BNB Chain-Based DEX Level Finance Votes on Transferring $200M to Treasury

A proposal that is supposed to end Friday has received 100% of votes in favor.

AccessTimeIconMar 30, 2023 at 11:55 a.m. UTC
Updated Mar 30, 2023 at 2:58 p.m. UTC
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The community of Level Finance, a decentralized crypto derivatives exchange built on the BNB Chain, is voting on moving over $200 million of its native LVL tokens to its decentralized autonomous organization in a move that is expected to bolster value for token holders.

The voting, which began on Thursday and is set to close on Friday, comes ahead of a protocol upgrade meant for mid-April.

“The entirety of the remaining ~$200m LVL [ex-team allocation] will be transferred to the DAO’s administration and fully owned by the Treasury,” the proposal read.

“Rewards, incentives, as well as all emissions will be made directly out of the DAO. Proposals and delegations of votes will be live, and the community (along with our new ecosystem partners), will collectively materialize the full potential of the project alongside our team,” it added.

At the time of this writing, 100% of all voters were in favor of the move. Level’s native LVL tokens were nominally down – but may gain in the weeks ahead as newer incentives are created for token holders from the capital infusion.

Level allows users to trade financial derivatives, such as futures on bitcoin (BTC) and ether (ETH), with low slippage and cheap fees. It also offers high leverage of up to 30 times the initial collateral.

The protocol has seen immense growth even though it just launched in early January. Over $6 billion worth of tokens has been traded on Level in the past three months, with liquidity providers earning over $7 million in cumulative fees.

Edited by Parikshit Mishra.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


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