Bitcoin ecosystem DEX MerlinSwap raises $480 million in its token sale

Decentralized exchange (DEX) MerlinSwap raised $480 million in its Initial DEX Offering (IDO) from over 52,000 participants, according to an April 5 announcement. This significant fundraising comes as MerlinSwap establishes itself as the top DEX in the Bitcoin ecosystem with more than $100 million in Total Value Locked (TVL) and $70 million in transaction volume.

MerlinSwap utilizes a new automated market maker (AMM) model, backed by Merlin Chain and iZUMi Finance’s technical support, and the team behind the protocol says it offers more secure and efficient trading.

Moreover, MerlinSwap introduces the DEX-as-a-Service function to Bitcoin decentralized finance (DeFi) ecosystem, in collaboration with Particle Network and other Account Abstraction solutions providers. The service combines its Discretized Liquidity AMM with Account Abstraction and multi-signature wallet features.

“The success of the IDO reflects not only the strength of our protocol and our vision but also the profound trust and support we’ve received from the Bitcoin community. As we forge ahead in shaping the future of DeFi within the Bitcoin ecosystem, our dedication is absolute: to drive innovation, empower our users, and deliver rewards at every milestone,” stated a spokesperson at MerlinSwap.

Merlin Chain shows $3.8 billion TVL, and is approaching Solana’s $4.6 billion. With Bitcoin’s DeFi TVL at $700 million and Ethereum’s at $52.2 billion, the growth prospects for Bitcoin’s DeFi ecosystem are significant, potentially triggering a DeFi boom similar to Ethereum’s.

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