, a layer-2 blockchain created specifically for Bitcoin, is in a position to transform the environment for BTC holders. In order to level the playing field with blockchains like Ethereum, Merlin Chain intends to give bitcoiners access to a variety of DeFi services and staking yields through the use of a proof-of-stake consensus mechanism and a suite of various integrations.
Merlin provides new opportunities for BTC investors to earn and interact with the DeFi ecosystem. In order to receive yields on their Bitcoin, users must first use the Merlin Bridge to bridge their Bitcoin to the Merlin Chain. In order to create M-BTC, a wrapped bitcoin asset that generates staking rewards akin to Ethereum's stETH, this process entails locking BTC on layer 1 and receiving gas BTC. When users obtain M-BTC, a number of opportunities become available.
In just 45 days, Merlin Chain has enabled over $13 billion in Bitcoin transactions through its network, with $700 million of that cryptocurrency being distributed to layer-2 networks in exchange for extra benefits. To improve the security of its proof-of-work mechanism, the platform has teamed up with leading cryptocurrency custodians and organizations such as Fireblocks, Cobo, Ceffu and Antalpha. Merlin Chain is working with more than 10 significant institutions to decentralize the network validator set and increase participation.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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