2024-04-18
Merlin Chain, an innovative solution built on top of Bitcoin's Layer 2, is excited to announce a successful funding round led by the Spartan Group and Hailstone Labs, along with contributions from Amber Group, Presto labs, and IOBC Ventures.
This strategic partnership is a significant milestone for Merlin Chain, positioning it at the forefront of the evolving Bitcoin ecosystem.
Since its previous funding round, Merlin Chain has launched its mainnet, gaining rapid traction in the industry.
The platform has already facilitated over 9 million transactions and hosts more than 70 live projects, with a Total Value Locked (TVL) exceeding $4 billion.
The involvement of esteemed backers like the Spartan Group will empower Merlin Chain to explore institutional management opportunities, leveraging the new BTC staking narrative.
This innovative approach offers an enhanced yield on Bitcoin, solidifying its position as a valuable "storage of value."
"We believe that the rapid development in the BTC ecosystem, including the introduction of smart contract capabilities, will unlock significant value on-chain," said Kelvin Koh, Co-Founder and Managing Partner of Spartan Group.
Koh expressed his support for Merlin Chain, highlighting their understanding of the BTC community's vision and mindset, emphasizing fair launches, distribution, and grassroots-led growth.
Merlin Chain's founder, Jeff, an experienced entrepreneur in Web2, has secured funding from renowned institutions such as Sequoia Capital,IDG Capital, BAI Capital, 5Y Capital, and Vitalbridge Capital.
With support from over 20 investment institutions, led by OKx Venture, ABCED, Foresight Ventures, and Arkstream Capital, as well as major mining pools like viaBTC, the platform is well-prepared for security and technological advancements.
This demonstrates the strength of Chinese entrepreneurs and investors within the Bitcoin ecosystem.
With a TVL of $4 billion, security is of utmost importance to Merlin Chain. To ensure this, the platform has established the Merlin Security Council, consisting of well-known entities specializing in security and technology.
The council's focus on research, education, and technological development attracts white-hat hackers and innovative DApps, guaranteeing the ongoing safety and growth of the Merlin ecosystem.
Merlin Chain sets new standards in the blockchain domain with its innovative architecture, enhancing security, scalability, and transparency.
At the core of Merlin's system is a multi-tiered structure supported by a decentralized oracle network.
This network plays a crucial role in integrating external data with the blockchain, ensuring fair distribution of power and effective risk management, thereby stabilizing the ecosystem.
The strategically placed sequence nodes within Merlin's oracle network are central to its technological advancements.
These nodes maintain the integrity of the blockchain's ledger and facilitate the consensus process, organizing and processing transactions efficiently.
Utilizing zero-knowledge (ZK) proofs, Merlin Chain ensures transaction verification without revealing any underlying data, enhancing privacy and efficiency.
Combined with Bitcoin's Taproot upgrade, which simplifies complex transactions by merging multiple signatures into a single transaction, Merlin Chain brings a higher level of privacy and efficiency to the Bitcoin network.
