Aptos-based Merkle Trade kicks off TGE sequence with dual rewards for participants

Mila August 29, 2024

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Key Takeaways

Merkle Trade’s TGE features Genesis Staking and an LBA, offering multiple rewards.
Participants can earn shares of MKL supply and trading fees through the LBA.

Merkle Trade, the pioneering gamified perpetual futures decentralized exchange powered by the Aptos blockchain, is launching its token generation event (TGE) sequence, offering participants opportunities to earn dual rewards and secure MKL tokens with Genesis Staking and a Liquidity Bootstrapping Auction.

Designed for preMKL holders, Genesis Staking enables existing users to stake pre-TGE MKL tokens and earn USDC rewards, as well as access a special reward pool, the project stated. Over 3 million preMKL tokens have been staked for Genesis Staking since its launch on July 25.

Following the success of its Genesis Staking, Merkle Trade has initiated the Liquidity Bootstrapping Auction (LBA) to allow both early supporters and newcomers to engage with the network and earn additional rewards.

According to Merkle Trade, the LBA is a 7-day auction where users can deposit USDC and/or preMKL tokens to determine the initial launch price of the MKL token based on the ratio of these assets.

Participants receive MKL-USDC LP tokens in return, which entitle them to dual rewards: a share of 1% of the total MKL supply and trading fees generated by the pool, the project noted.

With the TGE sequence’s launch, Merkle Trade aims to offer users a variety of ways to engage with the platform and benefit from its growth.

Sapphire

The project has raised $2.1 million from prominent investors, including Hashed and Arrington Capital. Its vision is to become the biggest decentralized hub for leveraged trading, with a focus on user-friendliness, social features, advanced trading tools, security, and decentralization.