Merkle said the event is scheduled to last for only one week starting from Thursday August 29 to September 5. This event is designed to ensure sufficient liquidity for the platform’s tokens.
Merkle Trade, a decentralized exchange (DEX) focused on perpetual futures trading, has announced the launch of its Token Generation Event (TGE) Sequence on the Aptos blockchain, a layer-1 protocol known for its scalability and robust features.
According to a press release seen by Coinspeaker, the platform backed by prominent venture capitals such as Hashed and Arrington Capital, aims to revolutionize the crypto trading experience for users with the launch of the TGE. This event will feature two key components: Genesis Staking and a Liquidity Bootstrapping Auction (LBA).
An Impressive Milestone
Merkle said the TGE is a vital aspect of its journey towards building a sustainable, liquid market for its native token known as MKL.
The two-phase event is designed to benefit both existing users and new participants by offering diverse strategies for acquiring digital asset, managing positions, and earning additional rewards.
The first phase, Genesis Staking, began on July 25th. During this phase, users have been able to lock up their tokens on the DEX to earn additional rewards.
The decentralized finance (DeFi) protocol announced that rewards were distributed in USDC stablecoin and funded by a portion of the DEX’s revenue. This phase also included access to a special prize pool offering up to $200,000 in additional benefits.
So far, Merkle said it has achieved a significant milestone with the ongoing staking event. According to the platform, more than 3 million preMKL tokens have been staked, with an average staking duration of more than 20 weeks. This amount represents approximately 22% of the total circulating supply of the token.
Merkle LBA Event to Last for Seven Days
Building on the success of the Genesis Staking, the DeFi protocol is now gearing up to kick off the second part of the TGE Sequence: the Liquidity Bootstrapping Auction (LBA). Merkle said the event is scheduled to last for only one week starting from Thursday, August 29 to September 5. This event is designed to ensure sufficient liquidity for the platform’s tokens.
Like the Genesis Staking, participants in the LBA will also receive compensation in the form of USDC stablecoin for staking their assets for more than seven days. However, this group will receive dual rewards for their participation.
“In return, participants receive MKL-USDC LP tokens, which come with dual rewards, including a share of 1% of the total MKL supply and trading fees generated by the pool,” Merkle said.
Merkle Unveils New Tool for Decision Making
The platform has advised participants to carefully consider their financial goals and the distinct benefits of each component in the TGE event. According to the platform, both Genesis Staking and the LBA offer distinctive opportunities, enabling users to choose the option that best fits their personal objectives.
The DEX has also developed an MKL TGE Cheatsheet to assist users with decision-making. Merkle said the new tool provides clear and practical guidance to help guide participants.
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