Merkle Network is poised to create blockchain history with the launch of the $MERKLE token, followed by the network’s testnet and mainnet. The project aims to make the biggest blockchains interoperable, solving the biggest problem in cryptocurrency, fragmentation. This move is set to forever change Web 3.0 and potentially the internet itself. Last week the Merkle Network, held its FlashLaunch on TrustSwap’s launchpad. The event began on October 28th at 1 PM UTC, which is when users were able to register.
Merkle Network to provide blockchain interoperability
Merkle Network is a layer-zero protocol that aims to provide oracle services that allow assets and data to be transferred from one blockchain to another easily and quickly. It would eliminate the need to use 3rd parties like exchanges, where users would have to exchange assets just to access its network, making it the backbone of decentralized applications.
In addition to taking time to complete, it can also be expensive due to the associated fees. Yet, even if users were to exchange assets in that way, they still wouldn’t be able to transfer data between chains, which means that dApps, smart contracts, and similar blockchain products would have to remain inside their own ecosystems and never reach out to others.
Merkle Network seeks to change this by connecting blockchains and achieving interoperability between them. Currently, it supports Ethereum, Avalanche, Polygon, and BSC, with more likely to follow.
Native Merkle token’s distribution necessary for Oracle systems
Everyone knew that Bitcoin would one day revolutionize the financial industry when it was first created. However, it had very limited capabilities at the time. The system is not scalable to meet the ever-growing demand, it is too slow to process transactions, and it consumes too much electricity.
As a result, many other cryptocurrencies were created that were faster and more scalable. As Ethereum was released, the crypto industry took a different turn, trying to use the blockchain as a development platform to solve real-world problems, revolutionize countless other industries, create new products, and decentralize all services.
Although it has not been possible to create a single project that could do all of these things, it is possible to connect all of these different projects, all focused on different issues, into one giant network – Web 3.0. To achieve this, Merkle Network needs its native token to power its network in order to power its oracles. Therefore, it created $MERKLE and distributed it to the community using TrustSwap. In addition to launching AvaXlauncher and TrustPad, Merkle Network has also grown on Telegram and Twitter in recent months.
Staking of 4000 SWAP required for $MERKLE IDO eligibility
The FlashLaunch took place on TrustSwap’s launchpad, which has already launched countless successful tokens in the DeFi sector and is widely trusted. To participate, users had to go to the TrustSwap launchpad and register. They received two tickets for a $250 allocation of $MERKLE in exchange.
To be eligible, however, users also needed to stake at least 4,000 SWAP tokens or have a SwapScore of at least 2,500 from previous staking. It was possible to collect up to 20 drawing tickets, which would require staking 250,000 SWAP or more.
It was possible to get some $MERKLE without participating in staking, and that was to purchase one of the 5 Merkle Golden Ticket NFTs that TrustSwap auctioned off 24 hours before registration began. Owners of these tickets received a guaranteed allocation of $500 in MERKLE.
However, the tickets were not stackable, which means that a single user could only redeem one golden ticket. It was still possible to walk away with $750 worth of $MERKLE, if they had both the golden ticket and a winning ticket from the regular drawing, even if they had used a golden ticket.