PROTOCOL VILLAGE EXCLUSIVE: Peregrine Exploration, a blockchain research and development firm, raised $3.6 million in a funding round co-led by Dragonfly and Polychain Capital to develop Level, “the first stablecoin protocol powered by restaked dollar tokens.” According to the team, Level makes it easy to “restake” stablecoins – meaning the assets can be used to earn interest and secure other blockchain protocols. Level’s stablecoin, lvlUSD, will launch in private beta in the coming weeks with a mainnet launch planned for Q4. Users will be able to mint lvlUSD tokens and earn Level XP (points), restaking points, and Aave yield on their dollar-backed stablecoins like USDT and USDC. “Level was founded on the belief that the two most important use cases of crypto are the permissionless access to digital dollars and the ability to provide economic security to decentralized networks,” said Peregrine Exploration CEO David Lee. “Level combines these two use cases into a single product, opening up a whole new world of opportunities for restakers, AVSs, and DeFi users.”
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