February ## LIP #6 [LIP #6 - New Round of LVL Emission Cut](https://dao.level.finance/dao/proposals/0x79b95ecf08b14c6faa01ecb39ccc2fad553249090f8565e192baf8e361173230) Vote End Date: Jan 31, 2023, 00:59:24 #### Changes 1. Reduction of Daily LVL Rewards for Liquidity Providers: | Liquidity Provider | Previous Emissions (LVL) | New Emissions (LVL) | | ------------------ | ------------------------ | ------------------- | | Senior Tranche | 6,000 | 1,800 | | Mezzanine Tranche | 10,000 | 3,000 | | Junior Tranche | 8,000 | 2,200 | | LVL/BNB | 10,000 | 3,000 | 2. Reduction of Daily LVL Rewards for the DAO Treasury Reserve | Reserve | Previous Emissions (LVL) | New Emissions (LVL) | | ------- | ------------------------ | ------------------- | | DAO | 210,000 | 70,000 | ## LIP #7 [LIP #7 - Security Partnership with Quantstamp](https://dao.level.finance/dao/proposals/0xfd8cd0c325529c52a4ca769b878b59b87ed219dc10b55ed99683cb766c0bbc85) Vote End Date: Feb 06, 2023, 04:29:55 #### Changes 1. Approved a General Security budget of 50,000 LVL and 50,000 BUSD for future audits ## LIP #8 [LIP #8 - Balancing Rewards](https://dao.level.finance/dao/proposals/0x5cc88046626e7e365feabaa84fb87e65795374ca24c90df59e52a9f77d1ef126) Vote End Date: Feb 10, 2023, 20:00:00 #### Changes 1. Elimination of the 10-day cool-down period for LVL staked in the governance pool on 20th February 2023 2. Changes to Emissions: | Liquidity Providers | Previous Emissions (LVL) | New Emissions (LVL) | | ------------------- | ------------------------ | ------------------- | | Senior Tranche | 1,800 | 500 | | Mezzanine Tranche | 3,000 | 1,000 | | Junior Tranche | 2,200 | 500 | | LVL/BNB | 3,000 | 1,000 | ## LIP #9 [LIP #9 - LEVELING UP: 1.5 Upgrade Part One (1/3)](https://dao.level.finance/dao/proposals/0x5f11b6e0a70126286a336ce2c4f9201c4e9e480e648489571aff6219655a0df2) Vote End Date: Feb 22, 2023, 01:00:00 #### Changes 1. Allowed the DAO Treasury to participate in providing liquidity within the LEVEL ecosystem 2. Included LLP tokens owned by the treasury to be redeemable for LGO 3. Enabled LGO Staking to earn up to 10% of the daily protocol revenue ## LIP #10 [LIP #10 - Remediation](https://dao.level.finance/dao/proposals/0x7b3fc76e9cce727e955451281c3d6562737741522ab89993713cbf0ecf2320a6) Vote End Date: Feb 25, 2023, 22:00:00 **Context**: The LEVEL platform was subject to an attack where a series of long and short positions on BNB on 2023-02-16 09:00:53 UTC resulted in a loss of \~$260,000 for LEVEL Liquidity Providers #### Changes 1. Instruction to make whole existing LLPs and airdrop the difference (in either LVL or BUSD) of the attack ## LIP #11 [LIP #11 - Undistributed Protocol Fees](https://dao.level.finance/dao/proposals/0x734cc8f4fa85a2563112067c766acc3a648726d1b113aeec464a0b8e83318caf) Vote End Date: Mar 01, 2023, 23:00:00 **Context**: A smart contract bug for the LLP pricing contract resulted in an excess of fees being collected but not distributed to liquidity providers. #### Changes 1. Distribution of the unaccounted fees were available for claim from a recovery contract - after 2 weeks unclaimed fees were converted to Senior LLPs and distributed to the DAO Treasury ## LIP #12 [LIP #12 - LEVELING UP: 1.5 Upgrade Part Two](https://dao.level.finance/dao/proposals/0xc6e4b5b4b808192171846434574be85887a25b22776c7ececa3c355f5c753f7e) Vote End Date: Mar 12, 2023, 06:00:00 #### Changes 1. Introduction of fee sharing to LVL stakers in a separate contract (10% protocol revenue) 2. Introduction of the LGO Dutch auction via burning LVL 3. Introduction of the LVL Dutch Auction via committing USDT 4. Approval of a risk tranche redesign 5. Approval of improved trader incentives based on a leaderboard structure ## LIP #13 [LIP #13 - New Ecosystem Partner: PancakeSwap](https://dao.level.finance/dao/proposals/0x4b7bae39ca4008c9d0b9184f41aa4d9ad4d6d22a4587a4a727358a8bbbf7eea0) Vote End Date: Mar 16, 2023, 03:00:00 #### Changes 1. Allocated 52,000 CAKE towards the LVL/BNB LP farm on PancakeSwap 2. Allocated 45,000 LVL for the 160-day PancakeSwap Syrup Pool 3. Approval of running an AMA + meme contest with PancakeSwap along with more co-marketing events in the future ## LIP #14 [LIP #14 - Introduce DAO Staking Pool Fee](https://dao.level.finance/dao/proposals/0x3adfab4dab445f257b2e0c974b99de8c3ea0f20c4b3dd85ae1760fe426924d87) Vote End Date: Mar 18, 2023, 01:00:00 #### Changes 1. Introduction of a 0.4% fee for deposits entering