theblock101

    Comprehensive Guide to Skin-In-Game in the Merlin Ecosystem

    ByElly Nguyen22/04/2024
    Merlin stands as a Layer 2 solution built upon the Bitcoin network, spearheaded by Bitmap Tech, a notable developer recognized for its creation, the "Blue Box" suite. This suite, an integral part of Ordinals' assets, demonstrated significant growth, surging from a modest $0.15 to an impressive all-time high (ATH) of $34,000.  What distinguishes Merlin Chain, and how does asset conversion operate within this ecosystem?

    1. What is Merlin?

    Merlin Chain is a secondary blockchain designed to extend the capabilities of Bitcoin. This project employs the ZK-Rollups model, decentralized oracle networks, and fraud-proof security measures to ensure the integrity and efficiency of the system.

    Merlin Chain is engineered to work with various applications and projects, including iZUMi Finance, Meson, Polyhedra Network, Bitmap Game, Bitmap War, and native DeFi applications like Mineral, which adhere to the BRC-420 standard. This ensures a diverse and expanding Bitcoin ecosystem on the Merlin Chain network.

    2. Guide to transferring assets into Merlin

    Step 1: Utilize Meson Bridge to transfer assets into Merlin

    • Visit https://meson.fi/ and connect your Metamask wallet address
    • Select the USDT/USDC swap (Arbitrum network) for BTC (Merlin network)
    Transfer assets into Merlin via Meson
    Transfer assets into Merlin via Meson

    Step 2: Use the swapped BTC to purchase other tokens within the ecosystem

    Buy and sell coins on Merlin
    Buy and sell coins on Merlin

    3. Potential Projects within the Merlin Ecosystem

    3.1. Merlin Swap

    Merlin Swap operates as a decentralized exchange (DEX) platform built upon the Merlin Chain. Despite its recent debut in February 2024, Merlin Swap swiftly ascended to become the leading DEX platform on the Merlin Chain.

    Token Overview:

    • Token Name: MerlinSwap Token
    • Token Code: MP
    • Blockchain: Merlin chain
    • Maximum Supply: 21,000,000,000 MP
    • Market Capitalization: $29.5 million
    • Total Value Locked (TVL): $102 million

    3.2. Merlin Starter

    Merlin Starter focuses on the launchpad platform within the Merlin Chain ecosystem, serving as the pioneer native Launchpad platform on this layer 2 Bitcoin blockchain.

    Key Features:

    • Merlin Starter facilitates initial decentralized offerings (IDO) for projects like $Huhu, $Voya, and $MP.
    • It supports various token launch strategies, including weighted allocation, oversubscriptions, and airdrops.
    • The platform accommodates diverse asset protocols for issuance, such as BRC20, BRC420, ERC20, ERC404, Bitmap, Atomicals, and cross-chain assets.

    Development Roadmap:

    • Q1 2024: Launch Merlin Starter V1.0, introduce the Point reward system, and establish the Partner system.
    • Q2 2024: List the Merlin Starter Token, deploy the AMP Protocol, unveil Merlin Starter V2.0 with IDO insurance feature, and list BRC420 and Atomicals.
    • Q3 2024: Develop the Cross-chain Restaking system and deploy BTC and ETH Layer2 IDOs.

    4. Conclusion

    MerlinChain is scheduled to introduce its $MERL token on April 20, 2024. OKX has revealed the initial listing, followed by numerous other well-known trading platforms. With the existing Total Value Locked (TVL) standing at $3.2 billion, this ecosystem presents considerable potential that warrants attention in 2024.

    Readmore:

    Disclaimer: This article is for informational purposes only, not financial advice. Join the Bigcoinchat chat group to update the latest information about the market.

    Further discussion at

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    Twitter: https://twitter.com/BigcoinVN 

    Elly Nguyen

    Elly Nguyen

    Builder at Bigcoin - Learning to share, sharing to learn

    0 / 5 (0binh_chon)

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