Level, lvlUSD is a leading stablecoin with DeFi-native yield, Raise $2.6M Strategic Round Led by Dragonfly

March 18, 2025

Level, a decentralized stablecoin protocol, has completed a $2.6 million strategic funding round led by Dragonfly. This round follows a previous investment co-led by Dragonfly and Polychain, bringing the total funding to more than $6 million. The funding comes as lvlUSD, Level’s stablecoin, reaches $80 million in market capitalization, reflecting an increase of 20 times in the past three months and doubling since late February.

The investment round included contributions from Polychain, Flowdesk, Bixin Ventures, TPC Ventures, Wagmi Ventures, GD1, Aegis Ventures, Wonderstruck, and Based Capital. Two Echo Dot-affiliated groups, Native Crypto by Comfy Capital and Feisty Collective by Cryptopathic, also participated. Additional advisors and previous investors include Jeff Feng, Balaji Srinivasan, Julian Koh, and Thomas Lanian.

lvlUSD is backed by USDC and USDT, generating yield through lending protocols such as Aave, with future integration planned for Morpho. Additional rewards come from restaking platforms like Symbiotic. The stablecoin is integrated with DeFi protocols including Pendle, Spectra Finance, and LayerZero and is accepted as collateral on Morpho. The funding will support further development of the protocol’s integrations and liquidity expansion.

About Level

Level is a decentralized finance (DeFi) protocol focused on stablecoin issuance and yield strategies. Its primary asset, lvlUSD, is fully backed by USDC and USDT and uses lending and restaking mechanisms. The protocol is designed to facilitate capital efficiency and integration across DeFi applications.

Website: https://www.level.money/

X: @levelusd

About Investor

Dragonfly

Dragonfly is a venture capital firm focused on investments in crypto and blockchain-based projects. The firm provides funding and strategic guidance to projects in DeFi, Web3, and blockchain infrastructure.

Location: New York / Singapore

Website: https://www.dragonfly.xyz/

A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.