In this article we delve into the decentralized trading platform Merkle Trade and see how to get an airdrop of MKL crypto which will be launched in the first quarter of 2024.
Merkle Trade is a gamified omnichain persistent DEX built on top of Layer Zero technology, taking the custody-free trading experience to the next level.
Interacting with this protocol, competing with other traders on the platform and participating in various “missions” will allow you to receive a token release that could express its full potential in the next year.
Let’s look at all the steps together.
Crypto Airdrop: What is Merkle Trade and how does it work?
Among various web platforms3 who will airdrop in their communities, let’s take a look at Merkle Trade today: it’s a gamified omnichain permanent DEX that allows you to trade up to 1000x leverage on various trading pairs in the crypto, forex and commodity sectors.
The protocol is designed to make the custodial trading experience enjoyable, to take advantage of decentralization, but with the same benefits as CEX.
Merkle Trade is built on top of a series of on-chain messaging protocols LayerZeroIt allows easy connection to a wide range of crypto networks.
Among the main advantages offered by the platform we find:
- Fast order execution and minimal price slippage: transactions take place only on Aptos, blockchain with the lowest latency on the market.
- commissions minimums among the lowest on the market: 0.05% for crypto pairs and 0.0075% for Forex pairs
- Use up to 150x for crypto and up to 1000x for Forex
- absence of counterparty risk: the experience of decentralized trading without custody eliminates the risk of financial intermediation. He carries out all operations and calculations smart contractthere is no custody of the user’s funds at any time
Merkle Trade, which will soon be integrated with its native crypto MKL as soon as the broadcast date is announced, does not use any order book to process various trading orders.
The platform uses a passive approach to market creation, where traders trade against a liquidity pool (“Merkle LP”) that acts as the counterparty to each trade on the protocol. This configuration means less waiting time.
It should also be emphasized that trading on Merkle Trade is exclusively synthetic: all operations are performed in stable coinsmore precisely than zUSDC (LayerZero bridged USDC) which acts as an asset that users use as collateral on the platform.
This ensures a reliable and competitive price source with other centralized platforms.
The protocol is still very young and still needs to be tested before it can record the same numbers as the best ones DEX perpetuals of the crypto sector.
The results, however, arrive very quickly.
How to deposit USDC on the platform
The first step to participate in the Merkle Trade airdrop campaign and earn a share of the MKL token emission campaign is despositor USDC on the platform.
First you have to go to official site project and connect your non-custodial decentralized wallet.
You can use various service providers like MetamaskRainbow, Coinbase Wallet, Wallet Connect, Petra, Pontem, Martian, Rise and Blocto
Connecting first requires approval of a free digital signature which will enable the user to trade on Merkle Trade.
When we do that, we’ll have to click on the item” Deposit” at the top right and select the network from which we want to start the transaction.
The advice is to go through Arbitrum, Optimism or Avalanche because there is very little waiting time for transfers.
Once this step is completed, you will be able to get in touch with the various functions of the platform.
On the section “the market” we can start various negotiations by choosing between 20 trading pairs in crypto, forex and commodity markets.
On the section “dashboard” instead we can look at various protocol data such as total volume, number of trades, leaderboards, recent trades, etc.
Finally, by clicking on “to earn” we can invest our USDC and receive a portion of the fees collected in the Merkle LP pool. 50% of the commissions collected by the platform go to USDC stackers, who help provide liquidity for other traders’ trades.
At this point we understand the structure of Merkle Trade and can move on to the airdrop farming phase.
Gamified Incentivized Trading: How To Get MKL Token Drops By Participating In Merkle Trade Missions
Merkle Trade recently announced the launch of “Gamified encouraged trading”, which represents an incentive campaign where users can complete missions and perform various activities indirectly earning a share in the release of MKL tokens.
All actions from trading they are rewarded with XP points which are used to unlock loot and receive future rewards.
For every dollar of protocol fees paid, you get 100 XP points.
Instead, MP points are earned by completing various weekly activities such as opening more than 5 trades, opening 2 trades on different trading pairs, achieving a volume of $3000 in the crypto sector, etc.
Missions are canceled weekly at noon UTC on Tuesdays; all unused MP is burned and you can start over.
You can view all missions in real time by going to the “profile” section and clicking on “missions”.
XP and MP points are used to level up and get “loot box“which are nothing more than chests where you can find MKL airdrop credits (in the form of pKML tokens).
These loot boxes will be able to be opened between the end of November and the beginning of December, after official communication from the decentralized project team.
Basicallythe higher level we reach and the more missions we complete, larger that will be the airdrop we will get.
The MKL crypto will be the central resource in the Merkle Trade infrastructure and will be inaugurated around the first quarter of 2024, on the occasion of a token generation event where pMKLs will be converted into the subject currency.
View gamified Merkle Trade and the possibility of airdrop monetization bring the platform to a a higher level than other decentralized permanent trading protocols.
The missions to be completed are very interesting and require you to show your skill to reach the top of the leaderboard.
The user experience is very smooth, with fast order execution and little slippage.
Merkle Trade, apart from the airdrop, has what it takes to become one of the leading trading platforms in the crypto sector, to the extent that it can surpass note GMX within a few months.