the LVL DAO Pool to prevent Auction front-running by whale investors ## LIP #15 [LIP #15 - LGO Emission Adjustment](https://dao.level.finance/dao/proposals/0xcd61483f77f18146999a12cf09f5a2ee5aae02ab4ed0db78a0fe5d0324369ff1) Vote End Date: Mar 31, 2023, 19:00:00 #### Changes 1. Reduction of Daily LGO emission from 0.685 to 0.5 LGO 2. Introduction of 0.5 LGO maximum cap per LGO auction ## LIP #16 [LIP #16 - Trading Incentive Improvement](https://dao.level.finance/dao/proposals/0x823502926fe1423e1d124a39a5a6d262d48beb0d7278afd1c24bbfe6ef25d26b) Vote End Date: Apr 26, 2023, 14:00:00 #### Changes 1. LVL Incentives scaling with Protocol Revenue 1. Baseline bonus of $50,000 worth of LVL when revenue reaches $100,000 for the day 2. For every additional $50,000 added in revenue, an additional $20,000 will be added to trading incentives 3. Daily LVL rewards capped at 30,000 LVL 2. Leaderboard bonus awarded to top 20 ranked traders every 24-hour period 3. Anti-recycling 1. A 0.40% deposit fee was instated for LVL tokens to disincentivise recycled LVL staking. ## LIP #17 [LIP #17 - LEVELING UP 1.5 Upgrade Part Three \[3/3\]](https://dao.level.finance/dao/proposals/0xbfacb725aed5210506c4e4c4c80bc0c51a5e382374aa740e3fc4de3296736be5) Vote End Date: May 07, 2023, 02:59:00 #### Changes 1. Transfer all unissued token supply of LVL to the administration of the DAO Treasury (with the exception of the team allocation) 2. Making major steps for LEVEL to deploy cross-chain, will be outlined in the following proposal 3. Deploy LayerZero’s omnichain interoperability protocol to support LVL and LGO, enabling the use of cross-chain bridging 4. Introduce LEVEL NFT Drop, a first-in-kind utility to be awarded to the community ## LIP #18 [LIP #18 - Remediation for Referral reward exploit](https://dao.level.finance/dao/proposals/0xb057d0796ec3cd09daf01453076a1ced3b9e49173c50abc5d9bf0bd9d8e0e164) Vote End Date: May 03, 2023, 14:30:00 #### Changes 1. Fix contract bug for Referral Controller Contract within the claimMultiple() function 2. The team committed 2 LGO from the team wallet as a special auction over 4 weeks (0.5 LGO per auction). All acquired LVL from the auction sales will be burnt. ## LIP #19 [LIP #19 - First Steps: LEVEL's Multi-Blockchain Expansion](https://dao.level.finance/dao/proposals/0x635261f7c4495111a96c8d9af49a9e54363493fd2487ea75ab9d7f65a716b807) Vote End Date: May 16, 2023, 00:00:00 #### Changes 1. The next chain for LEVEL to expand on is Arbitrum 2. Bridge 5M LVL to Arbitrum to bootstrap liquidity with auctions, and other incentive programs ## LIP #20 [Bootstrapping Liquidity for Arbitrum](https://dao.level.finance/dao/proposals/0x78ca7dce3dbc73482f8e426c951729211b92b4e94a5c15630406741a3d699087) Vote End Date: May 30, 2023 #### Changes 1. Migration of the DAO’s LVL/USDT pool to Arbitrum 2. Migration of 3,555,192 sLLP (currently \~ $4,061,500) from the DAO treasury to seed trading liquidity on Arbitrum ## LIP #21 [New rounds of strategic investment](https://dao.level.finance/dao/proposals/0x6d48569466e18abd7dc329314d2ff70ae0b248dffe4783066eed8145a80eba96) Vote End Date: Jun 24 2023 #### Changes 1. Allowance for a series of strategic investments - total $20M 2. Investment will occur in tranches and subject to the growth of the protocol along with the platforms underlying liquidity ## LIP #22 [Regulating LVL Balance](https://dao.level.finance/dao/proposals/0xaa885b538a6a408b4a576dee6ab499c69c2c7cef6907bab46065869c91d7c637) Vote End Date: Jun 30 2023 #### Changes 1. Burn 180,842 LVL accumulated on TraderJoe LP 2. Implement continuous weekly burning of LVL tokens ## LIP #23 [LEVEL 2.0 - A Closer Bond with LVL](https://dao.level.finance/dao/proposals/0x1ee5e7c139d956e9f4a3a2945c6271eab9f3b700829b714eec4a8fcf1e0fe0b1) Vote End Date: Aug 16 2023 #### Changes 1. Implementation of a new LVL bonding mechanism 2. All LVL incentives will be in preLVL 3. 