PANews reported on March 18 that according to CoinDesk, Peregrine Exploration, the development company behind the stablecoin protocol Level, recently completed a new round of financing of US$2.6 million, led by Dragonfly Capital and participated by Polychain, and the total financing amount increased to US$6 million. New investors include Flowdesk, Echo Syndicates, Native Crypto, Feisty Collective, as well as Frax founder Sam Kazemian and Injective co-founder Albert Chon.

Level's yield-based stablecoin lvlUSD has exceeded $80 million in supply since its beta launch five months ago, and plans to include Morpho as a source of revenue while expanding the utility of lvlUSD. Currently, users can mint lvlUSD by depositing USDC or USDT, and stake it to earn income in DeFi protocols such as Aave, with an annualized yield of 8.3%, higher than some money market funds.