Merit 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)
| Ticker | MC |
|---|---|
| Token Type | ERC-20 |
| Initial Circ. Supply When Listed on Binance | 42,592,000 MC (4.26% of the total token supply) |
| Total and Maximum Token Supply | 1,000,000,000 MC |
| Binance Launchpool Allocation | 12,500,000 MC (1.25% of the total token supply) |
| Binance Launchpool Start Date | December 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.
Source: Merit Circle's gitbook
Source: Merit Circle's gitbook
2. Token sales and economics
2.1 Token Distribution
| Token Name | MC |
|---|---|
| Seed Sale | 14.06% of the total token supply |
| Public Sale | 4.10% of the total token supply |
| Binance Launchpool | 1.25% of the total token supply |
| Community Incentives | 30.19% of the total token supply |
| Team and Advisors | 20.00% of the total token supply |
| DAO Treasury | 16.40% of the total token supply |
| Staking Rewards | 10.00% of the total token supply |
| Retroactive Rewards | 4.00% of the total token supply |
2.2 MC Token Release Schedule
3. Roadmap and Updates
3.1 Completed Milestones
| Completion Date | Milestone | Commentary |
|---|---|---|
| September 2021 | Recruited more than 850 Scholars | Medium Announcement |
| November 2021 | Raised $105.6MM from LBP Copperlaunch - Public Sale | Medium Announcement |
| November 2021 | Introduced DAO Governance | Medium Announcement |
3.2 Current Roadmap
Source: Merit Circle's gitbook
3.3 Commercial and Business Development Progress
- CyBall (Blockchain-based Fantasy Football): Acquired a combination of NFT assets and CYB tokens.
- Nyan Heroes (A third-person shooter on Solana): Invested in Nyan Heroes' seed round and committed to purchasing $25k of various in-game NFTs.
- Vulcan Forged (An NFT gaming studio): Acquired a combination of 100 land plots and $500K worth of PYR tokens.
- UFO Gaming (A decentralized gaming platform): Acquired a combination of land plots and UFO tokens worth $140k in total.
- Sipher (An NFT-gaming project on Ethereum): Acquired Sipher NFTs and playable in-game characters worth $100k in total.
- 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.
- Fancy Bird (A gaming ecosystem): Invested in Fancy Bird's seed round, and acquired 250 genesis NFTs with unique Merit Circle traits.