Merlin Chain is revolutionizing the earning potential for Bitcoin holders worldwide. The Layer-2 protocol is launching a staking solution that offers enhanced security and scalability.
Merlin Chain, a specialized Layer 2 blockchain for Bitcoin (BTC), is introducing a range of Decentralized Finance (DeFi) integrations, opening up yield opportunities for Bitcoin enthusiasts.
Competing with Ethereum, Bitcoin investors have long envied the DeFi advantages enjoyed by Ethereum holders. Staking rewards, liquidity mining, and yield farming have been out of reach for those invested in the leading cryptocurrency. However, Merlin Chain has entered the scene, aiming to level the playing field for Bitcoin holders.
According to a press release shared with Crypto News Flash, Merlin Chain’s architecture combines a Proof-of-Stake (PoS) consensus mechanism with various DeFi integrations. Users can seamlessly transfer their Bitcoin to the Merlin Chain network through a bridging process, creating a wrapped Bitcoin asset called M-BTC, similar to stETH on Ethereum.
Merlin Chain offers the best of both worlds by providing extensive DeFi opportunities usually associated with Ethereum, along with the security and familiarity of the Bitcoin network.
Founder Jeff expressed excitement, stating, “We are thrilled to provide BTC investors and hodlers with tangible incentives to not just HODL, but also earn and engage in the exciting DeFi ecosystem.”
With Merlin Chain, users can stake M-BTC on platforms like Solv Protocol to earn rewards in SolvBTC tokens, granting access to various DeFi services. Additionally, they can use M-BTC as collateral for lending, borrowing, and derivative services within top DeFi protocols. It is also possible to bridge SolvBTC assets to other Layer 2 networks like Linea for more rewards and opportunities.
Merlin Chain prioritizes security and scalability by partnering with top custodians like Fireblocks, Cobo, Ceffu, and Bitmain’s Antalpha. Collaborations with over ten major institutions contribute to a decentralized validator set, ensuring transparency and scalability.
In April, Merlin Chain introduced enhanced security measures and chain architecture. Notably, the platform features a decentralized oracle network for external data input, enhancing asset diversification and risk management.
Merlin Chain recently launched its native token, MERL, offering governance, security, and ecosystem development opportunities. With over $13 billion in bridged Bitcoin and $700 million distributed to Layer 2 networks in just 45 days, Merlin Chain is quickly gaining momentum.
Furthermore, Merlin Chain has partnered with over ten institutions to expand participation and decentralize the network’s validator set.
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