MERL(Merlin Chain) Project Analysis-CoinW Institute

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 MERL(Merlin Chain) Project Analysis

  1. Research Review:

Merlin stands out as the leading project in the BTC Layer 2 ecosystem. Merlin Chain, a subsidiary product line of Bitmap Tech, belongs to a top-tier OG team with a total market capitalization exceeding $500 million. The BRC-420 "Blue Box" series under Bitmap Tech has become one of the hottest assets on Ordinals. Currently, the total value locked (TVL) stands at $3.2 billion, with BTC staking reaching $770 million.

 

  1. Recent Developments:

Merlin is currently the highest TVL project in the Bitcoin Layer 2 space, boasting a large community and high market attention.

 

  1. Project Introduction:

Merlin Chain is a native Bitcoin Layer 2 solution aimed at empowering Bitcoin-native assets, protocols, and products on Layer 1 through its Layer 2 network. Built on Polygon's ZK technology, Merlin Chain's underlying infrastructure features a decentralized Oracle network for data availability, supported by Lumoz for decentralized ZK computation power. It allows challengers to present fraud proofs for dispute resolution, leveraging Bitcoin's robust consensus mechanism to ensure the security of the Merlin Chain network.

 

  1. Token Utility:

MERL token serves as the governance token on the Merlin Chain, used for settling Merlin’s Seal staking rewards and as a store of value for settling partner shares.

  1. Tokenomics:

The maximum supply of MERL tokens is 2.1 billion, with a fully diluted valuation (FDV) of $100,000. 1% of MERL tokens, equivalent to 21,000,000 $MERL, is allocated for the Particle network issuance platform, while 20%, equivalent to 420 million $MERL, will be used for settling Merlin’s Seal staking rewards.

 

  1. Project Highlights:

N/A

  1. Investment Institutions:

Merlin has attracted investment from 24 institutions including OKX Ventures, ABCDE, Foresight Ventures, and Arkstream Capital, showcasing a strong lineup of backers.

  1. Community:

With 555,000 followers on Twitter and 120,000 chat members on Discord, the community is extensive.

  1. Special Economic Models:

N/A

  1. Future Outlook:

Merlin Chain has partnered with the Particle network, using its Account Abstraction solution to facilitate seamless switching between Bitcoin Layer 1 and Merlin Chain Layer 2. Merlin Chain has established partnerships with other platforms including Tron Chain, OKX, GeniiData, Bit Smiley, and Stakestone.

 

Basic Information

Project Introduction: Merlin Chain is a native Bitcoin Layer 2 solution aimed at empowering Bitcoin-native assets, protocols, and products on Layer 1 through its Layer 2 network. Built on Polygon's ZK technology, Merlin Chain's underlying infrastructure features a decentralized Oracle network for data availability, supported by Lumoz for decentralized ZK computation power. It allows challengers to present fraud proofs for dispute resolution, leveraging Bitcoin's robust consensus mechanism to ensure the security of the Merlin Chain network.

 

Token Full Name: Merlin Chain

 

Token Name: MERL

 

Project Website: https://merlinchain.io/

 

Project Documentation: https://docs.merlinchain.io/merlin-docs

 

Blockchain Explorer: https://scan.merlinchain.io/address/0x5c46bFF4B38dc1EAE09C5BAc65872a1D8bc87378



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CoinW Institute

2024/4/18

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