FAQs and Answers
VALK
Last Update a year ago
Q: Are there fees?
A: Currently, there are no fees to connect one wallet to the dApp. We have opened up our APIs for third parties to connect and extract information, and are soon rolling out premium features (multiple wallets, CSV downloading and more).
Q: How do you connect to Merlin?
There are two ways to connect to Merlin: (1) by using MetaMask/Wallet Connect/Coinbase Wallet to connect your wallet directly via a Web3 integration and (2) by just pasting your wallet address into the pop-up. Method (1) will allow direct interactions with smart contracts such as ‘claim fees’ via the interface, a feature that is coming soon.
Q: Is Merlin for retail or institutional investors?
A: It is for both! General feedback among DeFi investors is that there is no way of tracking and reporting the multitude of transactions across protocols. This is the case for both retail and institutional, it just depends on the type of portfolio being run. That being said, Merlin provides an institutional-grade service and an easier interface which is often a barrier for institutional investors to engage with DeFi.
Q: How does this the Merlin wallet tracker compare to others like Zapper and Debank?
A: There are a number of wallet trackers that do provide information such as net worth, asset overview, number of assets held etc. However what they are missing are performance metrics related to portfolio performance. What is unique about Merlin is that it provides profit and loss on a certain asset or overall portfolio daily basis, as well as yield earned (in the underlying asset, or USD, or as a %). This is particularly important for investors requiring daily NAV reports or any historical data relating to their investments.
Q: How can the Merlin wallet tracker compare the same asset engaged in different types of transactions?
A: Let’s use an example. Say an investor is lending DAI in Aave and Compound and acting as a liquidity provider (LP) in Uniswap. Merlin extracts all transactions related to DAI on that wallet, retrieves each of their positions and calculates their current state plus yield generated on each protocol. This means it can calculate both individual yield per position and total yield generated on that DAI.
Q: Can Merlin connect to all protocols and blockchains?
A: Merlin's P&L calculations and complex analysis is available on selected protocols, including: Uniswap v2/v3, Aave, Compound, Convex, Sushiswap and Lido on Ethereum.
We will soon add, Curve, Aave V3, and Maker on ETH, Balancer, Frax, and more.We are rolling out integrations with Avalanche (Trader Joe and Benqi) and Binance Chain (PancakeSwap) protocols, and will be able to support all EVM-compatible chains. Merlin is connected to 1000+ protocols across 10+ chains, reporting on net worth and transaction history, but not complex P&L calculations.
Q: Can I use Merlin to invest directly into yield-generating products?
A: Merlin is only a wallet reporting service to provide information related to DeFi transactions. However, we are releasing a non-custodial portfolio management system, which will allow users to manage their portfolio on a smart account, all from one interface. This will be integrated with Merlin, meaning there will be investment functionalities on the same site as Merlin.
Q: Will there be a mobile app for Merlin?
Yes. We believe that an app is a really good way to show DeFi users how their positions are doing, especially if they just need to quickly check something, or if they are on the move. Look at Blockfolio (now FTX). That was a hugely successful product, and many users were using it from their smartphone. Merlin is no different, and our mobile app will soon be deployed