$MERL: More Details about the Merlin Token
Merlin Token with the ticker/symbol ($MERL) is the native token of the Merlin ecosystem. As the native crypto token of the broader Merlin ecosystem, $MERL will be the financial powerhouse of most of the financial activities within the ecosystem.
Do you want to learn more about what the Merlin token ($MERL) can do for you? Read on to learn more.
MINTED IN PROPORTION TO BNB
It is worthy of mention that the Merlin token ($MERL) is minted in proportion to the Binance Coin (BNB). This is because the Merlin project is built on the Binance Smart Chain (BSC) – and therefore, is tied to the native coin of BSC, which is BNB.
The Merlin token ($MERL) is minted in proportion to the Binance Coin (BNB) that is minted on the liquidity pool – Merlin Vaults.
Also, the $MERL token is yet to have a specified maximum supply because the distribution of the token is mainly for the wide range of DeFi-centric products and services that are included in the roadmap for Merlin.
TOKEN DEFLATIONARY MECHANISMS
The Merlin token ($MERL) will soon featured deflationary mechanisms that are designed to gradually reduce the supply of the token.
The deflationary mechanisms will soon be launched and would be used for reducing the supply rate of the token so that the value of the Merlin token ($MERL) will skyrocket over time.
The deflationary mechanisms of the Merlin token ($MERL) are divided into two:
The Merlin high yield DeFi project is working towards developing a lottery system that creates additional reward mechanisms for the users.
The deflationary properties of the Merlin token ($MERL) are needed here. From the proposed deflationary specifications, the Lottery aspect of the Merlin token ($MERL) will take up 50% of the burn contribution from the deflationary properties of the $MERL token.
The 50% burn contribution will be used for purchasing more Merlin tokens ($MERL) that would be further injected into the Merlin Lottery scheme to increase the winnings available for the winners of the lottery pot.
Out of that, 20% of the lottery rewards would be burned.
The remaining 50% of the burn contribution from the Merlin token ($MERL) will be used for performing several market buybacks of the Merlin tokens ($MERL).
This is in place to help the Merlin team in stabilizing the value/price of the Merlin tokens ($MERL), especially when the market is volatile.
For now, the 2 are the primary deflationary mechanisms of the Merlin token ($MERL). In the coming months, more deflationary mechanisms will be introduced to help stabilize the price of the $MERL tokens.
The use cases or applications of the Merlin tokens ($MERL) are multiple. For now, the primary use case is to earn the Merlin token ($MERL) tokens when they are staked in the liquidity pool. In this case, Liquidity Providers (LPs) will earn other crypto assets, such as CAKE, BTCB and BNB.
The Merlin tokens ($MERL) will also be used as governance tokens to help the token holders to be a part of the decision-making processes within the broader Merlin ecosystem.
The additional use cases/applications of the Merlin tokens ($MERL) that would be introduced soon are:
- Receiving awards from cross-chain vaults
- Winning more Merlin tokens ($MERL) via the Merlin Lottery System
Merlin is a great project that seeks to enhance yield farming opportunities for Liquidity Providers (LPs) and cryptocurrency investors who are interested in long-term investments in the Decentralized Finance (DeFi) aspect of cryptocurrencies.
Merlin important links:
Telegram Announcement: https://t.me/merlinannouncements
Telegram Community: https://t.me/merlinlab
Telegram Bounty Rewards Group: https://t.me/merlinbounty
Telegram Username: @Heroalt