Level, a NYC-based provider of a decentralized stablecoin protocol, raised additional $2.6M in funding.
The round was led by Dragonfly. Other investors included Polychain, Flowdesk, Echo syndicates Native Crypto, Feisty Collective by Path, Sam Kazemian and Albert Chon, bringing the total amount to over $6M.
The company intends to use the funds to expand operations and its development efforts.
Co-founded by Co-Founders Kedian Sun and David Lee, Level is a decentralized stablecoin protocol empowered by DeFi-native yield, available to non-US users. It generates permissionless finance by offering sustainable, scalable on-chain financial opportunities.
Its lvlUSD is fully collateralized by fiat-backed stablecoins such as USDC and USDT, which are supplied on blue-chip lending protocols like Aave to generate yield. In the coming weeks, Level will also start earning yield on Morpho. To expand its utility and scale, lvlUSD is already integrated with tier-1 DeFi protocols, including Pendle, Spectra and LayerZero, and can be used as collateral on Morpho.
Since its beta launch in Q4 2024, Level has rapidly expanded, growing lvlUSD’s market capitalization to over $80 million and total protocol TVL to $96 million within just five months, with over 10,000 institutional and retail users.
FinSMEs
18/03/2025