Testnet Public Beta is Now Live. Be Among the First to Join and Witness the Future of Trading
After 6 months of researching, building, testing and adjusting the protocol design, Merkle Trade is very happy and excited to open its doors to the community by launching its public testnet beta!
This is a huge step for the team on the way to fulfilling its vision and building one of the best perpetual DEXes out there. And since we’re building for the community, we really want you guys to accompany us at every stage of this journey and help us make Merkle better every day.
We are grateful to the Aptos Foundation and the Aptos Labs teams for acknowledging our work and the product we’re building during the Seoul Hack event and also for continuous support and help we’ve been receiving these past several months.
What is Merkle Trade?
Merkle Trade is a decentralized exchange that aims to make leveraged trading seamless and effortless for everyone while setting to provide a whopping 150x leverage on crypto assets and 1000x on forex.
Built on Aptos, Merkle Trade is able to provide lightning-fast settlement times and next to non-existent delay and slippage. Combine that with a killer UI and trader-centric user experience and you get everything a trader can dream of and more.
Merkle Trade is also set to become a go-to product for anyone by offering a diverse set of trading pairs and assets, including forex, gold, and indices. This wide range of trading pairs is made possible by Merkle Trade’s synthetic architecture, setting it apart from most other perpetual DEXes on the market.
More exciting features are in the pipeline as we continue to enhance the platform in preparation for the mainnet launch.
Merkle Trade came to life a little before participating and winning the Seoul Aptos hackathon and is built by a team of ex-traders, quants and DeFi enthusiasts with significant track record in both Web2 and Web3.
The Testnet Launch and Way Forward
So, the main goal of running a public testnet is to get as many people to try it out, make sure everything works (or doesn’t) and more importantly see what users think about Merkle, collect their feedback, discuss suggestions and make a better product for everyone.
The current version of testnet will run for approximately two-three months and will be continuously updated with more features, additional pairs and possibly assets. Once everything is tested, the code is audited and both the team and the community are content with the platform, Merkle will transition into Aptos mainnet.
Current release is a beta and it is the very first time the public will have an opportunity to interact with it. Please note that there still are things that the team is trying to fine tune now, so expect things to change, get adjusted and break. This is what testnets are for, right?
Additionally, testnet beta is in no way should be treated as a version that will be eventually migrated to mainnet.
Here are some of the testnet protocol parameters that will be used from day 1. (more information could be found here)
Features
Trade
- Open Position / Increase Position (adding more position to existing position)
- Add Collateral / Update SL/TP (for managing position)
- Fully Close Position / Partial Close Position (can select keep leverage or not)
- Trade History (Time, order type, PnL)
- Cancel Order (for unexecuted Limit Orders only)
Liquidity provision is currently disabled Feature and is expected to be implemented in V2 of the testnet.
Parameters
- Leverage | Crypto: 3x — 150x , Forex: 10x — 1,000x
- Min Position Size | Crypto: 300 USDC, Forex: 1,500 USDC
- Listed Pairs | Crypto: ETH/USD, BTC/USD, APT/USD Forex: USD/JPY, EUR/USD, GBP/USD
- Entry & Exit Fee | Crypto: Maker 0.05% / Taker 0.1% Forex: Maker 0.0075% / Taker 0.0125%
- Zero Execution Fee
- Zero Spread
- Price Impact is minimal (determined by the value of skewfactor)
Note: some of the bigger testnet updates and version migrations might reset the transaction history.
Activities and contests
To mark the launch of our testnet, we’ll be running several activities, mostly on discord, for the next 2 weeks.
- The main goal is to get the platform tested by as many people as possible and make sure everything works. Therefore, anyone providing feedback/suggestions by submitting a form or communicating it directly on discord will be granted the OG role (those roles are going to come in handy one day).
- Secondly, finding critical bugs early is very important since it helps secure the protocol and also reduces the amount of work for the team. Thus, anyone who finds and reports a bug will be duly rewarded for their work.
(NB: minor UI/UX issues, fee structure bugs will not be considered. The team resorts the right to make final decision and rewarding users who report bugs)
Many more things are planned to happen in the nearest couple of weeks, should be fun, we promise.
So, now that you know what to do, go make some trades on https://app.merkle.trade do let us know what you think!
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