Level surpasses $150 million TVL Level has achieved an important milestone, with a total locked in value exceeding $150 million. This is not only a numerical victory, but also a proof of Level's advantage in the fiercely competitive stablecoin market. Stablecoin market: Distribution is king Stablecoins are the backbone of the cryptocurrency market, serving as a perfect liquidity flywheel with mature product market fit. However, the current market is dominated by a "distribution first" model. The 2024 data clearly reveals this: USDC issuer Circle achieved approximately $1.7 billion in revenue, but paid $900 million to distribution partner Coinbase and a one-time fee of $60 million to Binance. These numbers highlight a key reality - stablecoin issuers must invest huge fees to compete for user holdings through centralized exchanges and other channels. This high distribution cost creates significant barriers for new players to enter the market and compete for market share with USDT and USDC. Level's unique strategy Level did not attempt to replace USDT or USDC, but chose to absorb these two major assets. Its platform stablecoin lvlUSD can only be minted through USDC or USDT, integrating these mainstream stablecoins into its own ecosystem. This design aligns with Level's core philosophy of providing stablecoins that combine security, composability, and high returns, rather than competing head-on with existing giants. Why cast lvlUSD? The answer lies in profits. Since the start of income distribution in mid December 2024, SlvlUSD (the yield version of lvlUSD) continues to offer an annualized yield of 8.3%, higher than the deposit rate of USDC on Aave. These returns come from depositing lvlUSD's reserve assets (USDC and USDT) into top lending agreements such as Aave and Morpho, generating scalable, reliable, and low-risk income streams. Key Pillars of Level Success The Level pattern is based on the following key factors and supported by data and partnership relationships: Top tier lending agreement support The revenue generation of Level relies on deep integration with Aave and Morpho, which are the most trusted and proven lending protocols in DeFi. These collaborations ensure that LVlUSD's reserve assets can generate stable, low-risk returns while maintaining transparency and reliability. TVL resilience in market volatility Despite a 18.6% decline in the total market value of the cryptocurrency market in the first quarter of 2025, the TVL of lvlUSD has maintained steady growth without any decline. This stability reflects users' high trust in Level and the protocol's ability to continuously create value under any market conditions. Endorsement from top institutions Level has received support from Dragonfly Capital and Polychain Capital, two of the top venture capital firms in the cryptocurrency industry. Their endorsement demonstrates confidence in Level's ability to reshape the practicality of stablecoins and occupy a significant position in the trillion dollar stablecoin market. Resolve distribution challenges From a game theory perspective, stablecoin competition is similar to a coordinated game, where distribution channels have asymmetric power. Issuers like Circle and Tether must incentivize platforms such as CEX to prioritize promoting their assets, creating a costly and inefficient equilibrium. Level broke this dynamic by bypassing traditional distribution warfare. LVlUSD requires the use of USDC or USDT for minting, fully utilizing the existing liquidity and trust of these stablecoins while providing better yield propositions. This design creates a win-win situation: users receive higher profits, and Level can capture TVL without competing with competitors in distribution costs. In addition, the integration of Level with leading DeFi protocols enhances the composability of lvlUSD, allowing users to leverage it for additional revenue opportunities across multiple platforms. This capital efficiency enhances the network effect of the protocol, and each integration further enhances the practicality and attractiveness of LVlUSD. Future prospects The $150 million TVL milestone of Level is not only a number, but also a proof of a scalable and sustainable model. By focusing on low-risk return generation, deep protocol integration, and incentive alignment distribution strategies, Level has gained a favorable position in the stablecoin market. As DeFi continues to mature, Level's ability to provide sustained value while maintaining security and transparency will solidify its position as the leader of the next generation of stablecoins.