DAO Changelog

LIP #1

LIP #1 - Rewards Emissions Mechanism Update

Vote End Date: Jan 09, 2023, 23:00:00


  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

Vote End Date: Jan 16, 2023, 23:00:00


  1. Reduction of Daily LVL Rewards for Liquidity Providers:

    Liquidity ProviderPrevious Emissions (LVL)New Emissions (LVL)

    Senior Tranche



    Mezzanine Tranche



    Junior Tranche






  2. Increase in Daily LVL Rewards for Trading:

    Trading ProgramPrevious Emissions (LVL)New Emissions (LVL)




  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

Vote End Date: Jan 25, 2023, 21:59:00


  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

Vote End Date: Jan 23, 2023, 03:00:00


  1. Reduction of Daily Loyalty Program emissions to 16,000 LVL

LIP #5

LIP #5 - End of Liquidity Bootstrapping Pool

Vote End Date: Jan 26, 2023, 23:00:00


  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

Vote End Date: Jan 31, 2023, 00:59:24


  1. Reduction of Daily LVL Rewards for Liquidity Providers:

    Liquidity ProviderPrevious Emissions (LVL)New Emissions (LVL)

    Senior Tranche



    Mezzanine Tranche



    Junior Tranche






  2. Reduction of Daily LVL Rewards for the DAO Treasury Reserve

    ReservePrevious Emissions (LVL)New Emissions (LVL)




LIP #7

LIP #7 - Security Partnership with Quantstamp

Vote End Date: Feb 06, 2023, 04:29:55


  1. Approved a General Security budget of 50,000 LVL and 50,000 BUSD for future audits

LIP #8

LIP #8 - Balancing Rewards

Vote End Date: Feb 10, 2023, 20:00:00


  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 ProvidersPrevious Emissions (LVL)New Emissions (LVL)

    Senior Tranche



    Mezzanine Tranche



    Junior Tranche






LIP #9

LIP #9 - LEVELING UP: 1.5 Upgrade Part One (1/3)

Vote End Date: Feb 22, 2023, 01:00:00


  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

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


  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

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.


  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

Vote End Date: Mar 12, 2023, 06:00:00


  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

Vote End Date: Mar 16, 2023, 03:00:00


  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

Vote End Date: Mar 18, 2023, 01:00:00


  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

Vote End Date: Mar 31, 2023, 19:00:00


  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

Vote End Date: Apr 26, 2023, 14:00:00


  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]

Vote End Date: May 07, 2023, 02:59:00


  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

Vote End Date: May 03, 2023, 14:30:00


  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

Vote End Date: May 16, 2023, 00:00:00


  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

Vote End Date: May 30, 2023


  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

Vote End Date: Jun 24 2023


  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

Vote End Date: Jun 30 2023


  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

Vote End Date: Aug 16 2023


  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

Vote End Date: Sep 2 2023


  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

Vote End Date: Sep 28 2023


  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

Vote End Date: Oct 27 2023


  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

Vote End Date: Nov 13 2023


  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

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