Merit Circle (MC)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].
• Scored 58% on DAOmeter (21-2-2023), had no category scoring perfect. Scored super low on Voting (no staking, no custom tooling and no delegates), very low on Treasury (multi-sig, no custom tooling, no dedicated team) and Proposal (not stored on-chain) and low on Community (manual payroll, no clear on and offboarding and no working groups) and Security (multi-sig) and a little low on Documentation (no code for governance public).

Governance

Treasury

• From this thread (1-11-2022):

"The DAO has one of the best treasury management records in all of the digital asset space. Merit Circle sits at #7 in treasury size. Also worth noting Merit Circle doesn’t include native tokens in its treasury."

Token

Token Allocation

• From this thread (1-11-2022): gave 20% to team and advisors, 14.1% to early investors and the rest to the treasury and incentives.

Utility

• Has (1-11-2022) a burn mechanism:

"To date, they have burned 129,171,890 MC tokens totaling roughly $90mm. At the same time, they have bought back 4,791,664 tokens with their treasury on the open market. MC token buybacks occur from profit generated by seed investments taken by the DAO treasury. Besides the tokens on the open market, they approx. bought back 20M MC tokens from seed investors. Combined, this has taken about 15.5% of total expected token supply out of circulation.

This week they will be doing a huge 200mm token burn, which will change that 15.5% figure to roughly 20% of total supply being taken out through buybacks/token burns."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Consensus mechanism:
• Algorithm:
• Virtual Machine:
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From this thread (1-11-2022):

"The Merit Circle DAO consists of four verticals: Investments, Development/Incubation, Gaming, & Trading; creating an ecosystem that adds value to the DAO and, thereby, the MC token."

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found [here].

Funding

• Mechanism Capital lists them in their portfolio as of 15-5-2023.

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