I can confirm this. I have had about 30 encounters of different merchants but never from battle 4. I think the mini boss pop up is blocking the merchant dialog from appearing. Can you submit a bug report?
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If there is something to criticise about the update, it would be that it helps a game mode (or rather two), that did not need help.
There’s a reason, why the title and preview text made players think at first, that it would be something focussed on treasure hunts. (although personally I still find it somewhat relieving, that there is at least one mode in the game, that’s so unimportant, that I don’t need to care if I don’t want to)
I’ve submitted a bug report for this.
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Can we have a switch to turn the merchant and others off please? Like holiday gems. This is straight up garbage that does nothing more then waste my time
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I think I’m playing for about 5 hours, got 2 merchant offers for imperial deeds and no offers for dragonite but found 1 dragonite gnome. Nevermind that, got a offer for dragonite just now and 2 for cursed runes.
The rewards from angel is ever free?
The reward is always free if it’s from the Angel, yes!
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Okay,nice! Thank you. 
Okie so daemon and genie are great fun in delves.
But in explore, surely if we choose yes there should be a reward after winning the run.
Iv completed the 3 new achievements. And now choose no in explore for daemon and genie.
As i dont see what the benefit is.
Maybe someone can sensibly tell me.
No silly replies cheers.
Scott: Did you remember to discard all boss battles from the calculation? Plus base battle number 4, which seems bugged and has no spawns either?
Can’t say for myself, but I think you nailed it with this:
…because your primary passive source of Ingots over time is Faction Renown.
There certainly seems to be an odd delay when the wandering offer shows up.
People are guessing the encounter never spawns after battle 3 (contrary to default assumptions) and if that is true you should reduce your total battle count accordingly to calculate an encounter rate. If you’re tracking this on a spreadsheet, calculate the rate both ways because we don’t have concrete information which one is intended.
For now just this (and it is with 4th explore battle included, all the new stuff spawned in 1-3, as far as I noticed).
Maybe a few more words tomorrow or thereabouts after some additional thinkover.
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I made my dream a reality. Not even gonna bother with spoiler tag this time. 
And yeah, him covering the button make it clear this was fan made. lol
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Quick question-is this a permanent feature?
I’m always picking 3x Deeds but 200 Writs(=2 Deeds) is not a bad option. One cost 150 gems, other one is almost free.
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The original screenshot is actually not mine, as I got Ultra-Rare ingot instead of Writ, making my decision way easier. Lol
I’m a bit indecisive about this one, but I would say, if you have spare gems and urgently need deeds of that color, pick deeds. Otherwise, always writ, as it’s more flexible and almost free like you said.
I would say so, just like Explore Mimic.
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Preview of the new first quest!
I’m not sure why it ended with Divinion Fields background, when the beginning mentioned the keep on the southern coast. In my understanding, it work like this…
Map and lore
The tavern hero was drinking at was on the southern coast of Sword’s Edge. There, the hero encountered Eleanor and went with her to rescue her dad, Luther, from a prison near the border of Divinion Fields and Zhul’Kari.
Luther went there with his ship to go to Broken Spire, to get Sheggra’s heart to cure Queen Ysabelle from poisoning. But an army of Knight Coronets (who were behind the poisoning) intercepted Luther’s journey, and ordered Militiaman to capture Luther and put him in prison, then probably used Shadow Dragon’s power to corrupt The Guardian Dragon to make sure Luther couldn’t escape.
Then his daughter Eleanor and the hero come to rescue him, get him out to the pier on Divinion Fields, and the hero ended up going with Luther to start Broken’s Spire Quest.
Eleanor's secret
Curiously, Eleanor doesn’t only have K14_26 tag, but Conversation_K76_Char too with full art.
It probably just because she was a quest giver in this starting quest, so she need full art somewhere. Picking K76 is a bit strange though, as that will be for next kingdom after Vulpacea.
So next kingdom will either have her as a quest giver, or they will be trouble with storing new troop file! Skipping K76 would be too extreme too.
Also found a bug right on the starting quest. 
Bug
[TUTORIAL_DESCRIPTION_2130] and [2140] popup still trigger on the second fight, despite the spell order is not the same anymore. It’s still seems to fix at always first and second spell description no matter what you pick.
I cast Mysterious hero first, but description is for Luther, which is alright enough, as he is the third troop. My next cast is actually Luther himself, but I get spell description for Dragon Knight, who is not even there anymore!
Overall, I really like that Mysterious Hero is a troop variant of our hero before the main quest. Still, I think this troop still fit very well to my evil hero doppelganger idea, so hero can be fight as enemy in PvE content, like in World Event or Delve. All you to do is to modified this troop to any have 3 hero class traits and a hero weapon, class talent is not so important. You can even make the troop copied what hero currently have!
This might spicing up the game a lot when implement right.
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Have the dev team consider implementing The Wandering Merchant System to the treasure hunt mini game, as well.
Deals given by The Merchant (and maybe The Angel) can remain the same, though The Genie and The Daemon will require adjustments specific to/for treasure hunt, and all “buffs/debuffs” would apply to the next treasure map used.
Just as an example, The Genie could possibly give a player double rewards for the next treasure map… or, possibly half the rewards. The Daemon could be double rewards, but half the starting moves left, or something.
Just a thought. 
90% of time I rather hate every new update, I would still slap devs for underworld and some other things.
But I have to say this update is fun, freaking gem drain, but it gave my explore a second life. Thanks for finally something nice and interesting!
(ok, dungeon update was also fun, so simple idea made the whole dungeon more interesting.)
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Hello! 
Sorry for not including the note in the patch notes: Wandering Merchant Encounters won’t appear after the 4th Explore Battle.
If you’d like more information on the Wandering Merchant System you can check out this article here.