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Merchant Moe DEX review

Merchant Moe is a decentralized exchange on Mantle with token swaps, liquidity provision and a MOE staking program that shares protocol revenue. Its on-chain liquidity is small, so check pool depth before trading.

Mantle

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.3/10

Mixed

Visit Merchant Moe DEX

Our verdict on Merchant Moe DEX

6.3/10

Score breakdown

How Merchant Moe DEX scores

Security: 6.0/10
Ease of use: 7.0/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Merchant Moe DEX?

Merchant Moe is a decentralized exchange on the Mantle network. It lets users swap tokens from their own wallets, provide liquidity to earn rewards, and stake its MOE governance token. It has been tracked as a protocol since January 2024.

The project's social profile calls it the "Ultrasound DEX" for Mantle and claims strong fee capture in the MNT ecosystem, along with large cumulative volume and fees. Those are the project's own figures and are cut off in the search snippet, so treat them as self-reported.

Current on-chain liquidity is modest. Total value locked is about $256,882, down about 0.5% over seven days. That is small for an exchange, so slippage on bigger orders is a real consideration.

How Merchant Moe DEX works

Merchant Moe is a decentralized exchange. Instead of matching buyers and sellers through a company, it uses smart contracts and pools of tokens supplied by liquidity providers. When you swap, you trade against these pools and the price adjusts based on pool balances.

Liquidity providers deposit tokens into pools and earn a share of trading activity, along with rewards the homepage mentions. Their risks include impermanent loss, where the value of deposited tokens diverges from simply holding them.

MOE is the governance token. The documentation describes a fixed supply with emissions that decay over time. Users who stake MOE take part in protocol revenue sharing and accrue sMOE as yield while staked.

6 features

Key features

Token swaps on Mantle

Users connect a wallet, pick a trading pair and execute swaps directly on Mantle without handing funds to a custodian.

Liquidity provision rewards

The homepage says liquidity providers have yield opportunities, so users can deposit tokens into pools to earn from trading activity and rewards.

MOE governance token

MOE is the governance token, with a fixed supply and a decaying emission model described in the project docs.

Revenue-sharing staking

Staking MOE gives a share of protocol revenue, with yield accruing as sMOE while tokens are staked.

Fee-capture focus

The project's social account describes it as a fee-capture-focused DEX for the Mantle ecosystem, claiming large cumulative volume and fees. This is a self-reported figure.

Shareable trade links

Direct trade links accept input and output token addresses, which makes it simple to share a specific pair.

Pros and cons

What we like

Native to Mantle, with swaps and liquidity provision in one app
MOE staking shares protocol revenue with holders through sMOE
Documented tokenomics: fixed supply with decaying emissions
Non-custodial: you trade from your own wallet
Two audits are listed for the protocol in a DeFi tracker
Direct trade links make it easy to open a specific pair

Watch out for

Total value locked is about $256,882, which suggests thin liquidity for larger swaps
Runs only on Mantle, so it is of little use to people active on other chains
Swap fee levels and fee tiers are not stated on the homepage
The team and audit details are not published on the homepage, even though two audits are listed in a tracker
MOE emissions decay over time, so liquidity-provider rewards may shrink as emissions fall
Smart-contract, impermanent-loss and token-price risks apply, as with any DEX

Merchant Moe DEX fees

Merchant Moe does not publish a swap fee schedule on its homepage. The trading interface should show the expected output, price impact and any fee before you confirm a swap, and the project's documentation is the place to look for fee structure details.

Expect to pay Mantle network gas on every transaction. Liquidity providers earn a share of trading activity, and MOE stakers share in protocol revenue, but the exact split and rates are not stated.

Is Merchant Moe DEX safe?

Merchant Moe is non-custodial, so you keep control of your assets in your wallet. The main risks are smart-contract bugs, pool and token risks, and phishing sites. Two audits are listed for the protocol in a DeFi tracker, but the homepage does not name the auditors or summarize their findings. No hack or incident appears.

The project does not publish team or regulatory details on its homepage. Only trade with funds you can afford to lose, and always verify you are on the official site before connecting a wallet.

6 steps

How to get started with Merchant Moe DEX

1
Get a Mantle-compatible wallet and fund it with MNT for gas.
2
Open the Merchant Moe website and confirm the address in your browser matches the official one.
3
Connect your wallet and choose the tokens you want to swap.
4
Review the quote, price impact and fees shown before approving the transaction.
5
Confirm the swap in your wallet and wait for the Mantle transaction to finalize.
6
Optionally, read the documentation on liquidity pools and MOE staking before depositing funds.

Open Merchant Moe DEX

Merchant Moe DEX FAQs

What is Merchant Moe?

Merchant Moe is a decentralized exchange built on the Mantle network. Users swap tokens from their own wallets and can supply liquidity to earn rewards. It also has a governance token, MOE.

Which blockchain does Merchant Moe use?

Merchant Moe runs on Mantle. No other chains are stated.

What is the MOE token used for?

MOE is the governance token. Its documentation describes a fixed supply with a decaying emission model. Staking MOE lets holders take part in protocol revenue sharing and accrue a yield token called sMOE.

How does staking on Merchant Moe work?

The project's staking documentation says staked MOE earns a share of protocol revenue. The yield accrues as sMOE while the MOE is staked. The rate is not given, so check the app for current figures.

Is Merchant Moe safe?

Two audits are listed for the protocol in a DeFi tracker, but the homepage does not detail who performed them or what they found. Audits lower risk but do not remove it. Read the reports in the project's documentation if available and only commit what you can afford to lose.

What fees does Merchant Moe charge?

Fee levels are not published on the homepage. Users pay the network gas fee on Mantle plus any swap fee shown in the trading interface before confirming. Check the quote on the swap screen.

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