2024-05-06
Merlin Chain is a
Bitcoin’s layer-2 blockchain designed to enhance the Bitcoin network's
capabilities. It addresses scalability issues of Bitcoin's by introducing
a novel structure that allows for faster and more cost-effective transactions.
Merlin Chain is built on
Polygon's ZK technology with decentralized Oracle network for data availability
via Celestia.
It scales Bitcoin using
ZK-Rollup technology to provide low fees and high scalability, making
transactions swift and efficient. ZK-Rollup enables the Merlin Chain network to
handle higher volumes of transactions while maintaining security.
Users can bridge bitcoins
from Bitcoin network to Merlin Chain.
Merlin Chain is an
EVM-compatible chain, it supports a wide range of Bitcoin protocols, such as
BRC20 and BRC420, which allows for a broader user base to engage with Bitcoin's
Layer 2.
Merlin Chain launched
its mainnet on February 2024. On May 4, 2024, Merlin Chain’s TVL hits new high of $1.176 billion.
MERL uses for governance
token and staking of Merlin Chain. However, Merlin Chain uses bitcoin to pay
for transaction fees. MERL token launched on Apr 19, 2024.
According to Merlin
Chain’s document:
“The staking reward of Oracle nodes mainly consists of two parts: block
reward and transaction fee. The block reward is Merl tokens issued at a certain
inflation rate, distributed according to the staking weight and network
performance of the node. The transaction fee is BTC tokens.”
Merlin Chain's
implementation of ZK-Rollup enhances efficiency and scalability, with sequencer
nodes managing data transmission via decentralized oracles, ensuring
transparency and security. This commitment to innovation is also reflected in
its support for community-driven projects and fair launches.
For those interested in
building on Merlin Chain, there are grants available to support development and
encourage the creation of unique solutions designed for the Bitcoin network.
Additionally, Merlin
Chain is making strides in the DeFi space, as evidenced by its total value
locked (TVL). Solv lending platform on Merlin Chain currently has $645 million
TVL on Merlin Chain.
For users looking to
integrate Merlin Chain with their MetaMask wallet, there are resources
available that guide through the process.
As of May 6, 2024,
Merlin Chain has a market cap of $126 million. This makes it the world's 386th most valuable crypto by market cap.
