DAO Changelog
Last updated
Last updated
Vote End Date: Jan 09, 2023, 23:00:00
Migration to a new LVL farming contract for LEVEL liquidity providers
Introduction of a 10-day unstaking cool-down period
Automatic staking of LVL rewards in the LEVEL DAO staking contract
Vote End Date: Jan 16, 2023, 23:00:00
Reduction of Daily LVL Rewards for Liquidity Providers:
Senior Tranche
12,000
6,000
Mezzanine Tranche
20,000
10,000
Junior Tranche
16,000
8,000
LVL/BNB
32,000
10,000
Increase in Daily LVL Rewards for Trading:
Loyalty
20,000
36,000
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
All LVL rewards (except for LVL/BNB LPs) will be automatically staked in the LEVEL DAO staking contract
Vote End Date: Jan 25, 2023, 21:59:00
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.
Vote End Date: Jan 23, 2023, 03:00:00
Reduction of Daily Loyalty Program emissions to 16,000 LVL
Vote End Date: Jan 26, 2023, 23:00:00
Bootstrapping LPs ceased to receive LVL rewards on January 27th at 00:00 UTC
Bootstrapping LPs could withdraw deposited assets starting from January 27th at 00:00 UTC
Transfer of 550,000 LVL (half of promised bootstrapping) to the Treasury, to be managed by the DAO
The remaining LVL would be claimable for the next 2 months on a pro-rata basis, starting from the 1st of February
Vote End Date: Jan 31, 2023, 00:59:24
Reduction of Daily LVL Rewards for Liquidity Providers:
Senior Tranche
6,000
1,800
Mezzanine Tranche
10,000
3,000
Junior Tranche
8,000
2,200
LVL/BNB
10,000
3,000
Reduction of Daily LVL Rewards for the DAO Treasury Reserve
DAO
210,000
70,000
Vote End Date: Feb 06, 2023, 04:29:55
Approved a General Security budget of 50,000 LVL and 50,000 BUSD for future audits
Vote End Date: Feb 10, 2023, 20:00:00
Elimination of the 10-day cool-down period for LVL staked in the governance pool on 20th February 2023
Changes to Emissions:
Senior Tranche
1,800
500
Mezzanine Tranche
3,000
1,000
Junior Tranche
2,200
500
LVL/BNB
3,000
1,000
Vote End Date: Feb 22, 2023, 01:00:00
Allowed the DAO Treasury to participate in providing liquidity within the LEVEL ecosystem
Included LLP tokens owned by the treasury to be redeemable for LGO
Enabled LGO Staking to earn up to 10% of the daily protocol revenue
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
Instruction to make whole existing LLPs and airdrop the difference (in either LVL or BUSD) of the attack
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.
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
Vote End Date: Mar 12, 2023, 06:00:00
Introduction of fee sharing to LVL stakers in a separate contract (10% protocol revenue)
Introduction of the LGO Dutch auction via burning LVL
Introduction of the LVL Dutch Auction via committing USDT
Approval of a risk tranche redesign
Approval of improved trader incentives based on a leaderboard structure
Vote End Date: Mar 16, 2023, 03:00:00
Allocated 52,000 CAKE towards the LVL/BNB LP farm on PancakeSwap
Allocated 45,000 LVL for the 160-day PancakeSwap Syrup Pool
Approval of running an AMA + meme contest with PancakeSwap along with more co-marketing events in the future
Vote End Date: Mar 18, 2023, 01:00:00
Introduction of a 0.4% fee for deposits entering the LVL DAO Pool to prevent Auction front-running by whale investors
Vote End Date: Mar 31, 2023, 19:00:00
Reduction of Daily LGO emission from 0.685 to 0.5 LGO
Introduction of 0.5 LGO maximum cap per LGO auction
Vote End Date: Apr 26, 2023, 14:00:00
LVL Incentives scaling with Protocol Revenue
Baseline bonus of $50,000 worth of LVL when revenue reaches $100,000 for the day
For every additional $50,000 added in revenue, an additional $20,000 will be added to trading incentives
Daily LVL rewards capped at 30,000 LVL
Leaderboard bonus awarded to top 20 ranked traders every 24-hour period
Anti-recycling
A 0.40% deposit fee was instated for LVL tokens to disincentivise recycled LVL staking.
Vote End Date: May 07, 2023, 02:59:00
Transfer all unissued token supply of LVL to the administration of the DAO Treasury (with the exception of the team allocation)
Making major steps for LEVEL to deploy cross-chain, will be outlined in the following proposal
Deploy LayerZero’s omnichain interoperability protocol to support LVL and LGO, enabling the use of cross-chain bridging
Introduce LEVEL NFT Drop, a first-in-kind utility to be awarded to the community
Vote End Date: May 03, 2023, 14:30:00
Fix contract bug for Referral Controller Contract within the claimMultiple() function
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.
Vote End Date: May 16, 2023, 00:00:00
The next chain for LEVEL to expand on is Arbitrum
Bridge 5M LVL to Arbitrum to bootstrap liquidity with auctions, and other incentive programs
Vote End Date: May 30, 2023
Migration of the DAO’s LVL/USDT pool to Arbitrum
Migration of 3,555,192 sLLP (currently ~ $4,061,500) from the DAO treasury to seed trading liquidity on Arbitrum
Vote End Date: Jun 24 2023
Allowance for a series of strategic investments - total $20M
Investment will occur in tranches and subject to the growth of the protocol along with the platforms underlying liquidity
Vote End Date: Jun 30 2023
Burn 180,842 LVL accumulated on TraderJoe LP
Implement continuous weekly burning of LVL tokens
Vote End Date: Aug 16 2023
Implementation of a new LVL bonding mechanism
All LVL incentives will be in preLVL
2 choices to vest preLVL tokens: Normal vesting and Accelerated vesting
Vote End Date: Sep 2 2023
Incentive for LVL/USDT LP Staking (earn protocol Yield) with an enhanced reward rate
preLVL Vesting with LVL/USDT LP Staking
Discontinued LVL/BNB LP preLVL incentives
Vote End Date: Sep 28 2023
Changes
Stake LVL/USDT LP to earn yield across all chains with PancakeSwap V2 LP
Lock LVL or LVL/USDT LP from the DAO Staking to vest preLVL (Normal Vesting)
Vote End Date: Oct 27 2023
Changes
Lowered the open/close fees for leverage trading from 0.1% to 0.05% of position size
Deactivated the “Market Swap” feature. Current Market Price orders and Limit Swaps remain available
Vote End Date: Nov 13 2023
Changes
Added a new LVL utility: "Trade for Free"
Referral System and Reward Duration Alignment
Scale-up of lyLVL Rewards and changed to 7-day cycle
Revamped the Trading Ladder
User Interface Enhancements and Rebranding