Merkle Trade V2. Did Someone Say Trading RPG?
Since the public beta’s inception in October, a recurring question has revolved around loot boxes and their potential rewards. Today marks an exciting milestone as we unveil the release of Merkle Trade V2. Curious about what V2 brings to the table? Let’s delve into the details.
Merkel Trade V2 TLDR;
- Loot boxes are now accessible for opening. All previously acquired boxes can be opened on launch day, and new ones are available instantly.
- Trading seasons lasting 4 weeks each are introduced. At the season’s conclusion, levels are halved, and MKL rewards are determined and distributed.
- Equip items obtained from loot boxes to leverage their effects, such as XP boosts, pMKL mining enhancements, and trading fee reductions.
What’s New in Merkle Trade V2
Trading Seasons
Starting from the launch of V2, we’re rolling out trading seasons, each spanning 4 weeks. Throughout these periods, traders can actively engage in trading, amassing XP and pMKL tokens. As each season wraps up, accumulated pMKL tokens will convert into MKL, offering a designated amount of MKL incentives per season.
Another significant update is the ability to open previously acquired loot boxes in V2. These boxes contain pMKL tokens and trading items.
MKL Trading Incentives & pMKL
pMKL is the point-based system designed for MKL trading incentives. Following the V2 launch, traders can earn pMKL through their trading activities. These points will be convertible into MKL tokens at the end of each trading season. However, it’s important to note that MKL tokens will not be transferable until the Token Generation Event (TGE) in Q1 2024.
Looking ahead, the MKL token is poised to evolve into a key governance and value accrual tool, with plans to incorporate 30% of the collected trading fees from Merkle Trade in the future. V2’s launch builds upon continuous airdrops and direct user incentivization, focusing our community on specific KPIs to gauge immediate impacts. Detailed tokenomics regarding MKL, including its utility, distribution, and value accrual, will be shared soon.
What’s in the Loot Box
We’re excited to finally reveal the contents of loot boxes. Each loot box contains a certain number of Shards and has a 40% chance of including one piece of gear. For details on the number of Shards and the tier of the gear you might find, refer to the table below:
Gears
Items discovered within loot boxes are referred to as gears, classified into three distinct types. Each gear type is tailored to enhance a particular facet of activity on Merkle Trade.
- Mining Tool: pMKL reward boost +x%
- Helmet: XP earn +x%
- Suit: Trading fee discount by x%
Please Note that Gear Effects could be changed in the future upon teams discretion or based on the governance decision.
Gears are transferable by default. However, they become soulbound once equipped, meaning they can no longer be transferred. Each gear has different tiers, affixes, salvageable into Shards for gear repairs.
The full breakdown of gear types and their effects can be found here: https://docs.merkle.trade/merkle-trade-v2#gears
Gear Shards, Durability, Repairs, and Salvage
Gear kicks off with a durability of 100, dwindling through use until it gives out after about 21 days. Unequipping gear chips away 10 points from its durability. When it’s time for repairs, players can utilize Gear Shards sourced from loot boxes or salvaged items.
Exact salvage and repair details below:
Gear Synthesis (WIP)
In an upcoming update, there will be a feature enabling item synthesis, offering a way to forge an item of increased rarity by chance.
What’s Ahead
As well as the TGE, two pivotal advancements we aim to reach for to help significantly shaped our platform: the Merkle Marketplace, fostering seamless exchanges of the gears, and the incentives program for LPs, recognizing and valuing the indispensable role of liquidity providers.
Merkle Marketplace
Merkle Marketplce will facilitate the exchange and sale of items obtained from loot boxes, enabling users to sell any surplus items. The team acknowledges the significance of integrating this exchange venue within the app and has marked it as the top priority for the upcoming update. Simultaneously, efforts are underway to enable item trading on third-party marketplaces.
Liquidity Provider Incentives
Since the beta launch, liquidity providers have been enjoying juicy high APR from the revenue sharing of trading fees. Acknowledging that LPs are crucial to Merkle Trade’s sustainability, further incentivizition for the LPs is one of the top priorities slated for early next year.
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