Merlin Chain is introducing decentralized finance (DeFi) opportunities to Bitcoin holders, utilizing innovative integrations and a proof-of-stake (PoS) mechanism.
The Bitcoin Layer-2 blockchain, Merlin Chain, has successfully bridged over $13 billion worth of Bitcoin (BTC) in the past 45 days. With this achievement, the platform is now focused on expanding and offering more benefits to BTC holders. Their aim is to revolutionize staking rewards and yield-generation for Bitcoin users.
The primary goal of Merlin Chain is to provide greater access to DeFi for BTC holders, moving beyond simply holding the digital currency. The platform aspires to transform the DeFi landscape of Bitcoin.
Despite Bitcoin being one of the top-performing assets globally in recent years, BTC holders have missed out on various earning opportunities, according to Merlin Chain founder, Jeff. He expressed his excitement in offering concrete incentives to BTC investors, encouraging them to earn and engage in the dynamic DeFi ecosystem.
Merlin Chain is unlocking various opportunities for BTC holders, such as staking, liquidity mining, and yield farming, which are currently dominated by Ethereum. The platform aims to replicate Ethereum’s mature DeFi ecosystem for Bitcoin users.
A significant aspect of the BTC DeFi ecosystem is leveraging Bitcoin’s robust security and scarcity. This ecosystem aims to tap into a user base known for its strong engagement in the crypto space.
Through Merlin Bridge, users can earn yield on their BTC by locking their coins on the layer-1, receiving gas BTC that can be staked to generate a wrapped Bitcoin asset M-BTC. Holders of M-BTC, similar to stETH, are eligible for staking rewards and can participate in activities like liquidity provision, borrowing, lending, and derivatives.
Merlin Chain has distributed over $700 million in rewards, solidifying its position as a leading Bitcoin Layer-2 platform for yield. With assets worth $13 billion bridged to and from the network, Merlin Chain continues to grow. The platform currently boasts over $1.2 billion in total value locked (TVL) and has partnered with reputable digital asset custodians and institutions like Fireblocks, Cobo, Ceffu, and Antalpha, a Bitmain subsidiary.