We enter the 2nd half of the year with renewed purpose as the blockchain and cryptocurrency industry continues to showcase major partnerships, announcements, and developments. Andreessen Horowitz (a16z) had just announced a $2.2B investment fund for the industry, at the same time Citibank had announced the formation of their own internal cryptocurrency division called the ‘Digital Assets Group’.
While there was a brief respite of hype around non-fungible tokens or NFTs, Decentralized Finance (DeFi) continues to be the star of the blockchain industry and the area lauded to have created the most value with $80B secured in borrowing and lending protocols, and decentralized exchanges processing over $150B in volume – up 88x in the span of a year.
Initial capital in the DeFi space was focused in the borrowing/lending, interest bearing savings, and simple swap-based trading services and protocols. This year, we are seeing an increasing number of announcements in the derivatives segment as projects are starting to complete their development life cycles to bring legacy financial products into the open future of finance that is blockchain-based for its transparency, 3rd party anonymous auditability and modular interoperability (non-siloed).
“The rising competition is seen not as a determent but rather an encouraging fact that the services we provide are much sought after, and many companies have arrived at the same conclusion.”
The massive ongoing capital flowing into DeFi protocols and projects from both institutional and retail investors suggests that momentum is not slowing down any time soon.
For us, the 1st half of 2021 was all about ‘BUIDL’ mode, to cite a word with similar analogy to the popular ‘HODL’ term used in the industry. The development team has refined our platform architecture and built tens of microservices for plans to add 50+ assets over index, tokenized stocks, ETFs, and cryptocurrency markets. These assets will be gradually added in stages as we run these market data through our proprietary fair pricing (FairSense™) algorithms to assess for proper analytics performance before offering to our end users.
There was also development done with the purpose of eliminating excessive network fees through directly integrating banking and payment gateway on-ramps to our own L2 solution, for users to perform seamless exchange transactions between conventional currencies and digital assets.
“I am proud to say the past 2 years of development efforts have put us at the forefront of the industry for decentralized derivatives.”
Our consumer facing application that looks just like any other trading App belies the proprietary infrastructure behind that is empowering investors with a permissionless platform to connect to each other for trading derivative contracts in both conventional and digital assets markets.
On the business side, trading volumes have been holding steadily in calm anticipation of our Q3 scheduled trading tournaments. Actual dates of these events will be announced together with our LVX staking rewards for node validation. These joint announcements will facilitate marketing efforts to promote our utility token LVX, which is also required to activate our platform technologies.
Staking functionality and rewards will be launched together with our own block explorer called ‘LVXplorer’ which will allow users to publicly monitor trade settlements, transactions, and other important data on our platform’s sidechain.
“Decentralizing LVX node control and releasing our platform’s own block explorer reinforces the company’s dedication to a more democratized, transparent and open financial platform for all to use.”
All the above is business as usual but precludes a milestone highlight of the company’s own securities token offering, which was announced as approved by the securities exchange themselves Fusang.co on May 31st.
“In my previous update, the company was amid due diligence and audit presentations to the exchange. We are pleased to announce our listing has been duly approved by Fusang and the company is now ready to run its marketing campaigns established around our Digital Equity Token (DET) offering.”
Having already secured $7M in commitments, the Company’s offering progress is very positive and will position us well into the future to become a major contender in the decentralized financial industry.
On behalf of the Company and Team, I would again like to extend our sincerest thanks to our partners, investors, clients, and community for playing such important roles in our Company’s development.
Chief Executive Officer
Level 01 Technologies