Peregrine Exploration raises $3.6M in funding led by Polychain Capital and Dragonfly to develop Level, a stablecoin protocol backed by restaked dollar tokens, with support from EigenLayer and other DeFi platforms.
Bollywood Fever: Peregrine Exploration, a blockchain development and research company, has raised $3.6 million in a funding round co-led by Polychain Capital and Dragonfly. The funds will be used to develop a new stablecoin protocol called Level. The funding round also saw participation from notable investors including Robot Ventures, Pier Two, EIV, Global Coin Research, and angel investors such as Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell.
Level is set to be the first stablecoin protocol backed by restaked dollar tokens. These tokens are created when users stake dollar-denominated tokens like USDC or USDT on a restaking protocol, such as EigenLayer, to earn restaking yields. The yield is generated by using the tokens to provide security for other blockchains.
The project has garnered support from major players in the DeFi space, with EigenLayer, Symbiotic, and Karak all committed to enabling the use of any token, including dollar tokens, for providing economic security.
According to Peregrine Exploration, the Level stablecoin will launch in closed beta in the coming weeks. The protocol will allow users to mint Level USD, earning Level XP points and yield from decentralized lending platforms like Aave on dollar-backed stablecoins such as USDT and USDC.
David Lee, CEO of Peregrine Exploration, emphasized the dual purpose of Level: “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. Level combines these two use cases into a single product, opening up a whole new world of opportunities for restakers, AVSs, and DeFi users.”
The launch of Level aims to innovate within the stablecoin market by integrating restaked assets into its protocol, potentially creating new opportunities for participants in decentralized finance (DeFi).
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