DAO Changelog
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
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 Tranche12,0006,000Mezzanine Tranche20,00010,000Junior Tranche16,0008,000LVL/BNB32,00010,000
- 2.Increase in Daily LVL Rewards for Trading:Trading ProgramPrevious Emissions (LVL)New Emissions (LVL)Loyalty20,00036,000
- 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
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.
Vote End Date: Jan 23, 2023, 03:00:00
- 1.Reduction of Daily Loyalty Program emissions to 16,000 LVL
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
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 Tranche6,0001,800Mezzanine Tranche10,0003,000Junior Tranche8,0002,200LVL/BNB10,0003,000
- 2.Reduction of Daily LVL Rewards for the DAO Treasury ReserveReservePrevious Emissions (LVL)New Emissions (LVL)DAO210,00070,000
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
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 Tranche1,800500Mezzanine Tranche3,0001,000Junior Tranche2,200500LVL/BNB3,0001,000
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
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
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
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
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
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
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
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.
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
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.
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
Last modified 11d ago