Disclaimer: The below article is sponsored, and the views in it do not represent those of ZyCrypto. Readers should conduct independent research before taking any actions related to the project mentioned in this piece. This article should not be regarded as investment advice.
Level, a leading perpetual decentralized exchange, has chosen Arbitrum as the next platform to deploy its protocol, following plans to revolutionize how people engage with DeFi and transform the trading experience.
In an official announcement today, the platform is thrilled to unveil its remarkable success in its bid to expand its reach to the Arbitrum ecosystem further. Having witnessed phenomenal growth within its first few months of launch, Level’s trading volume soared to $20 billion in the first half of 2023 alone. The ecosystem’s achievements include generating over $400,000 in fees, attracting more than 1,000 community members, and hitting $1 billion in trading volume within just 55 days. Notably, Level’s highest daily trading volume reached $339 million, representing a significant portion of the total volume across Perp DEXs.
With a focus on transparency and decentralization, Level stands apart from its competitors by developing its own codebase from scratch and pioneering the tranche system in DeFi. The dual tokenomics model of LVL and LGO has contributed to the platform’s growth, with revenue distributed to various stakeholders, including LLPs, LVL and LGO stakers, the DAO treasury, and protocol development. These efforts have resulted in approximately $10 million in liquid assets within Level’s treasury.
Notably, Arbitrum emerged as the natural choice for Level’s expansion due to its liquidity, user profile, daily active users, and daily transaction volume. Evaluating multiple chains, Level’s DAO voted in favour of Arbitrum, which currently ranks as the fourth chain by total value locked (TVL) and boasts a thriving DeFi-native user base. Despite concerns that activity on Arbitrum would decline after the ARB Airdrop, the network has demonstrated sustained growth in unique addresses and a steady increase in daily transaction volume, averaging around 1 million per day.
Furthermore, the move to Arbitrum not only aligns Level with DeFi’s home of open collaboration but also provides opportunities for new products and partnerships with other protocols. Level envisions collaborating with yield aggregators, money markets, and other derivatives to enhance the ecosystem’s offerings further.
While expanding to Arbitrum is a priority, Level has larger ambitions to become a key component of the wider omnichain infrastructure. By actively seeking partnerships with tier-1 projects, Level aims to solidify its position in the DeFi space and extend its reach and utility across the industry. The long-term vision for Level is to become a multi-chain liquidity aggregator, unifying fragmented liquidity across different ecosystems into a single pool for seamless trading, swapping, and borrowing.
Nonetheless, traders and DeFi enthusiasts can step into the Level ecosystem by accessing a wide range of blue chip assets, engaging in trading activities, and participating in the ecosystem by purchasing LVL tokens. Level’s expansion to Arbitrum marks an exciting milestone on its omnichain journey, promising exceptional growth and a reimagined trading experience.
Step into the Level ecosystem
- Trade a range of blue chip assets on Level.
- Buy LVL and begin participating in the ecosystem.
