What Is Merlin Chain (MERL) Coin: Is Merlin Chain (MERL) A Good Investment In 2024?

Merlin Chain is a Bitcoin-native Layer 2 solution that enhances the scalability and security of the Bitcoin network. The project marks a significant step forward for Bitcoin’s Layer 2 ecosystem, which has seen considerable growth over the past month.

With the continuous development of Merlin Chain, its token $MERL has been listed on OKX, HashKey and other exchanges, and launched airdrops, attracting the attention of many investors.

So what exactly are Merlin Chain (MERL) coins? Is Merlin Chain (MERL) a good investment in 2024? In this article, we will introduce all information about Merlin Chain (MERL).

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Table of Contents

What is Merlin Chain?

Who is Building Merlin Chain?

How does Merlin Chain Work?

What is the MERL Token?

MERL Tokenomics

Merlin Chain (MERL) Price Prediction

Is Merlin Chain (MERL) a Good Investment in 2024?

How to Buy the MERL Token?

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What is Merlin Chain?

Merlin Chain represents an innovative Layer 2 solution crafted atop the Bitcoin blockchain, incorporating a decentralized oracle network, robust on-chain BTC fraud prevention mechanisms, and advanced zero-knowledge (ZK) rollups to significantly enhance Bitcoin’s scalability and operational efficiency.

Moreover, Merlin Chain boasts seamless interoperability with the Ethereum Virtual Machine (EVM), allowing it to seamlessly integrate with Bitcoin’s native protocols, encompassing BRC-20, Stamps, BRC-420, Atomicals, Pipe, and Bitmap standards.

The Merlin Chain team is dedicated to unleashing Bitcoin’s full potential through empowering users, fostering innovative protocols, and harnessing the power of Bitcoin-native assets. They assert that genuine progress within the Bitcoin ecosystem necessitates Bitcoin-centric innovations, rather than attempting to replicate the Ethereum (ETH) model.

Merlin Chain was officially announced in January 2024. It launched its testnet bridge several days later, followed by a mainnet rollout marked by a fair launch event in February 2024.  The event consisted of staking activities that hit a total value locked (TVL) of $543 million within 24 hours.

MERL USDT-margined perpetual futures contracts with a leverage of up to 50x are now available on BTCC platform. If you are interested, click the button below to enter MERL Token trading page⇓

MERLUSDT--Price--24h ChangeTrade

Who is Building Merlin Chain? 

Bitmap Tech, previously Recursiverse, is building Merlin Chain. The company developed BRC-420 and Bitmap.Game before Merlin Chain.

BRC-420 is an Ordinals-based experimental standard supporting more complex inscription formats for use in metaverses. In January 2024, Bitmap Tech stated that Bitmap.Game, a metaverse built on Bitcoin, had over 30,000 users and a market cap all-time high floor price of $290 million..

In February 2024, Merlin Chain announced a funding round from OKX Ventures, ArkStream Capital, ABCDE, Foresight Ventures, and 20 other investors. The amount raised remains undisclosed.

How does Merlin Chain Work?

Next, let’s take a look at how Merlin Chain runs.

zkEVM

Merlin Chain scales Bitcoin scalability through zkEVM, an EVM-compatible framework that harnesses the power of zero-knowledge (ZK) proofs to aprove the validity of state changes resulting from “rolling up” and processing transactions. These proofs are created by sequencer nodes, the operators of Merlin Chain’s ZK-rollup.

Besides generating proofs, sequencer nodes are also responsible for bundling a large number of transactions into a smaller, compressed block of data. They then send the batched transaction data and the zero-knowledge proofs to the Bitcoin base layer through an oracle network. All Merlin Chain transactions settle on the base layer, making them immutable, secure, and decentralized

The oracle network of Merlin Chain comprises nodes functioning as a Data Availability Committee (DAC), tasked with verifying the authenticity of transaction data transmitted by sequencer nodes.

That means Merlin Chain requires oracle network nodes to always remain honest. To achieve this, oracle network nodes must stake BTC to participate in the Layer 2 network. Users can challenge the validity of ZK proofs and batched data. If the challenge is successful, the oracle network node that confirmed that round of transactions is penalized for submitting invalid transaction data. The penalty includes losing a fraction of their staked BTC.

By compressing transaction data, ZK-rollups drastically reduce transaction costs by minimizing block space utilization. Furthermore, Merlin Chain boasts an average block time of approximately 1.2 seconds, vastly outpacing Bitcoin’s ten-minute block interval, thereby accelerating transaction processing and enhancing overall network performance.

BTC Connect

Bringing Ethereum technology to a Bitcoin layer poses a challenge for Bitcoin users seeking to engage with EVM-compatible decentralized applications (dApps) on Merlin Chain, as Bitcoin-native wallets cannot interact with EVM dApps.

To solve this problem, Bitmap Tech has leveraged Particle Network’s technology, BTC Connect, to help Bitcoin native wallets connect to EVM-compatible dApps via a Software Developer Kit (SDK). Particle Network is a Web3 infrastructure service provider.

Thanks to BTC Connect, Bitcoin users can now conveniently swap their BTC for Ethereum-based assets without undergoing the inconvenience of transitioning to an EVM-compatible wallet.

Bridging

Merlin Chain uses a bridge to facilitate L1 to L2 and L2 to L1 asset “transfers.” When bridging from Layer 1, BTC is locked, sending a message to a Layer 2 smart contract to mint MBTC, a bridging asset pegged to BTC on a ratio of 1:1. The new asset is then issued to the user, allowing them to interact with the dApps on Merlin Chain.

