Level is a stablecoin that is based on USD restaking tokens. These tokens are formed when someone stakes a dollar-denominated token (such as USDC or USDT) in restaking protocols similar to EigenLayer to earn restaking income. This income is generated by tokens used to secure other blockchains.

💵Investments: In a recent private round, the project raised $3.6 million from Polychain Capital, DragonFly Capital, Robot Ventures and others.

The activity is early and has not yet been shilled through channels. Plus, I note that after the announcement of the fundraise, Level entered into a number of partnerships with projects that have Binance, a16z and a number of other top investors.