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MERL MERL
0xa0c5…07f9
BNB Chain
Not verifiedThis record has not gone through deep verification and is not being monitored. The score is a dated snapshot — the token’s risk can change at any time.Own this token? Put it under verification →
Last checked today 1 audit on record
DexScreener ↗
How is this score calculated? → Low Risk
Executive SummaryAI Copilot

This audit covers a `DelayedERC1967Proxy` contract on the BSC network. The contract is a UUPS proxy, meaning its logic can be upgraded. Ownership and control over upgrades are managed by a 2-of-3 multisig wallet. No critical or high-severity vulnerabilities were identified in the proxy's code itself.

1 Medium5 Informational
Volume 24h
$2.92M
Liquidity
$2.02M
Price
$0.03115
Token Age
1y
Top 10 Holders
66.4%

Security Findings

1 Med5 Info
Medium

Liquidity not locked

QA-LIQUIDITY0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 2 address(es) other than the owner/deployer. One of them — a wallet, 0x02c7…d10b — holds 89.2% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
Issue0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 2 address(es) other than the owner/deployer. One of them — a wallet, 0x02c7…d10b — holds 89.2% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them.
FixCheck the lock's end date and beneficiary on the locker's own page before relying on it.
StatusAcknowledged
Info

No issues identified in the reviewed source

I-01The verified source code was reviewed and no issue rising to Informational severity or above was identified. This is a statement about the code that was read, not a guarantee: the review covers the published source only. Fact-layer checks (mint/owner authority, holder concentration) were applied separately and feed the risk score.
IssueThe verified source code was reviewed and no issue rising to Informational severity or above was identified. This is a statement about the code that was read, not a guarantee: the review covers the published source only. Fact-layer checks (mint/owner authority, holder concentration) were applied separately and feed the risk score.
FixRe-check after any contract upgrade or ownership change, both of which can alter behaviour without changing this page.
StatusAcknowledged
Info

Who holds the supply

QA-HOLDERSThe ten largest holders own 66.4% of supply. Of that, 23.6% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 20.4% in wallets, 22.5% in other contracts. 17,920 holders in total.
IssueThe ten largest holders own 66.4% of supply. Of that, 23.6% in DEX pools — not holders that can sell, so excluded from the concentration score. What remains: 20.4% in wallets, 22.5% in other contracts. 17,920 holders in total.
FixWatch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.
StatusAcknowledged
Info

Identity verified by independent sources

QA-IDENTITYListed on CoinGecko as Merlin Chain (MERL), market cap $65M, rank #403. 17,920 holders. Verified by: CoinGecko.
IssueListed on CoinGecko as Merlin Chain (MERL), market cap $65M, rank #403. 17,920 holders. Verified by: CoinGecko.
FixMatch the contract address against the project's official channels before trading.
StatusAcknowledged
Info

The market for this token

QA-MARKETLiquidity $2.0M (DexScreener, all pools). 24h trading volume $6.4M (CoinGecko, all markets, daily snapshot). 24h trading volume $2.9M (DexScreener, all pools). CoinGecko's record for this coin: all-time high $1.45 on 2024-04-19; the price is now 97.8596% below it.
IssueLiquidity $2.0M (DexScreener, all pools). 24h trading volume $6.4M (CoinGecko, all markets, daily snapshot). 24h trading volume $2.9M (DexScreener, all pools). CoinGecko's record for this coin: all-time high $1.45 on 2024-04-19; the price is now 97.8596% below it.
FixSize any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
StatusAcknowledged
Info

Asset class: Project token

QA-PROFILEA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: mint capability could not be read. Control: a 2-of-3 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $2.0M of DEX liquidity across 2 pools. Launch: 509 days of market history.
IssueA token issued by a project for use, governance or fundraising. Scored on its contract and market facts. The class itself adds no points; the contract and market facts decide the score. Basis: no class-specific evidence. Tokenomics — Supply: mint capability could not be read. Control: a 2-of-3 multisig. Code: upgradeable proxy. Fees: no buy or sell tax. Market: $2.0M of DEX liquidity across 2 pools. Launch: 509 days of market history.
FixCheck the project's own documentation for what the token is used for; this report covers what the contract allows.
StatusAcknowledged

Category Ratings

TechnicalLow9/10

7.1 Architecture, 7.2 Code Security: The contract functions as a `DelayedERC1967Proxy`, a standard UUPS proxy pattern, delegating calls to an implementation contract. It explicitly lacks direct ERC-20 token logic, indicating its role as an infrastructure component. Static analysis of the proxy code revealed no immediate technical vulnerabilities or privileged functions that directly alter transfer paths, suggesting a robust and minimal proxy architecture.

GovernanceMedium5/10

7.3 Access Control, 7.4 Economic, 7.5 Governance: Access control for the proxy's administrative functions, such as upgrades, is managed by a multisig wallet (2 out of 3 owners), significantly enhancing security against single points of failure. The proxy itself does not contain economic logic or directly manage token transfers, thus direct economic risks are deferred to its implementation. This setup strengthens governance over critical operational aspects.

UpgradesHigh2/10

7.7 Upgrades: The contract utilizes the UUPS proxy pattern, enabling future upgrades of its logic implementation. The upgrade mechanism is controlled by the designated multisig owner. While the 'Delayed' prefix in the contract name suggests a potential time-lock or delay mechanism for upgrades, the provided code map does not detail this specific functionality, meaning upgrades are subject to the multisig's direct action without explicit on-chain delays.

Security Checklist

1/5 checks passed
Contract VerifiedPass
Ownership RenouncedFail
No Mint Function?
Liquidity LockedFail
Not a ProxyFail
HoneypotNoneBuy Tax0.0%Sell Tax0.0%

Proxy Upgrade Controls

Proxy TypeEip1967 Uups
ImplementationVerified source

Holder Composition

66.4% in top 10
20.4% in wallets22.5% in contracts
Effective Concentration29.3%

Share held by contracts — treasury, vesting, bridge or staking — is discounted against share held by wallets when the score is computed: a contract cannot decide to sell the way an anonymous holder can, though it can still be drained or voted to sell. Effective concentration is the figure the risk score is actually calculated from.

Liquidity Depth

$2.02M across 2 pairs
Pancakeswap v3USDCanalysed$2.02M100.0%UniswapUSDT$5220.0%

The risk score reads depth across every pair. The volume figure and the volume-to-liquidity ratio elsewhere on this page describe only the pair this audit analysed, so the two are not directly comparable.

LP Distribution

Top-1 Unlocked Holder89.2%
Top-3 Unlocked100.0%

Key Addresses

3 addresses
Deployer
0x0014…c53c
Unlocked LP Held By
0x02c7…d10b0xf73d…9dc9

No privileged address appears among these holders: the unlocked liquidity sits with independent providers, not with the deployer.

What Raised This Score

4 factors
  • Mint capability UNKNOWN (implementation ABI unreadable)
  • Upgradeable proxy — the admin can replace the logic
  • Liquidity NOT locked (100% of the pool) — held by independent providers — market-depth risk
  • Top-10 concentration > 20% (66.4% total → 29.3% effective; 20.4% in EOAs, 22.5% in contracts; 23.6% burned, locked or in pools excluded)

Each factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed

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