MerlinSwap – Exchange review

What Is MerlinSwap?

MerlinSwap is a DL-AMM style DEX on Merlin Chain. That means you get liquidity pools like in Uniswap, but on a Bitcoin layer-2 network. You bridge assets over, swap, add liquidity, farm, stake esMP or MP, and explore new DeFi features.

Pros: What’s Cool

Using it feels like a centralized exchange at first glance. You get limit orders, efficient trades, and a UI that doesn’t fight you. Since it is on Merlin Chain, gas fees are lower – trading feels quick and cheap.

You can use regular EVM wallets or Bitcoin wallets like UniSat or OKX thanks to account abstraction. That flexibility makes access easier for a wide range of users.

Cons: Where It Stumbles

It is new, so market depth is shallow. Only around 14 coins and 22 trading pairs are listed, with daily volume well under 200k dollars. Liquidity is thin, trades are light, and spreads can be wide.

There is no insurance or reserves, and no major audits mentioned so far. That leaves users carrying the full weight of risk.

Fees: What It Costs

Gas fees are low thanks to the scaling design of Merlin Chain. There are no complicated fee schedules – just standard on-chain costs. Trading fees likely follow a typical liquidity pool cut, but clear details are still missing.

Market Snapshot

This is not a heavyweight. Market cap sits under 1 million dollars with billions of MP tokens in circulation. Daily exchange volume is tiny, often below 20k dollars, which shows how early the project still is.

The token trades at fractions of a cent, moving between 0.00029 and 0.00030 dollars. Numbers are small, but that is expected for such a new platform.

Final Thoughts

MerlinSwap feels like a beta ride in the DeFi space. It is small, experimental, and niche – but also lean and interesting for early adopters. If you want low-fee swaps on a Bitcoin layer-2 network, this is a place to explore.

Still, the risks are obvious. Low liquidity, limited tokens, and no reserve audits make it unsafe for large holdings. At this stage, MerlinSwap works better as a side experiment than a core trading hub.