As an experienced analyst, I believe that Merlin Chain’s introduction of yield opportunities for Bitcoin holders marks a significant shift in the market dynamic. The disparity between Bitcoin and other blockchains, particularly Ethereum, has long been evident in terms of access to yield-generating services.
As a researcher studying the blockchain landscape, I’m excited about Merlin Chain’s innovative approach to enhancing the Bitcoin ecosystem. By offering yield opportunities through its layer-2 solution, Merlin Chain aims to even the playing field with other popular blockchains, like Ethereum.
Those who invest in Ethereum have enjoyed multiple methods to earn returns, such as yield farming, liquidity provision, and staking incentives. In contrast, holding Bitcoin primarily brings potential price appreciation as its additional advantages are fewer.
Beginning today, the MerlinLayer2 Onchain Summer initiative takes off, offering a reward pool of up to $3,000,000 in MERL tokens and unique project incentives. Browse our Galxe watchlist below for engagement with all involved projects.
— Merlin Chain (@MerlinLayer2) June 12, 2024
As a crypto investor, I’ve noticed this frustrating dynamic in the market: Bitcoin, one of the top-performing assets over the past decade, hasn’t provided yield opportunities that other ecosystems have. Jeff, the mastermind behind Merlin Chain, has identified this issue and aims to address it with his project.
Merlin expands earning and engagement possibilities for Bitcoin investors in the DeFi sector. To earn returns on their Bitcoins, users initially need to transfer their Bitcoins to the Merlin Chain through the Merlin Bridge. By doing so, they can produce M-BTC, a wrapped Bitcoin asset that delivers staking rewards similar to Ethereum’s stETH, which necessitates securing BTC on layer 1 and acquiring gas BTC in the process.
Obtaining M-BTC opens up various possibilities for users. By earning SolvBTC through staking on decentralized finance (DeFi) platforms like Solv Protocol, you gain access to a range of services. You can provide liquidity by connecting Merlin with major DeFi projects and earn returns. Furthermore, SolvBTC allows you to use Bitcoin for lending, borrowing, derivatives, and other DeFi functions. Additionally, it creates a connection between SolvBTC assets and layer-2 Bitcoin networks such as Linea to generate additional rewards.
As a researcher studying the blockchain industry, I’m excited to share that Merlin Chain has facilitated an impressive volume of Bitcoin transactions worth over $13 billion within a 45-day timeframe. Among these transactions, approximately $700 million in Bitcoin have been transferred to layer-2 networks in order to reap additional advantages.
To enhance the security of its proof-of-work mechanism, Merlin Chain has joined forces with prominent cryptocurrency custodians and organizations including Fireblocks, Cobo, Ceffu, and Antalpha. The collaboration aims to strengthen the network’s security. Additionally, Merlin Chain is partnering with over ten notable institutions to decentralize the network validator set, thereby increasing participation and promoting a more distributed network.
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2024-06-12 18:11