Level Finance
Summary
Level Finance (also marketed as Level Perps) is a decentralized perpetual derivatives exchange that launched on BNB Chain in Q4 2022 and later expanded to Arbitrum. In May 2023 the protocol suffered a $1.1 million exploit caused by a logic bug in its referral reward contract that was missed by two prior security audits. The protocol's LVL token has declined approximately 99.9% from its all-time high, and as of 2025-2026 the protocol shows near-zero TVL ($32K), zero fees, and zero revenue, indicating effective dormancy.
Connected Entities
2 entities- + 3 more
Timeline(12 events)
2022-11-01
Level Finance begins security engagement with Obelisk Auditing for core smart contracts.
2023-01-01
Level Finance mainnet launches on BNB Chain with LVL utility token and LGO governance token.
2023-01-09
Obelisk Auditing publishes Core Contracts Audit for Level Finance.
2023-01-24
Obelisk Auditing publishes Trading Contracts Audit for Level Finance.
2023-02-02
Level Finance announces security partnership with Quantstamp.
2023-04-05
Quantstamp publishes full smart contract audit report for Level Finance.
2023-04-21
LVL token reaches all-time high of approximately $11.22.
2023-04-24
Alleged preliminary exploit attempt goes undetected approximately one week before the main attack (per Halborn post-mortem).
2023-05-01
Level Finance LevelReferralControllerV2 contract exploited; 214,000 LVL tokens drained and swapped for 3,345 BNB (~$1.1M). Team pauses referral program and issues public disclosure via Discord and Twitter.
2023-05-02
Multiple security firms (Halborn, PeckShield, Cyvers) publish post-mortems confirming referral logic bug. LVL token down ~50% from pre-exploit price.
2023-12-26
Scheduled first team token unlock: 25% of team allocation vests per published tokenomics schedule.
2026-05-01
Protocol TVL at approximately $32,880 across BNB Chain and Arbitrum. Fees and revenue at $0. Protocol assessed as effectively dormant.
Decision Log
- hash: EhBB5KDt3VRw2QVsRb8CAZRNzx6LWDTYEz2MtHqtBCP2
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:42 AM
last updated: 5/28/2026, 3:28:35 AM
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