LVLUSD的市值超过1亿美元，在不到一个月的时间内实现了129％的增长率

3月26日，LVLUSD的市值超过了1亿美元，在不到一个月的时间内实现了129％的增长率。作为由Stablecoin协议级别发行的Stablecoin，LVLUSD正在成为著名的参与者。

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Chaincatcher新闻

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的市值超过了1亿美元，在不到一个月的时间内实现了129％的增长率。作为由Stablecoin协议级别发行的Stablecoin，LVLUSD正在成为著名的参与者。

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行业中，市场需求不断增长，既安全又提供可观的回报。最近，Level一直通过利用贷款协议来创建高度透明且可组合的Stablecoin LVLUSD，同时提供风险调整后的回报，从而探索了一条新的道路。

Background and Current Development of the Level Team

级别团队的背景和当前发展

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联合创始人Kedian Sun毕业于沃顿学校，此前曾在BREX曾担任运营经理，并在Lazard工作。另一位联合创始人戴维·李（David Lee）担任计算机工程师十年的经验，曾在Flexport和Uber担任软件工程师，并拥有哥伦比亚大学的计算机科学学士学位。

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完成了两轮融资，总计600万美元。 2024年8月，其开发公司Peregrine Exploration宣布完成了由Polychain Capital和Dragonfly Capital领导的360万美元资金。 2025年3月，它由Draginfly Capital领导，又完成了260万美元的资金回合。

Design of lvlUSD

LVLUSD的设计

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，只能使用这两个稳定币无权铸造。 USDC和USDT构成LVLUSD的储备，这些储量用于在贷款协议中生成回报。此外，代表水平贷款头寸的贷款协议收据令牌的一部分将存入重新存储协议中，以赚取额外的奖励。

Earnings Mechanism

收入机制

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.

通过ERC-4626 Staking机制向用户贷款收益。在存放LVLUSD之后，用户将收到Slvlusd，随着协议将收益分配给Statiking合同，其价值将欣赏。 LVLUSD和SLVLUSD可以自由传输，交易，交换和用于集成的DEFI协议中。

1. Generation of Lending Earnings

1。产生贷款收入

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.

为了产生收益，水平供应USDC和USDT为AAVE等蓝筹贷款协议。目前，所有储备都在AAVE中部署，但是这些储备很快将在其他贷款方案（例如Morpho）中多元化。这些协议（例如AAVE的AUSDC或AUSDT）中的收据令牌将包裹在产生产生的资产中。

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.

级别将将协议获得的贷款收入分配给SLVLUSD（即固定LVLUSD）。因此，用户必须将lvlusd放入藏匿合同或保险库中才能接收SLVLUSD，以代表其在保险库中的份额。随着收入的增加，Slvlusd的价值将逐渐欣赏。

3. slvlUSD Earnings Exceed Base Lending Earnings

3。Slvlusd收益超过基本贷款收入

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.

由于所有LVLUSD储备都用于产生贷款收入，但只有Slvlusd可以赚取回报，因此SLVLUSD的收入高于基本贷款收入。当固定的LVLUSD较低时，Slvlusd的收入较高，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.

当用户取消销售时，Slvlusd将被烧毁。用户将根据合同中持有的LVLUSD与未偿还的SLVLUSD供应的总LVLUSD的比率收到相应的LVLUSD数量。放开后，用户需要等待7天才能提取lvlusd。

Risks Faced by the Level Protocol

级别协议面临的风险

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

根据该项目官方网站上的信息，级别协议的使用可能涉及以下风险：

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.

为了解决这些风险，Level实施了几项缓解措施。例如，级别仅接受USDC和USDT作为抵押品，并为选择贷款协议设定了严格的标准。它通过采用多签名机制和冷钱包来确保行政权限的安全性，从而提高了运营安全性。

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协议通过其创新的收入机制为Stablecoin行业提供了新的可能性。但是，它是否可以通过其独特的收入模型和风险管理策略进行突破仍然待得到市场验证。

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

（本文仅介绍早期项目，而不构成投资建议。）