2 choices to vest preLVL tokens: Normal vesting and Accelerated vesting ## LIP #24 [Boosting LVL Liquidity Across Chains](https://dao.level.finance/dao/proposals/0x452d1abf42d007cbdcacdd52c73ca5093876ee1c4beb07a2809c09b9b167a447) Vote End Date: Sep 2 2023 #### Changes 1. Incentive for LVL/USDT LP Staking (earn protocol Yield) with an enhanced reward rate 2. preLVL Vesting with LVL/USDT LP Staking 3. Discontinued LVL/BNB LP preLVL incentives ## LIP #25 [Dynamic Omni-chain DAO Staking](https://dao.level.finance/dao/proposals/0xf50ae7bd0e39f1904b821db8afe3a2ea69f43e48b46d0d6d3d0ff601a21ac8ba) Vote End Date: Sep 28 2023 **Changes** 1. Stake LVL/USDT LP to earn yield across all chains with PancakeSwap V2 LP 2. Lock LVL or LVL/USDT LP from the DAO Staking to vest preLVL (Normal Vesting) ## LIP #26 [Boosting Trading Activity on Level](https://dao.level.finance/dao/proposals/0xf6740ebee8e45966072ec1f3eeafb004b7d3dd9e78e83a62ca97fc606b224e92) Vote End Date: Oct 27 2023 **Changes** 1. Lowered the open/close fees for leverage trading from 0.1% to 0.05% of position size 2. Deactivated the “Market Swap” feature. Current Market Price orders and Limit Swaps remain available ## LIP #27 [V1 Platform Upgrades - Significantly Boost Trader Rewards and Incentives](https://dao.level.finance/proposals/0x2308459e9cfa55e43d8a4c77469a46f681766c362bc2882e7e495372fbd9e6f3) Vote End Date: Nov 13 2023 **Changes** 1. Added a new LVL utility: "Trade for Free" 2. Referral System and Reward Duration Alignment 3. Scale-up of lyLVL Rewards and changed to 7-day cycle 4. Revamped the Trading Ladder 5. User Interface Enhancements and Rebranding # Liquidity Bootstrapping
{% hint style="info" %} With the [**DAO proposal #LIP05**](https://dao.level.finance/proposals/0xb3a4ccc7657ae5cf48f44c14b3aa0809a46e42a00b652ca81ccbed22df030b8f) LGO holders voted to stop the liquidity bootstrapping period before the 12-week lock expires. After 27th January every Bootstrapping pool LP is able to withdraw their liquidity and stake it in the normal [Mezzanine Tranche](https://app.level.finance/liquidity/mezzanine-tranche/buy). For more information please read the DAO proposal mentioned above. {% endhint %} **What is Liquidity Bootstrapping?** To kickstart liquidity on the Level platform, we propose a mechanism that allows users to commit their assets to the platform for a duration of 12 weeks and earn LVL rewards in return. Instead of rewarding our users based on previous actions, they are rewarded based on their commitment to deposit assets to LEVEL. **How Does it Work?** In a nutshell, users must lock their assets (BTC, ETH, BNB, CAKE and stablecoins) for a period of 12 weeks. Once the lock period has elapsed, users can withdraw their initial deposit along with any accrued interest from protocol fees. Key Bootstrapping events:\ \ \- Lockup duration: 12 weeks\ \- Deposits open: December 12, 2022\ \- Lockup period start: December 26, 2022 (launch of LEVEL DEX)\ \- Lockup period end: March 15, 2023 @ 2pm UTC\ \- Total LVL allocation: 1,000,000 LVL The 12-week liquidity bootstrapping period opens on 12-Dec-22 @ 2pm UTC. Anyone who wants to participate in the Liquidity Bootstrapping event must deposit assets between 12-Dec and 26-Dec-22. After 26-Dec-22, you can not participate in the liquidity bootstrapping event anymore. Furthermore, you will not be able to withdraw your liquidity until Mar-15-23 (12 weeks). On March 15, the liquidity bootstrapping period ends and provided liquidity is no longer locked. Unlike liquidity which is locked for 12 weeks, any accrued LVL rewards are available for claiming beginning from 26-Dec. To summarize, the liquidity bootstrapping period can be viewed as a form of an airdrop; however, instead of rewarding users based on previous actions, they are rewarded based on a commitment to provide liquidity to the protocol for a fixed period of time. This model aims to eliminate some of the mercenary capital that simply stakes staggering amounts with the intention of dumping underlying rewards immediately without contributing much to the community or supporting the project in general. We want to achieve an impartial yet totally fair launch while seeding the liquidity necessary for the platform to function as a viable marketplace. **Visit** [**app.level.finance/liquidity/bootstrap**](https://app.level.finance/liquidity/bootstrap) # Terms of Service *Last update: November 06, 2023* ## Terms of Service Welcome to [https://level.finance](https://level.finance/), a website-hosted user interface (the “Interface”, “App”, "Service") provided by the Level protocol (“Level”, "Protocol", “we”, “our”, or “us”). The Interface provides access to decentralized protocols on public blockchains (such as the BNB blockchain) that allow users to perform certain actions with digital assets or virtual currencies. This Terms of Service Agreement (the “Agreement”) explains the terms and conditions by which you may access and use the Interface. You must read