Introduction
MerlinSwap is a decentralized exchange built on Merlin Chain, a Bitcoin layer-2 EVM network. It launched in 2024 and aims to blend the speed and interface of a centralized exchange with the openness of DeFi layers. The focus is on low fees, fast trades, and user control.
What is MerlinSwap?
MerlinSwap operates as a DL-AMM style DEX on Merlin Chain. It supports liquidity pools like Uniswap but built for a Bitcoin L2. Users can bridge assets, swap, add liquidity, stake MP or esMP, and explore new DeFi-native features directly on the platform.
Pros
- CEX-like interface with limit orders and smooth trading flow.
- Low gas fees due to Merlin Chain’s scaling design.
- Supports both EVM and Bitcoin wallets (e.g. UniSat, OKX) via account abstraction.
Cons
- Very new – only 14 coins and 22 pairs listed.
- Daily volume under $200k, liquidity shallow, spreads wide.
- No audits or reserves – users carry full risk.
Fees
Gas fees are low, with no complex schedules. Trading fees follow typical pool-based structures, though clear details remain limited. Overall, cost is cheap compared to many chains.
Market snapshot
Market cap is below $1M, with billions of MP tokens in circulation. Exchange volume is tiny, often under $20k daily. The token trades at fractions of a cent, reflecting early-stage status.
Quick overview table
| Feature | Details |
|---|---|
| Launch Year | 2024 |
| Network | Merlin Chain (Bitcoin L2, EVM compatible) |
| Trading Pairs | ~14 coins, 22 pairs |
| Volume | Daily < $200k (often < $20k) |
| Token | MP / esMP, fractions of a cent |
| Strengths | Fast swaps, low gas, CEX-like UI |
| Weaknesses | Low liquidity, no audits, early stage |
Final word
MerlinSwap is an experimental Bitcoin L2 DEX with a clean design and low costs. It’s good for early adopters testing new networks and DeFi mechanics. But low liquidity, missing audits and shallow markets mean it’s not safe for large holdings. Right now, it works best as a side experiment rather than a serious trading hub.