Merkle Network is an emerging blockchain interoperability protocol, aiming to establish a network of chains.
Cross-chain interoperability looks closer than ever with Merkle Network’s implementation.
The launch took place on TrustSwap’s FlashLaunch last week on October 28th
Merkle Network, whose goal it is to enable cross-chain transfers of data and blockchain assets between different chains, is about to launch on TrustPad in a few days.
It has been nearly 13 years since the launch of Bitcoin, and in that time, a lot has changed in the crypto industry. Even a quick glance on the number of available cryptocurrencies immediately shows that thousands upon thousands of them are now available, which happened for one simple reason — Bitcoin wasn’t good enough.
Of course, Bitcoin was the first coin that revolutionized the very idea of what the money may be like, and for years, it was used for payments by a growing community located all over the globe. However, even back then, it did not take long for people to notice that Bitcoin’s technology was very limited.
It couldn’t scale to meet demand, it took a long time to “solve” blocks and process transactions, which meant that its fees will eventually skyrocket, and let’s not forget about the fact that it is extremely processing-intensive, requiring massive amounts of electricity, which did not help make it eco-friendly. Quite the opposite, in fact.
Other projects started emerging around it, first to try offering a better version of its services, and then they started branching out and targeting various real-world issues, infiltrating other industries in an attempt to improve them, and alike.
To this day, no universal solution has been invented until now. Still, many remained convinced that such a solution may still be there, and so they continue to search. Now, a project called Merkle Network thinks that it may have found a way to solve the age-old issues. It is a Web 3.0 protocol that aims to bring cross-chain interoperability, and turn this collection of various solution-delivering chains into one giant network. Merkle also held a FlashLaunch on October 28th, starting at 1 PM UTC, using TrustSwap’s launchpad as its platform of choice. With other successful launches on AvaXlauncher and Trustpad, Merkle Network has been gaining traction in the crypto community and as a result has had its own community grow rapidly, especially on Twitter and Telegram.
What is Merkle Network about?
Merkle Network emerged as a layer-zero protocol that offers its advanced oracle services for enabling asset and data transfer across several popular blockchain implementations. For the moment, the project already supports Ethereum, Binance Smart Chain, Polygon, and Avalanche chains, which are the biggest ones in the DeFi sector right now.
Through the use of Merkle Network, developers can now build dApps that will simultaneously work on all of the mentioned blockchains, and tap into the best features that each has to offer. Also, users can now seamlessly move data from one chain to another without any other intermediaries, simply by using Merkle’s bridges.
However, Merkle is still a crypto project at its core, which means that it needed a native cryptocurrency that would power its ecosystem and operations conducted within. This is how $MERKLE token came to be, and its role is to be the linchpin of the entire ecosystem. It allows users to pay for the gas fees needed to conduct cross-chain transfers, and it powers a staking system that will incentivize node operators to continue to act as honest brokers.
And, of course, those who become $MERKLE token holders will get the chance to vote on various aspects of the project and affect its future development.
What you need to know about the FlashLaunch
As mentioned, Merkle Network had a FlashLaunch on TrustSwap’s launchpad last week, following the completion of the internal testing phase of the protocol. The team expects that the testnet will likely go live at some point in November. FlashLaunch came just before that, on October 28th, and it was held on TrustSwap’s crypto launchpad starting at 1 PM UTC.
The move allowed the team to raise the needed capital for the launch of the testnet, and get the $MERKLE token into the hands of its community and network participants.
Participation in the FlashLaunch was very simple, and all that was required was that users register for it on the TrustSwap website and show up during the 24-hour window between October 28th at 1 PM UTC and the same time the following day. Everyone who registered for the event during this time received 2 drawing tickets for a $250 allocation of the upcoming token. However, there were other conditions, such as having at least 4,000 of TrustSwap’s SWAP tokens staked on the platform or having a SwapScore of 2500 or more.
Participants were able to increase their chances by staking more SWAP. The more SWAP the users had, the more they increased their odds of winning. However, there was a limit. Users could receive a maximum of 20 drawing tickets, which required 250,000 SWAP tokens staked.
Another way to get an allocation was to purchase 5 Merkle Golden Ticket NFTs that TrustSwap was auctioning off prior to the event. Those who obtained the tickets were entitled to a guaranteed allocation of $500 in $MERKLE. The tickers were not stackable, however, so no one was able to redeem more than one golden ticket.
Merkle could be the crypto industry’s solution
Merkle Network has great potential to forever change the crypto industry, as it has a way to bring Web 3.0, and it is a solution unlike any other that was proposed before. It can lower the barriers between major blockchains that dominate the industry, encourage developers to start making dApps and other products that can move data and assets freely between chains, and it can put all of the different solutions for various issues under a single umbrella.
Since there is no single project that can deliver them all, Merkle will create a way to connect different ones, and turn them into one massive project, which is also expected to become the internet of the future — Web 3.0 — and this token sale was a landmark event in the history of blockchain, the internet, and even the entire world.