MerlinSwap

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

MerlinSwap's governance or utility token carries a market capitalisation of $485.8K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($485.8K) is small relative to deposits secured by the protocol ($16.1M); a mcap/TVL multiple of 0.03× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Feb 28, 2024
   Listed on DeFiLlama

MerlinSwap is a DEX — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed on Merlin. No public audit reports are listed on DeFiLlama for this protocol.

MerlinSwap is a single-chain protocol, deployed exclusively on Merlin — this concentrates execution risk but simplifies the trust model. No public audit reports are linked from DeFiLlama for this protocol despite a non-trivial TVL — treat any deposit as carrying material smart-contract risk. Its token market cap ($485.8K) is small relative to TVL ($16.1M) — a mcap/TVL ratio of 0.03 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for MerlinSwap — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

MerlinSwap is one of 7 DEX protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Curve DEX, Uniswap V3, PancakeSwap AMM, and 3 more. These peer protocols collectively secure $8B in deposits, giving you a frame of reference for whether MerlinSwap's own TVL is at the top, middle, or tail of the category.

Curve DEX

TVL $1.9B · 24h +0.39%

Uniswap V3

TVL $1.8B · 24h -0.67%

PancakeSwap AMM

TVL $1.7B · 24h +0.14%

Raydium AMM

TVL $1.1B · 24h +0.66%

Uniswap V2

TVL $872.4M · 24h -0.17%

Uniswap V4

TVL $670.6M · 24h -0.47%