When a user bridges back to L1, the L2 smart contract burns MBTC and releases the locked BTC. Merlin Chain only supports bridging BTC to and from the base layer. However, it will soon add more assets.

MERLUSDT--Price--24h ChangeTrade

What is the MERL Token?

$MERL, Merlin Chain’s native token, which plays a fundamental role in the governance, security and overall ecosystem development of Merlin Chain.

$MERL Overview

• Name: MERL (Merlin Chain)
• Ticker: $MERL
• Standard: BRC-20
• Total Supply: 2,100,000,000

$MERL provides multifunctional utilities as the native token within the Merlin Chain ecosystem:

• Governance: $MERL token holders have the power to shape Merlin Chain’s future through voting on key proposals.
• Staking: $MERL can be staked to bolster the security of Merlin Chain, ensuring operational integrity and reliable performance.
• Network Fees: MERL can be used to pay for transaction fees on prospective Layer3 networks on top of Merlin Chain.
• Collator Delegation: $MERL token holders can actively participate in the network’s operations by delegating their holdings to collators or by staking $MERL to run their own collators.
• Native Liquidity & Collateral: $MERL can be utilized as native liquidity and collateral within the Merlin ecosystem, enabling smooth transactions and supporting lending mechanisms.

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MERL Tokenomics

With a total supply of 2,100,000,000 tokens, $MERL token allocation sets as below:

Merlin’s Seal — 20.00%

Public Sale — 1.00%

Private Sale — 15.23%

Advisors — 3.00%

Team — 4.20%

Community — 16.57%

Ecosystem — 40.00%

Merlin Chain (MERL) Price Prediction

As per CoinGecko, as of writing the article on August 20, MERL Token is traded at $0.228, boasting a market cap of $82,063,372, and witnessing a 24-hour trading volume of $15,076,715. MERL Token saw a 24-hour change of +6.9%, with minor fluctuations of +0.9 % in the past hour.

The following sets forth the MERL to USD Chart

Merlin Chain Chart

MERLUSDT--Price--24h ChangeTrade

Merlin Chain (MERL) Price Prediction 2024

As to Merlin Chain (MERL) Price Prediction for 2024, it is projected that Merlin Chain (MERL) token may be traded between a potential lowest price of $0.2 and a potential maximum price level of $0.31. The average price of Merlin Chain (MERL) for 2024 is predicted to be $0.25.

Merlin Chain (MERL) Price Prediction 2025

As to Merlin Chain (MERL) Price Prediction for 2025, it is projected that Merlin Chain (MERL) would trade between $0.23 on the lower end and $0.35 on the high end, with an average trading price of $0.29.

Merlin Chain (MERL) Price Prediction 2030

In terms of long-term price prediction for 2030 on Merlin Chain (MERL), it is projected that the potential lowest price that Merlin Chain (MERL) token could see in 2030 is $0.47, while the maximum price level that Merlin Chain (MERL) token would reach in 2030 is estimated to be $0.71. The average price expected throughout the year is estimated to be around $0.59.

Is Merlin Chain (MERL) a Good Investment in 2024?

Merlin Chain offers low transaction fees, high scalability, and ensures fast transaction processing and enhanced liquidity. The project deploys ZK-Rollup to improve performance and scalability, and is expected to provide a breakthrough solution for the Bitcoin network.

However, as all cryptocurrencies are quite volatile in nature, whether Merlin Chain (MERL) is a good investment in 2024 purely depend on your personal risk appetite and trading goal. All investors, no matter are experienced traders or newcomers, are highly advised to do enough homework and thorough research before making any investment decision regarding Merlin Chain (MERL) coin.

MERLUSDT--Price--24h ChangeTrade

How to Buy the MERL Token?

MERL USDT-margined perpetual futures contracts with a leverage of up to 50x are now available on BTCC platform. If you are interested, you can buy MERL coin on BTCC .

The following sets forth the guidance for trading MERL futures contract on cryptocurrency exchange BTCC:

Step One: go to the BTCC homepage and log in to your BTCC account. If you do not have an account, you need to register first.

Step Two: on the BTCC official homepage, choose “Deposite”, and then fund your account with your preferred method.

Step Three: go back to the BTCC official homepage, choose “Futures” -“USDT-M Perpetual Futures Contract”, and find MERL token trading pair.

You can also click the button below to enter MERL token trading page⇓

Step Four: choose the contract trading order type. BTCC contract orders are divided into market orders, limit orders and SL/TP orders.

• Market Order: users place orders at the best price in the current market to achieve fast trading.
• Limit Order: Limit orders are a type of order to buy or sell futures at a price more favourable than the market price. When you buy at a price lower than the market price or sell at a price higher than the market price, the order will be in the form of a limit order.
• SL/TP Order: SL/TP orders are a type of order to buy or sell futures at a price less favourable than the market price. When you buy at a price higher than the market price or sell at a price lower than the market price, the order will be in the form of a SL/TP order.

Step Five: adjust the leverage multiple.

Please keep in mind that operating leverage carries the risk of liquidation. Leverage should be adjusted based on your financial status and risk tolerance.

Step Six: choose the lot size and set the SL/TP price .

Step Seven: after setting the basic data information, users can choose to buy (open long) or sell (open short) after entering their ideal price. Traders should remind that the price cannot be higher or lower than the highest buying price or lowest selling price of the platform.

Step Eight: click the buy or sell button, and MERL coin futures contract order is completed.

That’s all information about Merlin Chain (MERL). If you want to know more information about Merlin Chain (MERL) coin and other cryptocurrencies, please visit BTCC Academy.

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