Level is a defunct DeFi yield-bearing stablecoin protocol whose team has since joined the Grove initiative within the Sky Ecosystem. Level's Twitter Score is 66 out of 1000 (a Good rating) as of August 2026, ranking #12,720 (top 5%) among 483,944 tracked accounts.
Level was founded by Kedian Sun and David Lee, and was previously developed under Peregrine Exploration, which announced a seed round of $3.6 million in August 2024 co-led by Polychain Capital and Dragonfly. An additional $2.6 million strategic round led by Dragonfly followed in March 2025, coinciding with the official debut of lvlUSD. Other backers included Robot Ventures, Global Coin Research, Flowdesk, Pier Two, EIV, Native Crypto, and Feisty Collective by Path.
Level's core product, lvlUSD, was a stablecoin fully collateralized by USDC and USDT deployed into DeFi lending protocols to generate yield. Users could stake lvlUSD to receive slvlUSD, an ERC-4626 token that accrued that yield. Within five months of its Q4 2024 beta launch, lvlUSD grew to over $80 million in market capitalization, protocol TVL reached $96 million, and the protocol accumulated over 10,000 institutional and retail users. lvlUSD ultimately reached a peak market capitalization of $185 million, and slvlUSD delivered an average APY of over 7% before the shutdown announcement.
Level later announced that its team was joining the Sky Ecosystem as part of Grove, and that the Level protocol, lvlUSD, and slvlUSD would be sunset. During the wind-down, lvlUSD was placed into redeem-only mode and assets restaked through protocols such as Symbiotic were withdrawn. The final yield distribution was scheduled for October 2, 2025, with no yield accruing afterward, and the frontend was set to remain live through December 15, 2025. Level has published 2,415 posts and has been mentioned by 146 accounts across 455 total mentions.
Who follows Level on X?
The accounts that follow Level include 248 founders, 80 angel investors, 142 influencers and 11 VCs, among them Mario Nawfal, DeFi Dad defidad.eth, Sreeram Kannan, MoonPay, Michael Arrington and Soby.