this Agreement carefully. By accessing or using the Interface, you signify that you have read, understand, and agree to be bound by this Agreement in its entirety. If you do not agree, you are not authorized to access or use the Interface. IMPORTANT NOTE REGARDING ARBITRATION: WHEN YOU AGREE TO THESE TERMS BY USING OR ACCESSING THE SERVICES, YOU ARE AGREEING TO RESOLVE ANY DISPUTE BETWEEN YOU AND US THROUGH BINDING, INDIVIDUAL ARBITRATION RATHER THAN IN COURT. THE PROTOCOL IS NOT OFFERED OR ACCESSIBLE TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA AND SINGAPORE (TOGETHER, “RESTRICTED PERSONS”), NOR IS THE PROTOCOL OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN ANY RESTRICTED TERRITORY (AS DEFINED BELOW, AND ANY SUCH PERSON OR ENTITY FROM A RESTRICTED TERRITORY, A “RESTRICTED PERSON”). THE PROTOCOL HAS TAKEN ALL NECESSARY MEASURES TO BLOCK ACCESS TO US AND RESTRICTED PERSONS IN ACCORDANCE WITH APPLICABLE LAWS RELATING TO PERPETUAL CONTRACTS AND CURRENT SANCTIONS. WHILST THE PROTOCOL HAS BEEN PROGRAMMED TO BLOCK RESTRICTED TERRITORIES, IF YOU ARE A US PERSON OR RESTRICTED PERSON, DO NOT ATTEMPT TO INTERACT OR USE THE PROTOCOL. USE OF A VIRTUAL PRIVATE NETWORK (“VPN”) TO CIRCUMVENT RESTRICTIONS SET FORTH HEREIN IS A BREACH OF THESE TERMS OF USE OF THE PROTOCOL AND IS STRICTLY PROHIBITED. ### Summary \- **We do not control your transactions and couldn't stop a transaction or attempt to reverse a transaction after it occurred.** \- **You’re ultimately responsible for any transactions relevant to the Services.** \- **Please review, obtain, or otherwise seek additional information or support before a transaction in virtual currencies.** \- **By using or accessing the Services, you represent and warrant that you understand that there are inherent risks associated with virtual currencies, and the underlying technologies including, without limitation, cryptography and blockchain, and you agree that Level is not responsible for any losses or damages associated with these risks.** \- **You specifically acknowledge and agree that the Services facilitate your interaction with decentralized networks and technology and, as such, we have no control over any blockchain or virtual currencies and cannot and do not ensure that any transaction details you submit or receive via our Services will be confirmed on the relevant blockchain and do not have the ability to effectuate any cancellation or modification requests regarding your transactions.** \ **--------------------------------------------------** #### Modification of this Agreement We reserve the right, in our sole discretion, to modify this Agreement from time to time. If we make any modifications, we will notify you by updating the date at the top of the Agreement and by maintaining a current version of the Agreement at . All modifications will be effective when they are posted, and your continued use of the Interface will serve as confirmation of your acceptance of those modifications. If you do not agree with any modifications to this Agreement, you must immediately stop accessing and using the Interface. #### Eligibility To access or use the Interface, you must be able to form a legally binding contract with us. Accordingly, you represent that you are at least eighteen years old and have the full right, power, and authority to enter into and comply with the terms and conditions of this Agreement on behalf of yourself and any company or legal entity for which you may access or use the Interface. You further represent that you are not a citizen, resident, or member of any jurisdiction or group that is subject to economic sanctions by the United States or EU, or where your use of the Interface would be illegal or otherwise violate any applicable law. You further represent that your access and use of the Interface will fully comply with all applicable laws and regulations and that you will not access or use the Interface to conduct, promote, or otherwise facilitate any illegal activity. **User Representations and Warranties** If you access or use the Protocol and Sites, you expressly represent and warrant to the Protocol the following: If you are entering into these Terms of Use by using the Protocol to access its Services, then you are not a US Person or Restricted Person and are not accessing the Protocol from a US IP address or Restricted Territories IP address. For the purposes of these Terms of Use, a “Restricted