Merkle Trade PriceMKLInactive

What is Merkle Trade (MKL)?

Merkle Trade (MKL) is the native token of Merkle Trade, a decentralised perpetual futures exchange built on the Aptos blockchain. It positions itself as the first gamified perpetual decentralised exchange on Aptos, offering trading across crypto, forex and commodity pairs with leverage reaching up to 1,000x. The platform is designed as a non-custodial protocol, meaning users retain control of their assets while interacting with on-chain smart contracts. Its stated mission is to make decentralised trading accessible and enjoyable for traders of all experience levels, rather than catering exclusively to professional or high-volume traders.

The MKL token has a total supply of 100 million, with the entire supply reported as circulating at a 100% circulation rate. The project launched its trading platform in October 2024 and has since processed over $30 billion in cumulative volume with a community of more than 160,000 traders. Backed by a $2.1 million seed round led by Hashed and Arrington Capital, Merkle Trade is currently in a wind-down phase, with the official website directing users to withdraw remaining funds through a claim page.

Key Specifications & Tokenomics

• Name: Merkle Trade
• Ticker / Symbol: MKL
• Blockchain: Aptos
• Category: Perpetual (Perp DEX)
• Sub-categories / Tags: DEX, Derivatives, DeFi
• Total Supply: 100,000,000 MKL
• Circulating Supply: 100,000,000 MKL
• Max Supply: 100,000,000 MKL
• Launch Date: 2024
• Trade Launch Date: 22 Oct, 2024
• Total Raised: $2.10M
• Funding Round: Seed, April 2024
• Lead Investors: Hashed, Arrington Capital
• Other Investors: Amber Group, RD Growth Index
• Official Website: https://merkle.trade/
• Explorer: tracemove.io

Who created Merkle Trade?

Merkle Trade was co-founded by Ye Park and Patrick Park, according to data from Tracxn and RootData. RootData additionally lists Ye as the founder. Michael Arrington, founder of Arrington Capital and founder and CEO of IBC Group, is referenced in connection with the project through a press release and RootData, serving as a co-founder and partner. The project secured backing from prominent investors including Hashed and Arrington Capital, who led its $2.1 million seed round announced in April 2024. Additional investors included Amber Group and RD Growth Index. Beyond these names, detailed public information about the broader core team and organisational structure is currently limited.

How does Merkle Trade work?

Merkle Trade operates as a non-custodial perpetual exchange protocol on the Aptos blockchain, utilising an on-chain Central Limit Order Book (CLOB) model. This architecture allows traders to place and match orders directly on-chain, with the smart contract — rather than a centralised intermediary — custodying assets. The platform supports trading in cryptocurrency, forex and commodity pairs, with leverage of up to 1,000x. According to Crunchbase, leverage reaches up to 150x on crypto and 1,000x on forex pairs.

Merkle also offers a self-custodial mobile wallet for the Aptos blockchain. Through the app, users can access multiple DeFi protocols in one interface, including earning yield on USDC with flexible withdrawals through AAVE, trading with up to 150x leverage on Merkle Trade, swapping tokens at competitive rates via Panora, tracking portfolios in real time, and making multichain USDC deposits and withdrawals. The app advertises no gas fees and no passphrase requirement. Merkle is not an exchange and does not provide investment advice; users interact with public blockchain smart contracts from their own self-custodial wallets.

What makes Merkle Trade unique and valuable?

Merkle Trade distinguishes itself through several features. It was the first gamified perpetual DEX on Aptos, combining a simplified user interface with gamified trading elements intended to make the experience more engaging and approachable. Unlike many perpetual exchanges that focus on professional or high-volume traders, Merkle explicitly aimed to build an inclusive platform for traders of all experience levels. The platform's high-leverage offering — up to 1,000x across crypto, forex and commodities — provides significant flexibility for diverse trading strategies.

Its early traction was notable: within four months of inception, Merkle Trade attracted 90,000 traders and $5 billion in trading volume, establishing itself as a leading perp DEX on Aptos. The mobile app further differentiates the ecosystem by bundling access to AAVE, Panora and Merkle Trade in a single self-custodial experience. However, the project is now winding down, and its token has experienced substantial price declines across multiple timeframes, reflecting the challenges faced by the platform.

What is Merkle Trade used for?

MKL functions as the native token of the Merkle Trade ecosystem. It is used within the platform's trading environment and is available for trading against USDC and APT on decentralised venues such as LiquidSwap V0.5. The token also serves as a representation of participation in the Merkle Trade protocol and its community of over 160,000 traders. Beyond trading, MKL can be held in self-custodial Aptos wallets and used across supported DeFi applications within the broader Aptos ecosystem.

Given the project's wind-down status, the primary current use case for MKL holders centres on managing their positions and, where applicable, withdrawing remaining funds from the protocol through the claim page provided by the team. The token's market activity has diminished significantly, with reported 24-hour trading volumes in the single-digit dollar range on tracked venues.

How Is the Merkle Trade ecosystem developing?

The Merkle Trade ecosystem was built around its perpetual DEX on Aptos and expanded through a self-custodial mobile app that integrates multiple DeFi services. The app, developed by Merkle Protocols S.A., provides access to Merkle Trade for leveraged perps, AAVE for USDC yield, and Panora for token swaps, along with portfolio tracking and multichain USDC deposits and withdrawals. At its peak, the platform reported over $30 billion in cumulative volume processed and a community exceeding 160,000 traders.

The ecosystem's development trajectory has since reversed. The official website states that Merkle is winding down, and Token Terminal confirms that Merkle Trade has shut down. Users with remaining funds are directed to a claim page to withdraw assets, with a "Redeem and Claim" option and a "Watch Video" link provided. Historical metrics remain available through data platforms such as DefiLlama, which tracks TVL, fees, revenue and volume, and Token Terminal, which offers weekly data covering activity, financials, users and token valuation metrics.

How to mine Merkle Trade?

MKL is not a mineable cryptocurrency. It is a token issued on the Aptos blockchain, and there is no proof-of-work mining mechanism associated with it. The token's supply is fixed at 100 million, with the full amount reported as circulating. As such, traditional mining hardware and software are not applicable to MKL.

For tokens of this type, participation typically occurs through trading, holding or interacting with the protocol's smart contracts rather than through mining or staking rewards. Detailed public information on any staking or yield mechanisms specific to MKL is currently limited, and given the project's wind-down status, users should refer to official communications for any remaining claim or withdrawal procedures.

How to keep your Merkle Trade Coin safe?

MKL is an Aptos-based token, so holding it safely begins with choosing a reputable self-custodial wallet that supports the Aptos blockchain. Because Merkle Trade is a non-custodial protocol, assets are custodied by smart contracts rather than by the platform itself, which means users are responsible for managing their own private keys and seed phrases. Never share your seed phrase or private keys with anyone, and store them offline in a secure location.

When interacting with the Merkle Trade claim page or any DeFi protocol, verify the URL is the official one and be cautious of phishing attempts that mimic legitimate sites. Since the project is winding down, users with remaining funds should follow official instructions to withdraw assets and consider moving holdings to a secure wallet. The Merkle mobile app states that data is encrypted in transit and that no data is shared with third parties. As always, conduct independent research and exercise caution when connecting wallets to any smart contract.