TechFlow news: Blockchain development and research firm Peregrine Exploration has announced a $3.6 million funding round co-led by Polychain Capital and Dragonfly to develop Level, a stablecoin protocol. Additional participants in the round include institutional investors such as Robot Ventures, Pier Two, EIV, and Global Coin Research, along with angel investors Balaji Srinivasan, Jeff Fang, Julian Koh, and Sidney Powell.
Level aims to become the first stablecoin protocol backed by restaked dollar tokens. These tokens are created by staking dollar-denominated tokens like USDC or USDT on restaking protocols such as EigenLayer, enabling them to secure other blockchains and generate yield.
EigenLayer, Symbiotic, and Karak have all indicated support for using any tokens—including dollar tokens—to provide economic security.
Peregrine Exploration stated that the Level stablecoin will enter closed testing within the coming weeks. Users will be able to mint Level USD while earning Level XP points and yield from dollar-pegged stablecoins such as USDT and USDC on decentralized lending platforms like Aave.
