DAO Changelog
LIP #1
LIP #1 - Rewards Emissions Mechanism Update
Vote End Date: Jan 09, 2023, 23:00:00
Changes
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
LIP #2
LIP #2 - More economically-focused LVL emission
Vote End Date: Jan 16, 2023, 23:00:00
Changes
Reduction of Daily LVL Rewards for Liquidity Providers:
Increase in Daily LVL Rewards for Trading:
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
LIP #3
LIP #3 - Governance Redemption Pool
Vote End Date: Jan 25, 2023, 21:59:00
Changes
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
Changes
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
Changes
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
LIP #6
LIP #6 - New Round of LVL Emission Cut
Vote End Date: Jan 31, 2023, 00:59:24
Changes
Reduction of Daily LVL Rewards for Liquidity Providers:
Reduction of Daily LVL Rewards for the DAO Treasury Reserve
LIP #7
LIP #7 - Security Partnership with Quantstamp
Vote End Date: Feb 06, 2023, 04:29:55
Changes
Approved a General Security budget of 50,000 LVL and 50,000 BUSD for future audits
LIP #8
Vote End Date: Feb 10, 2023, 20:00:00
Changes
Elimination of the 10-day cool-down period for LVL staked in the governance pool on 20th February 2023
Changes to Emissions:
LIP #9
LIP #9 - LEVELING UP: 1.5 Upgrade Part One (1/3)
Vote End Date: Feb 22, 2023, 01:00:00
Changes
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
LIP #10
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
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.
Changes
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
Changes
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
LIP #13
LIP #13 - New Ecosystem Partner: PancakeSwap
Vote End Date: Mar 16, 2023, 03:00:00
Changes
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
LIP #14
LIP #14 - Introduce DAO Staking Pool Fee
Vote End Date: Mar 18, 2023, 01:00:00
Changes
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
Changes
Reduction of Daily LGO emission from 0.685 to 0.5 LGO
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
Changes
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.
LIP #17
LIP #17 - LEVELING UP 1.5 Upgrade Part Three [3/3]
Vote End Date: May 07, 2023, 02:59:00
Changes
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
LIP #18
LIP #18 - Remediation for Referral reward exploit
Vote End Date: May 03, 2023, 14:30:00
Changes
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.
LIP #19
LIP #19 - First Steps: LEVEL's Multi-Blockchain Expansion
Vote End Date: May 16, 2023, 00:00:00
Changes
The next chain for LEVEL to expand on is Arbitrum
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
Changes
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
LIP #21
New rounds of strategic investment
Vote End Date: Jun 24 2023
Changes
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
LIP #22
Vote End Date: Jun 30 2023
Changes
Burn 180,842 LVL accumulated on TraderJoe LP
Implement continuous weekly burning of LVL tokens
LIP #23
LEVEL 2.0 - A Closer Bond with LVL
Vote End Date: Aug 16 2023
Changes
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
LIP #24
Boosting LVL Liquidity Across Chains
Vote End Date: Sep 2 2023
Changes
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
LIP #25
Dynamic Omni-chain DAO Staking
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)
LIP #26
Boosting Trading Activity on Level
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
LIP #27
V1 Platform Upgrades - Significantly Boost Trader Rewards and Incentives
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
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