In addition to the development of Layer 2 on Ethereum, Layer 2 on Bitcoin has proven its popularity owing to the constant emergence of new projects. One of them is Merlin Chain, a Bitcoin L2 solution launched in June 2023.
Merlin Chain: What is it?
Merlin Chain is a Bitcoin Layer 2 (L2) solution aiming to increase scalability and transaction speed as well as minimize gas fees. Merlin Chain integrates zk-Rollup technology, oracle solution, and an on-chain BTC fraud-proof model.
Besides, Merlin Chain is compatible with the EVM virtual machine helping developers avoid rewriting code when transferring smart contracts from EVM Chain to Merlin Chain.
The project also offers a Bridge feature (currently in beta) that allows users to transfer BTC directly from the Bitcoin network to Merlin.
Merlin Chain homepage at https://merlinchain.io
Pominent features of Merlin Chain
Among the growing number of Bitcoin L2 projects emerging, Merlin Chain distinguishes itself for the following reasons:
Support standard tokens: BRC-20, BRC-420, Bitmap, Atomicals, Pipe, Stamp,… allowing developers to create and customize applications to meet their needs.
Integrate a wide range of applications: Merlin Chain intends to be compatible with many applications on several platforms such as iZUMi Finance, Meson, Polyhedra Network, Bitmap Game, Bitmap War…
Direction to hunt airdrop on Merlin Chain
At this time, Merlin Chain is conducting a Merlin Seal event that allows users to participate and earn M-point rewards to receive MERL token airdrops, particularly:
Time: February 2024 – April 2024
Rewards: MERL tokens and profits from trading participation.
The procedure is as follows:
Step 1: Access to Merlin Chain via this link: https://merlinchain.io/bridge/staking
Step 2: Connect your cryptocurrency wallet to the platform by clicking the ConnectWallet button at the top right corner of the screen. The platform supports the following wallets: OKX Wallet, Unisat Wallet, Bitget Wallet and Bybit Wallet.
Step 3: Select the Bridge to Merlin’s Seal feature
Step 4: Select the network and type of asset you want to stake
Step 5: Enter the preferred amount of assets and press Stake.
What is the Token of Merlin Chain?
MERL is the administrative token of the Merlin Chain protocol. Some basic information on MERL Token is provided below:
Token Name: Merlin Chain
- Ticker: MERL
- Blockchain: Bitcoin
- Token Standard: BRC-20
- Contract: Updating
- Token type: Governance
- Total Supply: Updating
- Circulating Supply: Updating
The project has not yet released information about the MERL token in addition to the fundamental features mentioned above. When an announcement is released, Betomon will provide an update immediately.
Development team, Investor and Partner of Merlin
Development team
There is no information provided about their developers. However, Merlin Chain is a spin-off of Bitmap Tech, which is famous for its BRC-420 “Blue Box” collection.
Investor
Merlin Chain has received funding from a number of the largest investment firms in the market, including ABCDE, OKX Ventures, Foresight Ventures, Arkstream Capital, and KuCoin. Nevertheless, the project hasn’t yet disclosed any specific information on the total amount of money raised or capital raising rounds that they participated in.
Partner
The Merlin Chain project has established the partnerships with many parties such as StakeStone, TRON, Nubit,…
Similar project to Merlin Chain
Some specific projects that are similar to Merlin Chain can be mentioned such as:
Stacks: The L2 blockchain on Bitcoin allows developers to build DApps serving the Bitcoin ecosystem.
Lightning Network: An L2 network on Bitcoin that was formally added to the mainnet in 2018 after being initially suggested in 2015.