Territory” or collectively the “Restricted Territories” mean the following territories: Iran, Cuba, North Korea, Syria, Myanmar, the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of any economic sanctions by the United States or European Union. You are not the subject of economic or trade sanctions enforced by any governmental authority (“Sanctioned Person”). You do not intend to transact with or on behalf of any Restricted Person or Sanctioned Person. If you are entering into these Terms of Use as an individual, then you are of legal age in the jurisdiction in which you reside and have the legal capacity to enter these Terms of Use and be bound by the Terms of Use. If you are entering into these Terms of Use as an entity, then you must have the legal authority to accept these Terms of Use on that entity´s behalf,in which case “you” will mean that entity. You do not, and will not, use a VPN or any other privacy or anonymization tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply under these Terms of Use. Your access to the Services is not prohibited by and does not otherwise violate or assist you to violate any domestic or foreign law, regulation, statute, order, protocol, code, directive, guideline, or other applicable law that may apply to you that relates to your use of the Protocol Your access does not contribute to or facilitate any illegal activity. #### Proprietary Rights We own all intellectual property and other rights in the Interface and its contents, including (but not limited to) software, text, images, trademarks, service marks, copyrights, patents, and designs. Unless expressly authorized by us, you may not copy, modify, adapt, rent, license, sell, publish, distribute, or otherwise permit any third party to access or use the Interface or any of its contents. Provided that you are eligible, you are hereby granted a single, personal, limited license to access and use the Interface. This license is non-exclusive, non-transferable, and freely revocable by us at any time without notice or cause. Use of the Interface or its contents for any purpose not expressly permitted by this Agreement is strictly prohibited. Unlike the Interface, the Protocol is comprised entirely of open-source software running on the public blockchain and is not our proprietary property. #### Privacy We care about your privacy. When you use the Interface, the only information we collect from you is your blockchain wallet address, completed transaction hashes, and the token names, symbols, or other blockchain identifiers of the tokens that you swap. We do not collect any personal information from you (e.g., your name or other identifiers that can be linked to you). We do, however, use third-party service providers, like Infura, Cloudflare, and Google Analytics, which may receive or independently obtain your personal information from publicly-available sources. We do not control how these third parties handle your data and you should review their privacy policies to understand how they collect, use, and share your personal information. In particular, please visit [https://policies.google.com/technologies/partner-sites](https://policies.google.com/technologies/partner-sites) to learn more about how Google uses data. By accessing and using the Interface, you understand and consent to our data practices and our service providers' treatment of your information.\ \ We use the information we collect to detect, prevent, and mitigate financial crime and other illicit or harmful activities on the Interface. For these purposes, we may share the information we collect with blockchain analytics providers or legal authorities as appropriate. We share information with these service providers only so that they can help us promote the safety, security, and integrity of the Interface and continue compliance of the Platform. We do not retain the information we collect any longer than necessary for these purposes.