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Home»ADOPTION NEWS»Peregrine Exploration Raises $3.6M from Polychain and Dragonfly for Restaking-Focused Stablecoin Protocol Level
ADOPTION NEWS

Peregrine Exploration Raises $3.6M from Polychain and Dragonfly for Restaking-Focused Stablecoin Protocol Level

By Crypto FlexsAugust 29, 20243 Mins Read
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Peregrine Exploration Raises .6M from Polychain and Dragonfly for Restaking-Focused Stablecoin Protocol Level
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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.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Adam is the Editor-in-Chief for Europe, Middle East and Africa. He is based in Central Europe and was the Editor-in-Chief and podcaster at OKX Insights, the former research arm of OKX, a cryptocurrency exchange. Prior to that, he co-founded BeInCrypto.com, which he led as its editor-in-chief to become one of the top crypto media brands at its peak. He was previously the Editor-in-Chief of Bitcoinist.com. Prior to joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He can be found tweeting at @XBT002 and emailing him at (email protected).
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