Peregrine Exploration, a blockchain development and research company, has raised $3.6 million in a funding round co-led by Polychain Capital and Dragonfly to develop a stablecoin protocol called Level.
According to a press release, Robot Ventures, Pier Two, EIV, and Global Coin Research participated in the round. Angel investors Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell also participated.
Level aims to be the first stablecoin protocol backed by re-staking dollar tokens. These tokens are created when someone stakes a dollar-denominated token (e.g. USDC or USDT) on a re-staking protocol like EigenLayer and earns re-staking yields. These yields are generated from tokens that are used to provide security on other blockchains.
EigenLayer, Symbiotic, and Karak all stated in their press releases that they will support the use of any token used to provide economic security, including dollar tokens.
Peregrine Exploration claims that the project’s stablecoin will be launched in closed beta “in the coming weeks.” The goal is to allow users to mint Level USD to earn Level XP points and earn yield on decentralized lending platform Aave on dollar-based stablecoins like USDT and USDC.
“Level was founded on the belief that the two most important use cases for cryptocurrency are permissionless access to a digital dollar and the ability to provide economic security to decentralized networks,” said David Lee, CEO of Peregrine Exploration. “Level combines these two use cases into a single product, opening up a whole new world of opportunity for reinvestors, AVS, and DeFi users.”
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