MerlinStarter, the leading Launchpad platform in the Merlin Chain Bitcoin L2 ecosystem, has successfully completed its first IDO project, MerlinSwap. The subscription period ended yesterday (28th), raising a total of $480 million, breaking the record for IDO fundraising. Following the IDO frenzy, MerlinSwap has achieved a trading volume of $70 million in the past 24 hours, with a TVL of $109 million, making it the largest DEX in the Bitcoin ecosystem.
Recently, the Bitcoin ecosystem community has been paying close attention to MerlinStarter, the first Launchpad platform in the Merlin Chain Bitcoin L2 ecosystem, and its first IDO project, decentralized exchange MerlinSwap. The subscription period ended yesterday (28th), with over 52,000 addresses participating and an oversubscription of 400 times, raising a total of $480 million, breaking the record for IDO fundraising. The platform’s token, $MP, also saw a 10x increase in value shortly after opening, demonstrating the significant market attention received by MerlinSwap.
MerlinSwap will launch its second round of airdrops. In response to the community’s support, MerlinSwap announced on the 28th that it will distribute 2% (420 million $MP) of its total supply as airdrop rewards to IDO participants, users who trade $MP, and provide liquidity. Further details will be announced next week.
According to the official information, 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 continued IDO frenzy, MerlinSwap announced today on X that its platform’s trading volume reached an astonishing $70 million in the past 24 hours, with a TVL of $109 million. This positions MerlinSwap as the largest DEX in the Bitcoin ecosystem in terms of TVL, trading volume, and 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 Bitcoin pairs (M-BTC/WBTC). This indicates a high level of market participation. The current price of the token is $0.0083056, which is more than 8 times higher than its IDO price of $0.001.
However, as the Merlin Chain ecosystem and the project are still in the early stages, there is still room for improvement in areas such as trading slippage and cross-chain time (using the official cross-chain bridge, it takes more than 3 days according to community feedback, but it is much quicker using Meson). Whether the project can sustain its current market momentum remains to be seen.
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MerlinStarter, the leading Launchpad platform in the Merlin Chain Bitcoin L2 ecosystem, will launch its first IDO project, “MerlinSwap,” on March 25th.