According to 2021 data, nearly 3 billion people contribute to the global gaming industry by playing games. However, in recent years, a new trend has started to dominate the gaming market: blockchain-based games and metaverses. The blockchain-based gaming industry will rapidly grow in the next few years. But the possibility does not stop there. A project called Merit Circle (MC) aims to bring together players, investors, and managers to take the industry to the next level.
Launched in September 2021, the project is located on the Ethereum and BNB Chain blockchains and tries to change the gaming industry by bringing players together. To uncover more about Merit Circle, keep reading this Zatrun.com article.
What is Merit Circle (MC)?
Merit Circle (MC) is a blockchain platform launched in September 2021 as a Decentralised Autonomous Organization (DAO). This platform focuses on facilitating games that adopt the “Play-to-Earn (P2E)” model. For those who don’t know, the P2E model allows players to earn rewards by completing various tasks in the game, among other things. These rewards are paid in cryptocurrency to the players, who can then convert them to fiat currencies such as dollars. Merit Circle uses innovative technologies and a DAO-based decentralised governance model to facilitate these games.
This way, it optimizes the interests of players, investors, and game managers and puts them in a much better position. For players, the platform means access to profitable in-game assets, hosting meta-games, interacting with the best players, and earning rewards from games, among many important advantages. For investors, there are some situations like making a profit from the rising value of the DAO treasury. Finally, game managers can easily switch between games through the platform.
How Does Merit Circle Work?
Merit Circle (MC) works through a DAO and a treasury. The DAO, MainDAO, consists of three main sections: MainDAO, SubDAO, and Vaults. MainDAO serves as a central point where all main actions take place. Here, various sections consisting of different games supported by the P2E industry, i.e., SubDAOs, are located. MainDAO ensures that all processes take place, from managing SubDAOs to generating revenue and governing the platform.
Each SubDAO contains a P2E game and its governance community. Vaults are the safes where the earned profits are stored before being distributed to the community members in the Merit Circle DAO. The platform is designed to distribute 70% of the revenue from all products and services to players, 20% to the DAO treasury, and the remaining 10% to the managers. The treasury, which allows funding and financing the platform, consists of cash, NFTs, cryptocurrencies, and staking tokens. The treasury is used to increase the returns of DAO participants.
What is MC Token? Is It a Good Investment?
MC is the native governance token of Merit Circle, which is a DAO ecosystem. This cryptocurrency, which is on the blockchain with ERC-20 and BEP-20 smart contracts, caters to investors with different interests and needs. For example, by joining the DAO with MC, you can have a say in the platform’s management. The amount of MC coin you own also increases your voting power on the platform. In this sense, the asset works like a company’s stock.
Moreover, MC token enables participation in SubDAOs within Merit Circle and early access to various NFTs and advantages. The cryptocurrency, which also has DeFi features, can be staked through the DAO. Users who stake their tokens earn additional cryptocurrency rewards at the end of the term, thus generating passive income.
As of January 23, 2023, Merit Circle (MC) is trading at $0.29 and has a 24-hour trading volume of $5.94 million. The project’s total market value is currently $108.9 million. Looking at its past performance, its volatility is higher compared to other DAO competitors such as UNI, AAVE, CRV, and MKR.
However, the platform has a solid infrastructure and has also signed deals with big P2E games like Axie Infinity, so the project’s overall roadmap is clear. Therefore, it can be said that MC coin has promising prospects. The asset has already started trading on major exchanges such as Binance. However, it is important to remember that the cryptocurrency market can change rapidly.