LVLUSD的市值超過1億美元，在不到一個月的時間內實現了129％的增長率

3月26日，LVLUSD的市值超過了1億美元，在不到一個月的時間內實現了129％的增長率。作為由Stablecoin協議級別發行的Stablecoin，LVLUSD正在成為著名的參與者。

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On March 26, the market capitalization of lvlUSD surpassed $100 million, achieving a growth rate of 129% in less than a month. As a stablecoin issued by the stablecoin protocol Level, lvlUSD is emerging as a notable player.

3月26日，LVLUSD的市值超過了1億美元，在不到一個月的時間內實現了129％的增長率。作為由Stablecoin協議級別發行的Stablecoin，LVLUSD正在成為著名的參與者。

In the stablecoin sector, there is an increasing market demand for stablecoins that are both secure and offer considerable returns. Recently, Level has been exploring a new path by leveraging lending protocols to create a highly transparent and composable stablecoin, lvlUSD, while providing risk-adjusted returns.

在Stablecoin行業中，市場需求不斷增長，既安全又提供可觀的回報。最近，Level一直通過利用貸款協議來創建高度透明且可組合的Stablecoin LVLUSD，同時提供風險調整後的回報，從而探索了一條新的道路。

Background and Current Development of the Level Team

級別團隊的背景和當前發展

Level co-founder Kedian Sun graduated from the Wharton School and previously served as an operations manager at Brex and worked at Lazard. Another co-founder, David Lee, has ten years of experience as a computer engineer, having worked as a software engineer at Flexport and Uber, and holds a bachelor's degree in computer science from Columbia University.

Level聯合創始人Kedian Sun畢業於沃頓學校，此前曾在BREX曾擔任運營經理，並在Lazard工作。另一位聯合創始人戴維·李（David Lee）擔任計算機工程師十年的經驗，曾在Flexport和Uber擔任軟件工程師，並擁有哥倫比亞大學的計算機科學學士學位。

Currently, Level has completed two rounds of financing, totaling $6 million. In August 2024, its development company, Peregrine Exploration, announced the completion of $3.6 million in funding, led by Polychain Capital and Dragonfly Capital. In March 2025, it completed another $2.6 million funding round, led by Dragonfly Capital.

目前，Level完成了兩輪融資，總計600萬美元。 2024年8月，其開發公司Peregrine Exploration宣布完成了由Polychain Capital和Dragonfly Capital領導的360萬美元資金。 2025年3月，它由Draginfly Capital領導，又完成了260萬美元的資金回合。

Design of lvlUSD

LVLUSD的設計

lvlUSD is fully backed by USDC and USDT and can only be minted permissionlessly using these two stablecoins. USDC and USDT constitute the reserves of lvlUSD, which are used to generate returns in lending protocols. Additionally, a portion of the lending protocol receipt tokens representing Level's lending positions will be deposited into a re-staking protocol to earn extra rewards.

LVLUSD完全由USDC和USDT支持，只能使用這兩個穩定幣無權鑄造。 USDC和USDT構成LVLUSD的儲備，這些儲量用於在貸款協議中生成回報。此外，代表水平貸款頭寸的貸款協議收據令牌的一部分將存入重新存儲協議中，以賺取額外的獎勵。

Earnings Mechanism

收入機制

Level returns lending earnings to users through the ERC-4626 staking mechanism. After staking lvlUSD, users will receive slvlUSD, whose value will appreciate as the protocol distributes earnings to the staking contract. lvlUSD and slvlUSD can be freely transferred, traded, exchanged, and used in integrated DeFi protocols.

通過ERC-4626 Staking機制向用戶貸款收益。在存放LVLUSD之後，用戶將收到Slvlusd，隨著協議將收益分配給Statiking合同，其價值將欣賞。 LVLUSD和SLVLUSD可以自由傳輸，交易，交換和用於集成的DEFI協議中。

1. Generation of Lending Earnings

1。產生貸款收入

To generate earnings, Level supplies USDC and USDT to blue-chip lending protocols such as Aave. Currently, all reserves are deployed in Aave, but these reserves will soon be diversified across other lending protocols (such as Morpho). The receipt tokens from these protocols (such as Aave's aUSDC or aUSDT) will be wrapped into yield-generating assets.

為了產生收益，水平供應USDC和USDT為AAVE等藍籌貸款協議。目前，所有儲備都在AAVE中部署，但是這些儲備很快將在其他貸款方案（例如Morpho）中多元化。這些協議（例如AAVE的AUSDC或AUSDT）中的收據令牌將包裹在產生產生的資產中。

2. Distribution of Earnings to slvlUSD

2。分配收益到Slvlusd

Level will distribute the lending earnings obtained by the protocol to slvlUSD (i.e., staked lvlUSD). Therefore, users must stake lvlUSD into the staking contract or vault to receive slvlUSD, representing their share in the vault. As earnings increase, the value of slvlUSD will gradually appreciate.

級別將將協議獲得的貸款收入分配給SLVLUSD（即固定LVLUSD）。因此，用戶必須將lvlusd放入藏匿合同或保險庫中才能接收SLVLUSD，以代表其在保險庫中的份額。隨著收入的增加，Slvlusd的價值將逐漸欣賞。

3. slvlUSD Earnings Exceed Base Lending Earnings

3。 Slvlusd收益超過基本貸款收入

Since all lvlUSD reserves are used to generate lending earnings, but only slvlUSD can earn returns, the earnings of slvlUSD are higher than the base lending earnings. When the staked lvlUSD is lower, the earnings of slvlUSD are higher, and vice versa.

由於所有LVLUSD儲備都用於產生貸款收入，但只有Slvlusd可以賺取回報，因此SLVLUSD的收入高於基本貸款收入。當固定的LVLUSD較低時，Slvlusd的收入較高，反之亦然。

4. Unstaking and Withdrawal

4。取消和退出

When users unstake, slvlUSD will be burned. Users will receive the corresponding amount of lvlUSD based on the ratio of the total lvlUSD held in the contract to the outstanding slvlUSD supply. After unstaking, users need to wait 7 days to withdraw lvlUSD.

當用戶取消銷售時，Slvlusd將被燒毀。用戶將根據合同中持有的LVLUSD與未償還的SLVLUSD供應的總LVLUSD的比率收到相應的LVLUSD數量。放開後，用戶需要等待7天才能提取lvlusd。

Risks Faced by the Level Protocol

級別協議面臨的風險

According to information on the project's official website, the use of the Level protocol may involve the following risks:

根據該項目官方網站上的信息，級別協議的使用可能涉及以下風險：

To address these risks, Level has implemented several mitigation measures. For example, Level only accepts USDC and USDT as collateral and has set strict standards for the selection of lending protocols; it enhances operational security by employing multi-signature mechanisms and cold wallets to ensure the safety of administrative permissions.

為了解決這些風險，Level實施了幾項緩解措施。例如，級別僅接受USDC和USDT作為抵押品，並為選擇貸款協議設定了嚴格的標準。它通過採用多簽名機制和冷錢包來確保行政權限的安全性，從而提高了運營安全性。

The Level protocol offers new possibilities for the stablecoin sector through its innovative earnings mechanism. However, whether it can break through with its unique earnings model and risk management strategy remains to be validated by the market.

Level協議通過其創新的收入機制為Stablecoin行業提供了新的可能性。但是，它是否可以通過其獨特的收入模型和風險管理策略進行突破仍然待得到市場驗證。

(This article only introduces early-stage projects and does not constitute investment advice.)

（本文僅介紹早期項目，而不構成投資建議。）