Liquidity providers deposit funds into Merkle Trade and receive trading fees from traders (supply-side fees).

Merkle Trade is a non-custodial perpetual exchange protocol built on Aptos.

MKL tokenholders own and govern the protocol. They do currently take a cut of the total trading fees paid by traders (revenue). Merkle Trade's investors include Arrington Capital, Hashed, etc.

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Merkle Trade

# Fully diluted market cap Methodology

## Overview

Fully diluted market cap measures the project’s valuation assuming full dilution. It is calculated as the token price multiplied by the total supply, as defined in the project’s current token economics; including tokens that are circulating, locked, unvested, or set to be issued.

Project valuation based on token price times total supply.

Merkle TradeMKL

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Fully diluted market cap

Fully diluted market cap

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