MerlinStarter, the launchpad platform of the Merlin Chain ecosystem, has successfully launched its first Initial DEX Offering (IDO) project – MerlinSwap, which concluded its subscription on the 28th. The project raised a total of $480 million, breaking the historical record for IDOs. Following the IDO trend, MerlinSwap has achieved a trading volume of $70 million in the past 24 hours and a Total Value Locked (TVL) of $109 million, making it the largest DEX in the Bitcoin ecosystem.
Recently, the community has been paying close attention to the Bitcoin ecosystem’s launchpad platform, MerlinStarter, which is the first of its kind in the Bitcoin L2 Merlin Chain ecosystem. The IDO project, the decentralized exchange MerlinSwap, ended its subscription on the 28th with over 52,000 participating addresses and an oversubscription of 400 times, raising $480 million and breaking the IDO historical record. The platform token, $MP, also surged 10 times shortly after its listing, demonstrating the high market attention towards MerlinSwap.
MerlinSwap will initiate the second round of airdrop rewards in response to the community’s support. A total of 2% (420 million) of $MP tokens will be distributed to IDO participants, users who trade $MP, and provide liquidity for it. The specific details will be announced next week.
According to the official explanation, the total supply of $MP is 2.1 billion, with 6% allocated for public sale, 20% for airdrops, 24% for trading rewards, 33% for the Merlinswap treasury and LP, 9% for initial liquidity provision, 2% for marketing, and 6% for the Merlinswap team.
With the influence of the airdrop incentives and the continuation of the IDO trend, MerlinSwap announced today on X that its platform achieved an astonishing trading volume of $70 million and a TVL of $109 million in the past 24 hours. This positions MerlinSwap as the largest DEX in the Bitcoin ecosystem, whether it’s in terms of TVL, trading volume, or daily active users.
In terms of trading volume, the trading volume of $MP exceeded $21 million in the past 24 hours, even surpassing the trading volume of the Bitcoin pair (M-BTC/WBTC). This reflects the high market enthusiasm for participation. The current price of the token is $0.0083056, which is more than 8 times higher than the price during the IDO at $0.001.
However, as the Merlin Chain ecosystem and the project are still in their early stages, there is still room for improvement in terms of trading slippage and cross-chain time. The community feedback indicates that it takes more than 3 days using the official cross-chain bridge, but it is much faster using Meson. Whether the project can sustain its current market performance remains to be tested over time.
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– Lunar New Year BTC ecosystem: Interactive tutorials on the three major Bitcoin Layer 2 networks: B2 Network, Merlin, and BEVM.
– MerlinStarter, the launchpad platform of the Merlin Chain ecosystem, will launch its first IDO project “MerlinSwap” on March 25th.