Merlin Chain, the native Bitcoin Layer2, is the latest name making waves in the Bitcoin space. As a subsidiary product line of Bitmap Tech, Merlin Chain is poised to revolutionize the Bitcoin ecosystem.
The following spotlight is a look at the Merlin Chain to inform the curious from an objective POV, and is not a endorsement. Staking is involved to participate with the platform and all potential users should be aware of the risks involved with sending your assets away for potential rewards.
Low Fees, High Scalability
Much of the excitement around Merlin Chain is the prospect of low fees and high scalability, serving as an EVM-compatible chain. This compatibility ensures swift transaction processing and heightened transaction liquidity, offering users a seamless experience within the Bitcoin Layer2 environment; something that many users have yearned for, and likewise, many projects have proclaimed to offer (but have fallen short on) recently.
BTC Protocols & zk Roll up Support
One of Merlin Chain’s notable features is its support for popular Bitcoin protocols like BRC20, BRC420, Bitmap, Atomicals, Pipe, and Stamps. This support facilitates a broader user base to engage seamlessly on Bitcoin Layer2.
Additionally, Merlin Chain’s implementation of ZK-Rollup technology is a testament to its dedication to efficiency and scalability. Sequencer nodes manage data transmission through decentralized Oracles, ensuring transparency and security in the network.
Seal Staking Program
Merlin Chain is set to launch its mainnet, and with it comes the Merlin’s Seal staking program. This initiative aims to reward users and builders through a series of phases:
Phase 1: Users can stake various assets, including $BTC, $Bitmap, $ETH, $USDT, $USDC, and select BRC20 and BRC420 assets, accumulating M-points daily.
Phase 2: Liquid staking tokens will be generated on Merlin Chain.
Phase 3: In March, users can claim $MERL rewards based on their accumulated M-points.
Phase 4: April brings the opportunity for users to withdraw their staked assets using the M-Token.
The Biggest Fair Launch of Layer 2 –
Merlin's Seal– 20% of $MERL. This is just the start.
– Supports 14 Bitcoin Native Assets.
– More assets will be supported soon, such as ATOM, Ordinals NFT, etc.
– Here are the details you need to know.https://t.co/5o6ndEbafY pic.twitter.com/pILFZt7afR— Merlin Chain (@MerlinLayer2) February 7, 2024
During the Merlin’s Seal staking program, users can earn rewards, including a substantial 20% of $MERL, the governance token, making it a highly attractive prospect for staking reward hunters. Additional benefits include providing liquidity to MerlinSwap, profits from engaging with DeFi protocols, and $ETH Native Yield for $ETH deposited through StakeStone.
Team leaders and members can achieve extra percentage bonuses on daily points by reaching total staked value milestones
How M-Tokens Work
Merlin Chain is set to introduce M-Tokens, liquid staking tokens available right after staking. These tokens enable seamless interaction with Merlin Chain’s eco-projects, maximizing profit potential while the original assets remain locked up. M-Tokens cannot be transferred outside the Merlin Chain but can be traded within the platform.
Asset Security
Some of us have an aversion to staking, with one of those reasons boiling down to security risks. Merlin say they have that base covered. To ensure the security and non-custodial handling of funds, Merlin Chain employs Cobo MPC co-Managed Custody. This technology utilizes advanced Multi-Party Computation and a Threshold Signature Scheme, guaranteeing secure transaction handling and reducing the risk of a single point of failure.
Final Thoughts
In conclusion, Merlin Chain purports to be at the forefront of innovating Bitcoin’s Layer2 experience, combining scalability, security, and user-friendly features to usher in a new era in this ongoing Bitcoin renaissance period.
Personally, I couldn’t use the bridge as the site failed to connect to my Unisat wallet. However, people I know have reported a quick and efficient experience. On February 9th, Merlin Chain declared a TVL of $543 million just 24 hours after launching. The impressive figures stem from users staking massive amounts of Bitcoin, Bitmaps, and other assets, securing them with Merlin for the foreseeable. That sort of behavior is a bit too spicy for my taste as there’s a lot that could go wrong with that set-up. That said, that’s just me being a self-custody maxi, and many noteworthy names in the space have been getting in on the action.
With its upcoming mainnet launch and Merlin’s Seal staking program, the platform could be the next big thing on Bitcoin should it deliver.
Useful Links
- Website: https://merlinchain.io/
- X Account: https://twitter.com/MerlinLayer2
- Discord: https://discord.gg/dFKkUHJw
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