Merlin Chain is revolutionizing the earning potential for Bitcoin holders worldwide by introducing a new Layer-2 protocol staking solution that offers improved security and scalability. This blockchain platform, specifically designed for Bitcoin (BTC), is opening up a world of Decentralized Finance (DeFi) opportunities for Bitcoin enthusiasts.
For years, Bitcoin investors have looked on as Ethereum users reaped the benefits of DeFi, such as staking rewards, liquidity mining, and yield farming. These opportunities were out of reach for those holding Bitcoin, the largest cryptocurrency in the world. However, with the emergence of Merlin Chain, the game is changing for Bitcoin holders.
According to a press release from Crypto News Flash, Merlin Chain’s architecture utilizes a Proof-of-Stake (PoS) consensus mechanism and integrates various DeFi features. Users can seamlessly transfer their Bitcoin to the Merlin Chain network through a bridging process, creating a wrapped Bitcoin asset known as M-BTC, similar to stETH on Ethereum.
The unique aspect of Merlin Chain is its ability to combine the best of both worlds. Users can access a wide range of DeFi opportunities usually associated with Ethereum, while benefiting from the security and familiarity of the Bitcoin network.
Founder of Merlin Chain, Jeff, expressed excitement about providing concrete incentives for BTC investors and hodlers to earn and participate in the 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. They can also use M-BTC as collateral for lending, borrowing, and derivative services within top DeFi protocols.
Additionally, users can bridge SolvBTC assets to other Layer 2 networks like Linea to unlock more rewards and opportunities. Merlin Chain places a strong emphasis on security and scalability, partnering with leading custodians like Fireblocks, Cobo, Ceffu, and Bitmain’s Antalpha. Collaborations with over ten major institutions ensure a decentralized validator set, promoting transparency and scalability.
In April, Merlin Chain introduced enhanced security measures and chain architecture, including a decentralized oracle network for external data feeds, asset diversification, and risk mitigation. The platform also 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 rapidly gaining momentum.
Furthermore, Merlin Chain’s partnerships with over ten institutions aim to increase participation and decentralize the network’s validator set. For more information on Bitcoin, including buying guides, wallet tutorials, price checks, and the latest news, visit the website.
