Peregrine Exploration, the company behind the stablecoin protocol Level, has completed a new financing round of $2.6 million, led by Dragonfly Capital and Polychain, bringing the total funding to $6 million. New investors include Flowdesk, Echo Syndicates, Native Crypto, Feisty Collective, Frax founder Sam Kazemian, and Injective co-founder Albert Chon. Level's stablecoin, lvlUSD, has surpassed $80 million in supply since its beta launch five months ago. The protocol plans to incorporate Morpho as a revenue source and expand lvlUSD's utility. Users can mint lvlUSD by depositing USDC or USDT and earn an annualized yield of 8.3% through DeFi protocols like Aave, which is higher than some money market funds.

PANews reported on March 18 that according to CoinDesk, Peregrine Exploration, the development company behind the stablecoin protocol Level, recently completed a new round of financing of US$2.6 million, led by Dragonfly Capital and participated by Polychain, and the total financing amount increased to US$6 million. New investors include Flowdesk, Echo Syndicates, Native Crypto, Feisty Collective, as well as Frax founder Sam Kazemian and Injective co-founder Albert Chon.
 Level's yield-based stablecoin lvlUSD has exceeded $80 million in supply since its beta launch five months ago, and plans to include Morpho as a source of revenue while expanding the utility of lvlUSD. Currently, users can mint lvlUSD by depositing USDC or USDT, and stake it to earn income in DeFi protocols such as Aave, with an annualized yield of 8.3%, higher than some money market funds.

Level Stablecoin Protocol Secures $2.6 Million in Funding Led by Dragonfly Capital