\ \ Please note that when you use the Interface, you are interacting with the blockchain which provides transparency into your transactions. Level does not control and is not responsible for any information you make public on the blockchain nor any other applicable blockchain by taking actions through the Interface. Although we will comply with all valid subpoena requests, we will carefully consider each request to ensure that it comports with the spirit and letter of the law, and we will not hesitate to challenge invalid, overbroad, or unconstitutional requests as appropriate. We use commercially reasonable safeguards to preserve the integrity and security of your personally identifiable information (“PII”) and aggregate data. However, we cannot guarantee that unauthorized third parties will never be able to obtain or use your PII or aggregate data for improper purposes. You acknowledge that you provide your PII and aggregate data at your own risk. #### Prohibited Activity You agree not to engage in, or attempt to engage in, any of the following categories of prohibited activity in relation to your access and use of the Interface: \- Intellectual Property Infringement. Activity that infringes on or violates any copyright, trademark, service mark, patent, right of publicity, right of privacy, or other proprietary or intellectual property rights under the law. \- Cyberattack. Activity that seeks to interfere with or compromise the integrity, security, or proper functioning of any computer, server, network, personal device, or other information technology system, including (but not limited to) the deployment of viruses and denial of service attacks.\ \ \- Fraud and Misrepresentation. Activity that seeks to defraud us or any other person or entity, including (but not limited to) providing any false, inaccurate, or misleading information in order to unlawfully obtain the property of another. \- Market Manipulation. Activity that violates any applicable law, rule, or regulation concerning the integrity of trading markets, including (but not limited to) the manipulative tactics commonly known as spoofing and wash trading. \- Any Other Unlawful Conduct. Activity that violates any applicable law, rule, or regulation or another relevant jurisdiction, including (but not limited to) the restrictions and regulatory requirements imposed by law. #### No Professional Advice All information provided by the Interface is for informational purposes only and should not be construed as professional advice. You should not take, or refrain from taking, any action based on any information contained in the Interface. Before you make any financial, legal, or other decisions involving the Interface, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate. #### No Warranties The Interface is provided on an “AS IS” and “AS AVAILABLE” basis. To the fullest extent permitted by law, we disclaim any representations and warranties of any kind, whether express, implied, or statutory, including (but not limited to) the warranties of merchantability and fitness for a particular purpose. You acknowledge and agree that your use of the Interface is at your own risk. We do not represent or warrant that access to the Interface will be continuous, uninterrupted, timely, or secure; that the information contained in the Interface will be accurate, reliable, complete, or current; or that the Interface will be free from errors, defects, viruses, or other harmful elements. No advice, information, or statement that we make should be treated as creating any warranty concerning the Interface. We do not endorse, guarantee, or assume responsibility for any advertisements, offers, or statements made by third parties concerning the Interface. #### No Fiduciary Duties This Agreement is not intended to, and does not, create or impose any fiduciary duties on us. To the fullest extent permitted by law, you acknowledge and agree that we owe no fiduciary duties or liabilities to you or any other party and that to the extent any such duties or liabilities may exist at law or in equity, those duties and liabilities are hereby irrevocably disclaimed, waived, and eliminated. You further agree that the only duties and obligations that we owe you are those set out expressly in this Agreement. #### Compliance Obligations By accessing or using the Interface, you agree that you are solely and entirely responsible for compliance with all laws and regulations that may apply to you. You may not use the Interface if you are a citizen, resident, or member of any jurisdiction or group that is subject to economic sanctions by the United States or EU, or if your use of the Interface would be illegal or otherwise violate any applicable law. #### Assumption of Risk By accessing and using the Interface, you represent that you understand the inherent risks associated with using cryptographic and blockchain-based systems