Saturday, 25 May 2024

Crypto News

Merlin Chain Launches MERL: A Major Leap Forward in Bitcoin Layer 2 Solutions

Merlin Chain Launches MERL: A Major Leap Forward in Bitcoin Layer 2 Solutions

Merlin Chain, the largest Bitcoin Layer 2 protocol by total value locked (TVL), is thrilled to announce the launch of its native token, $MERL. As a significant enhancement to the Bitcoin network, Merlin Chain facilitates the rapid growth of decentralized applications (DApps) across various sectors, including decentralized finance (DeFi), gaming and social platforms.

Since its mainnet debut in February 2024, Merlin Chain has seen explosive growth, accumulating over $3.6 billion in TVL and fostering a vibrant ecosystem with more than 200 native DApps. The introduction of $MERL marks a pivotal moment in the evolution of Merlin Chain, offering enhanced governance, security and ecosystem development opportunities for its users.

$MERL Token Utilities and Features

$MERL, operating under the Bitcoin-compatible blockchain standard BRC-20, has a total supply of 2.1 billion tokens and is meticulously designed to empower the community through various utilities. 

Token holders can shape the future of Merlin Chain by voting on critical proposals, thus actively participating in governance. Additionally, users can stake $MERL to enhance the security of the network, ensuring its reliable performance. $MERL also facilitates the payment of transaction fees within the Layer 3 enhancements. Community members may support network operations through collator delegation or operate their collators by utilizing $MERL tokens. Furthermore, $MERL serves as native liquidity and collateral, enabling seamless transactions and robust lending mechanisms within the ecosystem.

$MERL Token Allocation

$MERL’s 2.1 billion tokens will follow the specified rules for allocation:

Merlin’s Seal

20% of the total supply of $MERL tokens will be airdropped to participants of the Merlin’s Seal event. This event showcased an impressive TVL of $3.6 billion, with 91% of these funds coming from the Bitcoin community, including $1.75 billion in BTC and $980 million in BRC-20 assets. This substantial support from the Bitcoin community has been vital to the rapid growth and expansion of Merlin Chain in recent months.

Public and Private Sales

1% of the total supply of $MERL tokens is designated for public sale through the People’s Launchpad, providing a broad range of investors with an opportunity to participate. Additionally, 15.23% of the total supply is allocated to private…

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