Merlin Layer-2 Chain for Bitcoin DeFi

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19 Apr 2024

In 2020 was DeFi summer.
In 2021–2022 were P2E games.
In 2023 was rise of Ordinals.
In 2024 will be dawn of BTC-fi projects.
Merlin is a Layer-2 Chain for Bitcoin that will combine DeFi and $1.2T of liquidity in BTC. Here’s everything you need to know about Merlin Chain
Merlin Chain aims to enhance Bitcoin’s native assets, protocols, and products on Layer 1 by utilizing its Layer 2 network & leveraging zero-knowledge tech. Project is backed by
@okx,@sandeepnailwal
(Polygon Co-founder),
@primitivecrypto,@TheSpartanLabs,@HailstoneLabs.
Merlin stands as the foremost BTC layer 2 chain, currently holding a leading position in the market. Its ecosystem is currently thriving in its initial stages and is anticipated to launch numerous projects by the of this month.
Within two months of its launch, Merlin’s total value locked skyrocketed to over $4B+. The initial IDO raised $500M, setting a record for IDOs on the platform, while the second IDO STAR on Merlin reached $400M+
There have been many big claims about new and groundbreaking Bitcoin Layer 2 solutions, offering asset transfers and IDOs on them. However, only Merlin is actually fully embracing inscriptions and runes, while the others are sticking to the traditional L2 approach
Merlin, along with eco-projects Solv, Avalon, Stakestone, and others, has launched a Bitcoin yield-bearing platform This initiative aims to boost Bitcoin’s user utility and introduce new narratives in BTCfi, having amassed over $700M+ in TVL for now
$MERL is a native utility token for Merlin Chain. It used for:
• Governance.
• Staking.
• Network Fees.
• Collator Delegation.
• Native Liquidity & Collateral.
Total supply is 2.1B tokens.
Merlin Chain’s bridge is a key product, enabling users to send funds into Merlin & Merlin’s Seal. Users send assets to BTC addresses managed by a multisig wallet solution. Then, the Bridge Indexer and Bridge Relayer collaborate to confirm transactions.
It supports all Layer 1 assets across the Bitcoin network, including BRC-20 and BRC-420 tokens, Ordinals NFTs, Anatomicals, and Stamps Merlin aims to create a chain compatible with Ethereum Virtual Machine for Bitcoin, unlocking Bitcoin’s capabilities alongside Ordinals
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