and that you have a working knowledge of the usage and intricacies of digital assets such as bitcoin (BTC), ether (ETH), and other digital tokens such as those following the Ethereum Token Standard (ERC-20). You further understand that the markets for these digital assets are highly volatile due to factors including (but not limited to) adoption, speculation, technology, security, and regulation. You acknowledge that the cost and speed of transacting with cryptographic and blockchain-based systems are variable and may increase dramatically at any time. You further acknowledge the risk that your digital assets may lose some or all of their value while they are supplied to the Protocol. If you borrow digital assets from the Protocol, you will have to supply digital assets of your own as collateral. If your collateral declines in value such that it is no longer sufficient to secure the amount that you borrowed, others may interact with the Protocol to seize your collateral in a liquidation event. You further acknowledge that we are not responsible for any of these variables or risks, do not own or control the Protocol, and cannot be held liable for any resulting losses that you experience while accessing or using the Interface. Accordingly, you understand and agree to assume full responsibility for all of the risks of accessing and using the Interface and interacting with the Protocol. #### Third-Party Resources and Promotions The Interface may contain references or links to third-party resources, including (but not limited to) information, materials, products, or services, that we do not own or control. In addition, third parties may offer promotions related to your access and use of the Interface. We do not endorse or assume any responsibility for any such resources or promotions. If you access any such resources or participate in any such promotions, you do so at your own risk, and you understand that this Agreement does not apply to your dealings or relationships with any third parties. You expressly relieve us of any and all liability arising from your use of any such resources or participation in any such promotions. #### Release of Claims You expressly agree that you assume all risks in connection with your access and use of the Interface and your interaction with the Protocol. You further expressly waive and release us from any and all liability, claims, causes of action, or damages arising from or in any way relating to your use of the Interface and your interaction with the Protocol. #### Indemnity You agree to hold harmless, release, defend, and indemnify us and our officers, directors, employees, contractors, agents, affiliates, and subsidiaries from and against all claims, damages, obligations, losses, liabilities, costs, and expenses arising from (a) your access and use of the Interface; (b) your violation of any term or condition of this Agreement, the right of any third party, or any other applicable law, rule, or regulation; and (c) any other party’s access and use of the Interface with your assistance or using any device or account that you own or control. #### Limitation of Liability Under no circumstances shall we or any of our officers, directors, employees, contractors, agents, affiliates, or subsidiaries be liable to you for any indirect, punitive, incidental, special, consequential, or exemplary damages, including (but not limited to) damages for loss of profits, goodwill, use, data, or other intangible property, arising out of or relating to any access or use of the Interface, nor will we be responsible for any damage, loss, or injury resulting from hacking, tampering, or other unauthorized access or use of the Interface or the information contained within it. We assume no liability or responsibility for any: (a) errors, mistakes, or inaccuracies of content; (b) personal injury or property damage, of any nature whatsoever, resulting from any access or use of the Interface; (c) unauthorized access or use of any secure server or database in our control, or the use of any information or data stored therein; (d) interruption or cessation of function related to the Interface; (e) bugs, viruses, trojan horses, or the like that may be transmitted to or through the Interface; (f) errors or omissions in, or loss or damage incurred as a result of the use of, any content made available through the Interface; and (g) the defamatory, offensive, or illegal conduct of any third party. Under no circumstances shall we or any of our officers, directors, employees, contractors, agents, affiliates, or subsidiaries be liable to you for any claims, proceedings, liabilities, obligations, damages, losses, or costs in any amount. This limitation of liability applies regardless of whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, and even if we have been advised of the possibility of such liability. