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Merit Circle Token (MC) is the native cryptocurrency of Merit Circle, a Decentralized Autonomous Organization (DAO) aiming at developing a Play-to-Earn (P2E) economy. The project was initially launched as Axie 420, a scholarship program for Axie Infinity, and then rebranded to Merit Circle to focus on expanding beyond Axie Infinity into other blockchain-based games. Merit Circle aims to create a new era of gameplay where users can earn money by playing their favourite games. Merit Circle currently supports Axie Infinity, the most popular monster-battling P2E game. The DAO is working on adding other blockchain-powered games, such as Star Atlas, Illuvium, and Hash Rush.
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Although the idea behind Merit Circle is not new, the project is a leading DAO intending to maximise value accrual across various games in the Metaverse. The platform is at the intersection of capital, expertise, players, and of course, gamers. The returns offered by the project can potentially change the gamers' life in terms of income.
Merit Circle established partnerships with an impressive list of industry leaders, including Spartan Group, DeFiance Capital, Yield Guild Games, etc. These names are all industry-leading companies that have admired Merit Circle for providing a scalable operational process capable of growing, onboarding, and effectively sustaining new members.
Quantstamp, one of the leading security assessment firms in the blockchain industry, audited and confirmed Merit Circle's security. Quantstamp has analysed and tested the project thoroughly and found 12 issues totally, which were resolved by the Merit Circle developers. After that, the code was analysed by several individual senior developers and went public to the community to check for additional problems.
Merit Circle is a Decentralised Autonomous Organization (DAO), meaning that no central authority holds full control over the organisation. The DAO is structured to encourage growth, decentralise decision-making, and treasury conservation to build a sustainable organisation. The Merit Circle DAO consists of multiple layers to best serve the needs of the DAO to cover a wide variety of operations across numerous games. The structure is illustrated in the figure below.
The Merit Circle token (MC) is the heart of the DAO, with multiple utilities and functionalities. The DAO tried its best to increase the domain of the MC token's functionality to ensure that all contributors to the DAO have the proper incentive to acquire and retain the MC token. The Merit Circle token has three main use cases on the platform, including governance of the DAO, rewarding players for their in-game achievements, and staking.
As a Merit Circle token holder, you can stake your assets and earn passive incomes. When staking Merit Circle tokens, you can choose a certain time frame, ranging from 0 to 12 months. The longer the period of your staking, the higher the respective share of the pool and, therefore, the higher your rewards. The Merit Circle DAO offers two core staking pools. Users are offered variable locking for up to 12 months for MC and LP staking.
Merit Circle token is available on several biggest exchanges worldwide, including Uniswap (V2), Binance, Gate.io, Gemini, Kraken, LBank, and Bitmart. In the following, we will take a look at how US residents can purchase Merit Circle tokens.
It is not possible to purchase some cryptocurrencies by paying fiat currencies directly. Merit Circle token is among these cryptos. To buy a Merit Circle token, you first need to buy ETH and then use ETH to purchase a Merit Circle token. To do so, you need a self-custody wallet. Here is a step-by-step guide on how to buy Merit Circle tokens using Coinbase Wallet for U.S. residents.
a) Download Coinbase Wallet.
Before purchasing a Merit Circle token, you need a self-custody wallet like Coinbase Wallet. You can have Coinbase Wallet as a mobile app and browser extension. Follow this link to access Coinbase Wallet.
b) Choose a username for your Coinbase Wallet.
You will need to choose a username for your Coinbase Wallet to set up your account. This username allows other users easily send you crypto.
c) Keep your recovery phrase secure.
A set of 12 random words will be given to you when you create a new self-custody wallet. Do your best to keep the recovery phrase safe because it is the key to your wallet, and anyone who knows your phrase can access your wallet and crypto-assets. Do not share your recovery phrase with anyone. If you lose or forget your recovery phrase, your wallet will not be accessible anymore by anyone, and you will lose all your cryptos stored in the wallet!
d) Buy ETH and transfer it to Coinbase Wallet.
e) Use your ETH to buy Merit Circle token.
You can purchase Merit Circle right in the app if you use the mobile application. Tap on the blue image of the Coinbase Wallet App. After that, tap on the “Trade” tab, where you can swap ETH for any ERC-20 token. Tap the “choose coin” option and select Merit Circle. Enter the amount of ETH you want to swap to Merit Circle. Pay attention to the transaction fees, confirm your purchase and follow the instructions to finalise your purchase.
Projects with low liquidity scores and smaller market cap are generally considered riskier. Data provided at Cryptologi.st shows that Merit Circle token’s market cap rank has seen many ups and downs over the last six months, peaking at the rank of #212 on Nov 29, 2021, and with a minimum rank of #342 on Jan 7, 2022. Merit Circle token is currently ranked #249 in the crypto market with an approximate market cap of $123 million. Moreover, its liquidity score is 42%, a little bit below the market’s average score, making it a relatively challenging sale in bear markets.
Another critical factor when financially analysing a crypto project and the most interesting factor for investors is ROI. Although it is the early days of the Merit Circle project, and we should wait to see how it performs in a yearly time frame, data provided at Cryptologi.st show that the Merit Circle token’s price decreased by 43% over the last month.
An effective marketing team building strong brand awareness directly impacts the success of a project. Merit Circle token’s popularity on Twitter went up by 38% over the last six months and surpassed 100k followers. Also, Its Telegram channel subscribers increased by 66% over the same time frame. There are currently over 6k wallets storing Merit Circle tokens, with the overall transaction number already passed 133k transactions.
Disclaimer: Don’t take this article as financial advice. You need to DYOR (Do Your Own Research) before investment.
As an investor in a highly volatile market like the crypto market, it would be a huge help to know what financial experts predict about the future of a crypto project. We will look at the report released on Priceprediction.net about the Merit Circle token. Bear in mind that these are only predictions and should not be considered financial advice. You need to do your own research before making any investment decisions.
Experts predict that the Merit Circle token's price will be at least $3.56 in 2022 and has the potential to go up to a maximum of $3.36. They believe that the average trading price of Merit Circle tokens can be $3.14.
It is expected that the Merit Circle token can be traded with a minimum price of $4.57 over 2023. Optimistically speaking, the price can peak at $5.24. Also, experts forecasted that Merit Circle tokens would be traded with an average price of $4.70.
It is expected that the Merit Circle token's price will be at least $6.72 in 2024. However, the price can touch a maximum of $7.75, while the average trading price is expected to be $6.96 throughout 2024.
Predictions indicate that the Merit Circle token's minimum price will be $9.83 over 2025, with a maximum expected trading price being $11.58. Merit Circle token is forecasted to be traded for an average price of $10.11 over 2025.
According to the info provided in this article, the Merit Circle token unlocks unique functionalities and brings life-changing incomes to Merit Circle users. However, you should remember that volatility and change are integral parts of the crypto market. Remember that projects with relatively lower liquidity scores (like Merit Circle) are risky and need thorough investigations. Cryptologi.st helps you make confident crypto decisions by providing analytical project reviews, breaking news, and educational content. Keep an eye out for more creative blockchain-based projects!