The hottest spot in the Bitcoin ecosystem is undoubtedly L2. Currently, Merlin’s TVL has exceeded 2 billion U.S. dollars, and B2’s TVL is about to reach 500 million U.S. dollars. Such popularity is inseparable from the support of Bitcoin holders. The meme $voya issued by Merlin over the weekend went up wildly and was FOMOed by the market. Students who had previously pledged related assets had the opportunity to obtain Voya.
Project Description
Merlin Chain is a second-layer Bitcoin network that integrates key modules such as the ZK-Rollup network, decentralized oracle network, and fraud proof on the Bitcoin chain. It is committed to empowering native users on BTC Layer 1 through Layer 2. The ecosystem of assets, protocols and applications allows it to continue to innovate and amplify asset potential on the second-layer network, making Bitcoin interesting again.
Merlin Chain is participated by 24 institutions including OKX Ventures, ABCDE, Foresight Ventures, Arkstream Capital, etc. It can be said that the lineup is luxurious. The team background is also very OG. It was launched by Bitmap Tech, the team behind the previously skyrocketing blue box, with a total market value of more than $500 million. From the interview with founder Jeff, we can see that the team has been deeply involved in the Bitcoin ecosystem.
Token distribution:
Total number of MERL tokens: 2,100, 000,000
Launch price: 0.00004762 USDT
Merlin officials have made it clear that 20% of Tokens will be used for airdrops in staking activities. You must know that the regular L2 airdrop ratio is 5%.
I think everyone can pay attention to it. In addition, the following are some of Jeff's remarks. I think there are some great things. I will excerpt them to share with you:
1️⃣The opportunities we see have three points:
The first is a bottom-up approach to issuance, community-driven assets, and a new narrative from asset to project. This means that the asset itself is formed by the community from the bottom up. After the community fully masters the asset, the community will then work in reverse to build the asset. Unlike traditional blockchain projects, the project team first has an idea, and then they allocate tokens and create products to attract more users. Now in Bitcoin, it's the other way around. The community first finds the asset, then the community launches the asset first, and people in the community create applications and ecosystems based on the assets to empower them. Including the entire community of the B RC-20 ecosystem, as we have seen recently, they make their own Launchpad, games, and even Layer 2. So I feel like this whole narrative change is the first opportunity we see. The second opportunity we see is the composability of all content on the chain. Because in the past many Ethereum contents were not chained, all content on Bitcoin, whether it is game content, application scripts, or social assets, must be chained and open sourced on the inscription. Therefore, the composability of the content on the chain, including what we actually started with BRC-420, is also influenced by this philosophy. The content on the chain is open source, modular, and ultimately assetized. The third opportunity is a macro opportunity, which is Bitcoin itself.
The amount of Bitcoin funds is very large, reaching a scale of trillions. But at this scale of trillions, there has never been a good ecology and no financial interest-earning. Therefore, most large BTC investors just put their money in cold wallets and have no way to make money through this. However, this demand cannot be ignored. . Nowadays, there are many CeFi companies doing BTC lending and financial management. This is the potential of this capital volume.
Even if we just build a little ecology, I think the financial impact it may have on this amount of funds will be greater than building an Ethereum L2 with thousands of troops. These were some of our ideas for Ordinals and Bitcoin ecology at that time.
2️⃣The financial volume of Bitcoin itself is very large.
But the financial utilization rate of Bitcoin is very low, maybe less than one percent or even one thousandth. I think first of all, Bitcoin L2 wants to use this financial leverage to leverage this part of untapped assets.
3️⃣Bitcoin L2 does not change Bitcoin L1, it is an extension based on Bitcoin L1.
To put it simply, when BTC is transferred from one layer to an exchange, the BTC still exists on the exchange’s first layer of network, and the exchange has not changed it; secondly, once the BTC reaches the exchange, it can be used to make contracts or options. , then it is impossible to say that contracts and options also violate Bitcoin's UTXO model. Therefore, I think L2 is the same. L2 means that there are more ways to apply funds on the second layer, a more decentralized ecosystem, and more applications that can be played, but it itself does not change Bitcoin L1.
4️⃣I particularly like the culture of Bitcoin because it adopts very simple, fair and open rules.
Let the market make free adjustments instead of being restricted by rules. Logically speaking, the more restrictive the rules are, the more restrictive they are, not the hair-raising parties or studios, but rather the exclusion of real users. Therefore, I have never played airdrops or completed tasks. The activities provided by Merlin are actually very simple and fair, allowing everyone to participate.
Upcoming events:
In addition to the above participation, there will only be more and more Merlin Chain activities in March, so everyone can pay attention!
Developer incentives should be the highlight of March, and the project team can focus on it.
Holder incentive is said to be in April, wait and see.
Summarize:
As the most popular public chain in the BTC ecosystem, Merlin Chain will have a huge follow-up space, and it will also drive the entire BTC ecosystem towards a better future, so brothers, you can pay more attention to it.
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