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of certain liabilities and damages. Accordingly, some of the disclaimers and limitations set forth in this Agreement may not apply to you. This limitation of liability shall apply to the fullest extent permitted by law. #### **Dispute Resolution & Arbitration** Please read the following section carefully because it requires you to arbitrate certain disputes and claims with Level and limits how you can seek relief from Level. Also, arbitration precludes you from suing in court or having a jury trial. You and Level agree that any dispute arising out of or related to these Terms or the Services is personal to you and Level and that any dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding. You and Level waive your rights to a jury trial and to have any dispute arising out of or related to these Terms or the Services resolved in court. Instead, for any dispute or claim that you have against Level (together with its members, its service providers, its affiliates, and their respective shareholders, employees, directors, agents, service providers and representatives, suppliers, and contractors) or relating in any way to the Services, you agree to first contact Level and attempt to resolve the claim informally by sending a written notice of your claim (“Notice”) to Level by email at . The Notice must (a) include your name, residence address, email address, and telephone number; (b) describe the nature and basis of the claim; and (c) set forth the specific relief sought. Our notice to you will be similar in form to that described above. If you and Level cannot reach an agreement to resolve the claim within sixty (60) days after such Notice is received, then either party may submit the dispute to binding arbitration. The arbitrator, Level, and you will maintain the confidentiality of any arbitration proceedings, judgments and awards, including, but not limited to, all information gathered, prepared, and presented for purposes of the arbitration or related to the dispute(s) therein. The arbitrator will have the authority to make appropriate rulings to safeguard confidentiality unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy or in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision. You and Level agree that for any arbitration you initiate, you will pay the filing fee and all other costs. For any arbitration initiated by Level, Level will pay all fees and costs. Any claim arising out of or related to these Terms or the Services must be filed within one year after such claim arose; otherwise, the claim is permanently barred, which means that you and Level will not have the right to assert the claim. If any portion of this section is found to be unenforceable or unlawful for any reason, (a) the unenforceable or unlawful provision shall be severed from these Terms; (b) severance of the unenforceable or unlawful provision shall have no impact whatsoever on the remainder of this section or the parties’ ability to compel arbitration of any remaining claims on an individual basis under this section; and (c) to the extent that any claims must therefore proceed on a class, collective, consolidated, or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims shall stay pending the outcome of any individual claims in arbitration. Further, if any part of this section is found to prohibit an individual claim from seeking public injunctive relief, then that provision will have no effect to the extent such relief is allowed to be sought out of arbitration, and the remainder of this section will be enforceable. #### Class Action and Jury Trial Waiver You must bring any and all Disputes against us in your individual capacity and not as a plaintiff in or member of any purported class action, collective action, private attorney general action, or other representative proceedings. This provision applies to class arbitration. You and we both agree to waive the right to demand a trial by jury.