- Merlin Chain is bringing incomes capabilities to Bitcoin holders all over the world.
- The Layer-2 protocol is launching a staking resolution with enhanced safety and scalability.
Merlin Chain, a Layer 2 blockchain constructed particularly for Bitcoin (BTC) is about to unlock a set of Decentralized Finance (DeFi) integrations, permitting Bitcoiners to take part in yield alternatives.
Bitcoin Competing with Ethereum
For years, Bitcoin traders have watched their Ethereum counterparts benefit from the profitable world of DeFi. Staking rewards, liquidity mining, and yield farming are all alternatives out of attain for these holding the world’s largest cryptocurrency. Nonetheless, Merlin Chain has emerged as a brand new participant, aiming to alter the sport for Bitcoin holders.
As revealed in a press release shared with Crypto Information Flash, Merlin Chain’s structure leverages a Proof-of-Stake (PoS) consensus mechanism alongside a set of DeFi integrations. Customers can switch their Bitcoin onto the Merlin Chain community by way of a seamless bridging course of. This creates a wrapped Bitcoin asset, M-BTC, which capabilities equally to stETH on Ethereum.
The fantastic thing about Merlin Chain lies in its potential to supply one of the best of each worlds. Customers profit from the intensive DeFi alternatives sometimes related to Ethereum however with the added safety and familiarity of the Bitcoin community.
“We are delighted to finally grant BTC investors and hodlers concrete incentives to not just HODL, but earn and participate in the exciting DeFi ecosystem,” says Merlin Chain Founder Jeff.
With Merlin Chain, customers can stake M-BTC on platforms like Solv Protocol to earn rewards within the type of SolvBTC, a token that grants entry to numerous DeFi providers. As well as, they’ll make the most of M-BTC as collateral to entry lending, borrowing, and spinoff providers inside main DeFi protocols.
Moreover, they’ll bridge SolvBTC belongings to different Layer 2 networks like Linea to unlock extra rewards and alternatives.
Merlin Chain Prioritizes Safety and Scalability
Merlin Chain takes safety and scalability very critically. The platform is collaborating with main custodians like Fireblocks, Cobo, Ceffu, and Bitmain’s Antalpha to make sure a strong and dependable PoS system. Moreover, partnerships with over ten main establishments contribute to a decentralized validator set, selling transparency and scalability.
In April, Merlin Chain launched a number of safety measures alongside its chain structure. As beforehand reported by Crypto Information Flash, one of many platform’s distinctive options is its decentralized oracle community, which feeds a blockchain with exterior knowledge. The platform additionally enhances asset diversification and threat mitigation, solidifying the ecosystem’s robustness.
Reiterating Crypto Information Flash’s earlier studies, Merlin Chain introduced the launch of its native token, MERL. The token gives enhanced governance, safety, and ecosystem improvement alternatives for its customers. With over $13 billion in bridged Bitcoin and $700 million distributed to Layer 2 networks in simply 45 days, Merlin Chain is quickly gaining traction.
Furthermore, Merlin Chain is in partnership with over ten establishments to scale participation and decentralize the community’s validator set.