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logoMerit Circle (MC)

A Play-to-Earn Gaming DAO.
  • Merit Circle is a decentralized autonomous organization (DAO) that invests in play-to-earn games and utilizes the DAO’s NFT assets by lending to players. Through collaboration, education, and tooling, players can increase their in-game earnings. Starting from 2022 Q1, players and managers will start playing through the Merit Circle dashboard, providing them with the Merit Circle meta-game experience; a game with challenges and rewards layered on top of the native game they are playing. This allows players to play two games in one while earning from both.
  • MC is the governance token of the Merit Circle DAO and has the following current and planned use cases:
    • Governance: MC token holders (staked tokens) can vote on network governance decisions.
    • Play-to-earn index: Each MC token represents a share of the MainDAO's treasury. Through MC tokens, users gain exposure to multiple gaming NFTs across the various subDAOs, which will act as an index of the play-to-earn industry.
    • Staking: MC token holders can stake their single-sided MC tokens or Uniswap LP tokens in the Merit Circle platform for MC rewards.
    • Early access to NFTs: MC token holders will have early access to NFT drops from Merit Circle native NFTs, and the platform partners.
    • Platform rewards: In the future, MC token holders will be eligible for platform rewards and product discounts, based on their MC holdings.
  • The project has raised $4.5MM in funding in a seed sale round for 140,625,000 MC (14.06% of the total token supply).
  • The DAO has raised $105.6MM in a Balancer Liquidity Bootstrapping Pool via Copperlaunch, for 41,020,000 MC tokens (4.10% of the total token supply.) The funds raised are in the DAO treasury.
  • As at December 2nd 2021, the total and maximum supply of MC is 1,000,000,000 and the circulating supply is 42,592,000 (4.26% of the total token supply).

Key metrics (as at December 2nd 2021)

Token TypeERC-20
Initial Circ. Supply When Listed on Binance42,592,000 MC (4.26% of the total token supply)
Total and Maximum Token Supply1,000,000,000 MC
Binance Launchpool Allocation12,500,000 MC (1.25% of the total token supply)
Binance Launchpool Start DateDecember 3rd 2021

1. What is Merit Circle (MC)?

Merit Circle is creating a Decentralized Autonomous Organization (DAO) that develops play-to-earn opportunities for people who want to help build the metaverse. Merit Circle achieves this through its platform, by hosting scholarships and educational opportunities while providing the network and strategies a player needs to become an effective earning gamer in the metaverse.

The Merit Circle DAO consists of a mainDAO governing over numerous subDAOs that function as tentacles across the play-to-earn industry. The protocol is maintained by various independent parties and individuals through governance powered by MC token holders.

Merit Circle consists of the following major components working in conjunction:

  • MainDAO: The Merit Circle MainDAO, or ecosystem DAO, is the overarching DAO that has tentacles reaching in every single subDAO under the mainDAO's umbrella. Owning a stake in the ecosystem DAO allows you to vote on the future of each individual subDAO, something that is not possible the other way around.
  • SubDAO: Each subDAO under the Merit Circle mainDAO represents a game within the Play-to-Earn industry.
  • Vaults: Vaults represent the different strategies a subDAO can deploy to generate revenue. The profits that vaults make flow back to the different stakeholders in the ecosystem. Since each subDAO is aimed towards a different game with a diverse set of mechanics.

Overview of Merit Circle's DAO structure

Overview of Merit Circle's DAO structure.

Source: Merit Circle's gitbook

Flows of funds in the scholarship model

Flows of funds in the scholarship model

Source: Merit Circle's gitbook

2. Token sales and economics

2.1 Token Distribution

Token NameMC
Seed Sale14.06% of the total token supply
Public Sale4.10% of the total token supply
Binance Launchpool1.25% of the total token supply
Community Incentives30.19% of the total token supply
Team and Advisors20.00% of the total token supply
DAO Treasury16.40% of the total token supply
Staking Rewards10.00% of the total token supply
Retroactive Rewards4.00% of the total token supply

2.2 MC Token Release Schedule

3. Roadmap and Updates

3.1 Completed Milestones

Completion DateMilestoneCommentary
September 2021Recruited more than 850 ScholarsMedium Announcement
November 2021Raised $105.6MM from LBP Copperlaunch - Public SaleMedium Announcement
November 2021Introduced DAO GovernanceMedium Announcement

3.2 Current Roadmap


Source: Merit Circle's gitbook

3.3 Commercial and Business Development Progress

  1. CyBall (Blockchain-based Fantasy Football): Acquired a combination of NFT assets and CYB tokens.
  2. Nyan Heroes (A third-person shooter on Solana): Invested in Nyan Heroes' seed round and committed to purchasing $25k of various in-game NFTs.
  3. Vulcan Forged (An NFT gaming studio): Acquired a combination of 100 land plots and $500K worth of PYR tokens.
  4. UFO Gaming (A decentralized gaming platform): Acquired a combination of land plots and UFO tokens worth $140k in total.
  5. Sipher (An NFT-gaming project on Ethereum): Acquired Sipher NFTs and playable in-game characters worth $100k in total.
  6. Yield Guild Games (A gaming guild): YGG invested $175K in Merit Circle. Potentially lend/borrow NFT assets for Merit Circle to kickstart operations across various gaming titles.
  7. Fancy Bird (A gaming ecosystem): Invested in Fancy Bird's seed round, and acquired 250 genesis NFTs with unique Merit Circle traits.

4. Community

5. Appendix