Polychain and Dragonfly Help Peregrine Exploration Raise $3.6M for Stablecoin Protocol

The BIT Journal reports that blockchain development and research company, Peregrine Exploration, has successfully raised $3.6 million in a funding round led by Polychain Capital and Dragonfly. The funds will be used to advance the development of Level, a pioneering stablecoin protocol set to reshape the landscape of decentralized finance (DeFi).

This funding round also saw participation from notable investors such as Robot Ventures, Pier Two, EIV, Global Coin Research, and prominent angel investors including Balaji Srinivasan, Jeff Feng, Julian Koh, and Sidney Powell.

Peregrine is making waves in the blockchain space with its innovative approach to stablecoins. The company’s new protocol, Level, aims to become the first stablecoin backed by restaked dollar tokens.

These tokens are generated when a user stakes a dollar-denominated token, like USDC or USDT, on a restaking protocol such as EigenLayer. This process allows users to earn restaking yield, which is generated by using the tokens to secure other blockchains.

In the recently concluded funding round, Peregrine secured $3.6 million, with the backing of industry heavyweights Polychain Capital and Dragonfly. The participation of additional investors such as Robot Ventures, Pier Two, EIV, and Global Coin Research explains the growing interest in Peregrine Exploration’s innovative solutions. Angel investors like Balaji Srinivasan, a renowned figure in the crypto space, and others also contributed, reflecting broad confidence in the project’s potential.

Peregrine Exploration Focuses on Groundbreaking Stablecoin

Peregrine is set to revolutionize the stablecoin market with Level, its cutting-edge stablecoin protocol. The protocol is designed to enable users to mint Level USD, a stablecoin backed by restaked dollar tokens. This process is seamlessly integrated with platforms like Aave, where users can earn Level XP points and yield on dollar-backed stablecoins such as USDT and USDC.

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Level’s unique approach is supported by prominent restaking protocols including EigenLayer, Symbiotic, and Karak. These platforms will allow the use of any token to provide economic security, including dollar tokens, making Level a versatile and robust stablecoin option.

David Lee, CEO of Peregrine Exploration, emphasized the project’s mission, stating, “Level was founded on the belief that the two most important use cases of crypto are the permissionless access to digital dollars and the ability to provide economic security to decentralized networks.” Peregrine Exploration is poised to combine these use cases into a single, powerful product that could open new avenues for restakers, AVSs, and DeFi users.

Peregrine Exploration Set to Launch Beta Version Soon

Peregrine is not just about theoretical advancements; the company is gearing up to launch a closed beta of its stablecoin protocol, Level, in the coming weeks. This move marks a significant milestone in the company’s journey toward transforming the stablecoin market. Users who participate in the beta will have the opportunity to mint Level USD, participate in the yield-earning process, and accumulate Level XP points.

The upcoming launch has generated considerable anticipation within the crypto community, with many eager to see how Peregrine Exploration’s Level protocol will perform in a real-world environment.

Peregrine Exploration is rapidly establishing itself as a leader in the blockchain space with its innovative approach to stablecoins and DeFi. The successful $3.6 million funding round, supported by prominent investors, is a testament to the industry’s confidence in the company’s vision.

As Peregrine prepares to launch its Level protocol in closed beta, the potential for this project to revolutionize the stablecoin market is immense. The BIT Journal will keep you informed as Peregrine Exploration continues to break new ground in the world of decentralized finance.