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MerlinSwap Review 2026: A Merlin Chain DEX With Thin Volume

MerlinSwap is an automated market maker DEX built for the Merlin chain, the Bitcoin-linked network. It holds a few million dollars in TVL, but trading activity is light and audits are not listed.

Merlin

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.5/10

Mixed

Visit MerlinSwap

Our verdict on MerlinSwap

5.5/10

MerlinSwap suits users already active on the Merlin chain who want a native AMM to swap Bitcoin-ecosystem assets. Its main strength is that focus, along with a few million dollars of TVL. The main caveat is risk: reported daily volume is low, no audits are listed, fees are not published and the project depends on one chain. Treat it as a small, speculative venue and start with modest amounts.

Score breakdown

How MerlinSwap scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 5.5/10

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 MerlinSwap?

MerlinSwap is a decentralized exchange built for the Merlin chain. Its homepage calls it a next generation AMM DEX, and its listing describes it as an innovative and highly capital efficient DEX built to support the Merlin ecosystem. The project has been tracked since February 2024.

Promotional material describes the aim of becoming the liquidity hub for BTC and Bitcoin ecosystem assets, including BRC-20 tokens. The project's own token is MP, and in April 2024 it announced esMP, described as initially aimed at stabilizing MP's price.

Total value locked is around 5.55 million USD, up about 0.3% over seven days. Reported 24-hour trading volume is under 10,000 USD, which is low compared with that TVL. No audits are listed, and the homepage offers little documentation, so this is a small, single-chain DEX.

How MerlinSwap works

MerlinSwap is an automated market maker. Instead of matching buyers and sellers in an order book, it holds pools of two tokens. When you swap, a pricing formula sets the rate from the pool's balance, and the trade shifts that balance.

Liquidity providers deposit tokens into pools and typically earn a share of trading fees in return. They also take on impermanent loss, which happens when the relative price of the pooled tokens changes. The project describes its design as highly capital efficient, which points to an effort to give more depth per dollar of liquidity, though the specific pool design is not detailed on the homepage.

The DEX runs on the Merlin chain. It also has its own token, MP, and esMP, which was announced in April 2024 and described as initially aimed at stabilizing MP's value.

6 features

Key features

AMM token swaps

MerlinSwap runs as an automated market maker, where users swap against liquidity pools instead of an order book.

Capital efficiency focus

The project describes itself as highly capital efficient, which suggests it aims to get more trading depth out of each dollar of liquidity.

Merlin ecosystem liquidity

The DEX is built for the Merlin chain and its assets. Project promotion describes a goal of being a liquidity hub for BTC and Bitcoin ecosystem assets such as BRC-20 tokens.

MP and esMP tokens

MP is the native token. The esMP token was announced in April 2024 and was described as initially aimed at stabilizing the value of MP.

Incentive campaigns

The project has run promotional campaigns, including a giveaway of esMP tokens with a wallet provider, to attract users.

Exchange listing for MP

The MP token has been listed on at least one centralized exchange, which gives holders a way to trade it off-chain.

Pros and cons

What we like

Focused on the Merlin chain, giving a native place to swap assets there
TVL of roughly 5.55 million USD suggests some committed liquidity
Has its own token (MP) that has been listed on a centralized exchange
Active promotional campaigns and a token incentive structure (esMP)
Plain AMM swap model that is familiar to anyone who has used a DEX

Watch out for

Reported 24-hour volume is under 10,000 USD, so liquidity for larger swaps may be shallow
No audits are listed for the protocol, and the project does not publish audit reports on its homepage
Tied to a single chain, so the DEX's fortunes follow the Merlin ecosystem
Swap fees, liquidity provider fee tiers and token emissions are not published on the homepage
The MP and esMP token structure adds complexity and price risk for newcomers
The homepage carries almost no documentation, and the team is not named

MerlinSwap fees

MerlinSwap does not publish a fee schedule on its homepage. Swap fees and liquidity provider fee tiers are not stated, so check the trade interface or pool details before confirming a transaction.

Beyond protocol fees, users pay network gas on the Merlin chain. Slippage on thin pools can also cost more than the stated fee, which matters here given the low reported volume.

Is MerlinSwap safe?

No audits are listed for MerlinSwap, and the homepage does not link audit reports, a bug bounty or a named team. Smart contract risk is therefore unquantified. As a non-custodial DEX, you keep control of your tokens in your own wallet, but approvals and pool deposits expose you to contract bugs.

Small pools bring price manipulation and slippage risks, and the MP and esMP tokens can be volatile. The project does not state any licence or regulatory status. Use only funds you can afford to lose, and check the rules where you live.

6 steps

How to get started with MerlinSwap

1
Check that using a decentralized exchange is legal where you live.
2
Set up a self-custody wallet that supports the Merlin chain, and keep your seed phrase offline.
3
Bridge or acquire BTC-ecosystem assets and the gas token needed on Merlin.
4
Open the MerlinSwap swap page and connect your wallet.
5
Select the token pair, review the quoted price, slippage and fee, and start with a small test swap.
6
Confirm the transaction and check the result in your wallet before trading larger amounts.

Open MerlinSwap

Who MerlinSwap is for

MerlinSwap is for crypto users already on the Merlin chain who want an on-chain place to swap BTC-ecosystem assets, and for people interested in the MP token. It is a poor fit for anyone who needs deep liquidity, audited contracts or published fee terms.

MerlinSwap FAQs

What is MerlinSwap?

MerlinSwap is a decentralized exchange on the Merlin chain. It describes itself as a next generation AMM DEX and says it is built to support the Merlin ecosystem, with a focus on capital efficiency.

Which blockchain does MerlinSwap use?

MerlinSwap runs on the Merlin chain, a network associated with the Bitcoin ecosystem. Users need a wallet that supports Merlin and some of the chain's gas token to swap.

What are the MP and esMP tokens?

MP is MerlinSwap's own token. In April 2024 the project announced esMP, a related token that it said was initially aimed at stabilizing the value of MP. The exact mechanics of esMP are not described on the homepage.

What are MerlinSwap's fees?

Swap and liquidity fees are not stated on the homepage. As with most AMMs, the fee for a given pool should be visible in the trade or liquidity interface before you confirm a transaction.

Is MerlinSwap safe?

No audits are listed for the protocol. Smart contract risk therefore remains, along with the usual AMM risks of slippage and impermanent loss. Only commit funds you can afford to lose.

Is MerlinSwap regulated?

The project does not publish a team or regulatory status on its homepage. Whether using a DEX is permitted depends on your local rules, so check them before trading.

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