Merkle Trade raises $2.1 million in funding led by Hashed and Arrington Capital
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Merkle Trade raises $2.1 million in funding led by Hashed and Arrington Capital
Merkle Trade aims to turn trading into a fun and social activity suitable for everyone.
Navigating Web3 tides with focused insightsText: Merkle Trade
Translation: TechFlow
Merkle Trade is the first gamified, fully on-chain perpetual DEX powered by LayerZero and Pyth Network, transforming trading into a fun, social, and more accessible experience.
Merkle Trade is a decentralized exchange offering leveraged trading in cryptocurrencies, forex, and commodities with up to 1,000x leverage. On April 1, 2024, it announced the successful closure of a $2.1 million seed funding round led by Hashed and Arrington Capital, with participation from Morningstar Ventures, Amber Group, Aptos Labs, Re7 Capital, and Dorahacks.
Merkle Trade aims to make trading an enjoyable and social activity for everyone. By combining gamification and social trading features, the platform democratizes the trading experience. Following its launch at the end of 2023, this funding will advance the protocol’s development plans, enabling continuous innovation as a leading decentralized perpetual exchange.
"Given the high volatility of crypto assets, the ability to conduct directional trades in a non-custodial manner is an attractive feature for a wide range of users in the industry," said Ryan Kim, co-founder and partner at Hashed. "In this context, we believe Merkle.trade's unique focus on long-term traders will open up a new market with tremendous potential."
Michael Arrington of Arrington Capital said: "The Merkle Trade team has a unique vision for improving the trading experience for both existing Web3 traders and newcomers, emphasizing speed, user-friendly interfaces, and immersive gamification. By removing barriers to market entry, Merkle Trade is proving product-market fit through significant early trading volume and user growth."
The focus on gamified trading has proven transformative, driving substantial growth and success for Merkle Trade. Within just four months of launch, Merkle Trade has attracted 90,000 traders and achieved $5 billion in trading volume, becoming the leading perpetual DEX on Aptos and ranking among the top ten in the entire decentralized derivatives ecosystem. As a cross-chain platform, Merkle Trade currently integrates with Ethereum, Polygon, Arbitrum, Optimism, Binance Smart Chain, and Avalanche.
Merkle Trade gamifies the trading experience through a unique leveling system where active trading unlocks new levels and rewards traders with loot boxes and exclusive NFT items that provide randomized trading benefits and point boosts. Additionally, traders can participate in weekly trading challenges to earn points, with task tiers ranging from beginner to advanced, each offering corresponding rewards.
"Scaling DeFi and social connectivity on-chain is central to bringing billions of users into the next phase of the internet—a network that is accessible, secure, and decentralized," said Mo Shaikh, co-founder and CEO of Aptos Labs. "Merkle Trade embodies this mission and will become the go-to protocol for market trading and GameFi worldwide."
This funding round will enable the team to further enhance the platform’s gamification and social features. Plans include launching an in-app marketplace for NFT items, introducing trading battles, and adding copy-trading functionality. Additionally, the roadmap includes significant improvements to the onboarding process, allowing non-Web3-native users to access the platform without needing a custodial wallet.
About Merkle Trade
Merkle Trade is a decentralized exchange offering leveraged trading in cryptocurrencies, forex, and commodities with up to 1,000x leverage. The platform delivers a simplified, gamified trading experience suitable for both experienced traders and beginners, ensuring all users enjoy an unparalleled trading journey. On Merkle Trade, users not only gain access to a superior perpetual DEX experience but also enjoy the excitement of competition and gaming. Traders can earn points, level up, and receive instant rewards through loot boxes, while trading solo or with friends.
About Hashed
Hashed is a team of blockchain experts and builders headquartered in Seoul, Singapore, Bangalore, and Silicon Valley. The team believes decentralization can transform not only the global economy but also the fundamental structure of the internet. Hashed aims to empower innovators through investments to accelerate mass blockchain adoption and drive future progress. As a core technology contributor to global infrastructure, Hashed has built a network of projects and people, connecting industry pioneers with the knowledge and resources needed to unlock blockchain's full potential.
About Arrington Capital
Arrington Capital is a digital asset management firm focused primarily on blockchain-based capital markets. Founded in 2017 by Michael Arrington, founder of TechCrunch and CrunchBase, along with TechCrunch CEO Heather Harde and Geoffrey Arone, the firm has invested in hundreds of startups globally. Arrington Capital is an experienced international team composed of Silicon Valley veterans with deep venture capital and cryptocurrency expertise. Its first fund was Arrington XRP Capital, which has since expanded into multiple funds. For more information about Arrington Capital, click here.
About Aptos Labs
Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to building better web tools and seamless usability to bring the benefits of decentralization to the masses. Aptos Labs has raised over $400 million to date, backed by top-tier investors including a16z, Jump Crypto, Binance Labs, Dragonfly, PayPal Ventures, Andreessen Horowitz, and Franklin Templeton.
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