Robinhood shat the bed, so the band of Merrymen has taken over!
Merrymen is a brand new community focused DEX that will launch with a special offer for all Robinhood investors.
When Robinhood CEO Vlad Tenev decided to freeze trading on the Robinhood app in January 2021, he showed the world why centralized exchanges should have no part to play in the world of retail investing.
Retails investors had trusted the Robinhood app, having no idea how easily it could be manipulated. When CNBC reported that Robinhood had to “tap credit lines, raise new funds and throttle back trading” and “the central Wall Street clearinghouse mandated a ten-fold increase in the firm’s deposit requirements” it was clear that retail investors were trapped in a centralized controlled exchange, that was totally out of their control.
Robinhood messaged its investors at the time of the trading freeze saying:
We stand in support of our customers and the freedom of retail investors to shape their own financial future. Democratizing finance has been our guiding star since our earliest days.
But as Coindesk reported, Robinhood could not even decide its own course of action as most of the control was in the hands of a single centralized custodian: the Depository Trust and Clearing Corporation (DTCC) and its subsidiary, the National Securities Clearing Corporation (NSCC). Both of these centralized corporations telling Robinhood to stop trading.
Merrymen, a brand new DAO based DEX on the Ethereum network is launching to demonstrate how important decentralized finance and decentralized exchanges are to the retail investor after the Robinhood GameStop fiasco. It will launch with a unique offering:
Merrymen will airdrop tokens for free to Robinhood investors who lost money in the GameStop fiasco.
The brand new DEX will also airdrop tokens for no charge to all the communities of projects that provide initial liquidity on their DEX platform. Both these offers will give as many retail investors as possible the opportunity to become seed investors for free in a real decentralized exchange.
As a decentralized organization, Merrymen will never stop any investor trading, will never be under the control of a centralized organization like the DTCC or NSCC and it will never cite ‘market volatility’ for closing their accounts.
Merrymen will launch in Q4 2021 and is currently working with a number of DeFi launchpads to open its IDO to as many investors as possible.
