Token

Aptos

Coin

Gamified perpetual future decentralized exchange (DEX) Merkle Trade announced its MKL token generation event (TGE).
According to an Aug. 29 announcement, Aptos-based DEX Merkle Trade will launch its token through both genesis staking and a liquidity bootstrapping auction. The new token is backed by institutional investors Hashed and Arrington Capital. Merkle Tree’s genesis staking started on July 25 and the liquidity bootstrapping auction will start on Sept. 5.
A liquidity bootstrapping auction is a DeFi token launch mechanism where the initial price starts high and gradually decreases while liquidity increases over time. The liquidity bootstrapping auction will offer early users USD Coin (USDC) rewards for staking for an extended period. genesis staking, on the other hand, entails asset staking in exchange for the newly launched tokens.
Users holding preMKL can leverage genesis staking to retail their MKL tokens while also earning the additional USD Coin rewards. Those rewards are funded by a portion of the protocol’s revenue and are powered by a reward pool offering up to $200,000.
Per the announcement, over 3 million preMKL tokens have been staked for an average duration exceeding 20 weeks. This accounts for over 22% of the circulating supply at the time of the token launch.
Merkle Tree is a gamified perpetual futures DEX with omnichain support and Ethereum virtual machine integration via LayerZero. The project distinguishes itself from competitors through the integration of social elements typical of online and role-playing games to gamify trading.
Perpetual futures are a type of derivative contract with no expiration date, so unlike traditional futures contracts, they can be held indefinitely. Traders can leverage those contracts to open either long or short positions with periodic funding rate payments keeping the contract price aligned with the underlying asset’s price.
Merkle Tree <a href="https://x.com/Aptos_Verse/status/1821075637815406925" rel="noopener noreferrer nofollow">made news earlier this month</a> for being the top-ranking project in terms of fee generation on the Aptos blockchain. Aptos is a layer 1 blockchain focused on low latency and scalability. It leverages <a href="https://move-language.github.io/move/" rel="noopener noreferrer nofollow">Meta’s Move programming language</a> for its programming.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Perpetual Futures DEX Merkle Tree Launches its Token

Crypto Daily™

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