DeFi
Merlin Chain Brings Yield Opportunities and DeFi Access to Bitcoin
- Merlin Chain provides earning capabilities to Bitcoin holders around the world.
- The Layer-2 protocol launches a staking solution with improved security and scalability.
Merlin Channela layer 2 blockchain designed specifically for Bitcoin (BTC) is expected to unlock a suite of decentralized finance (DeFi) integrations, allowing Bitcoiners to participate in yield opportunities.
Bitcoin competing with Ethereum
For years, Bitcoin investors have watched their Ethereum counterparts profit from the lucrative world of DeFi. Staking rewards, liquidity mining, and yield farming are all opportunities out of reach for those holding the world’s largest cryptocurrency. However, Merlin Chain has emerged as a new player, aiming to be a game changer for Bitcoin holders.
As revealed in a press release shared with Crypto News Flash, Merlin Chain’s architecture leverages a Proof-of-Stake (PoS) consensus mechanism as well as a suite of DeFi integrations. Users can transfer their Bitcoin to the Merlin Chain network through a seamless transition process. This creates a wrapped Bitcoin asset, M-BTC, which works similarly to stETH on Ethereum.
The beauty of Merlin Chain lies in its ability to offer the best of both worlds. Users benefit from the many DeFi opportunities typically associated with Ethereum, but with the added security and familiarity of the Bitcoin network.
“We are excited to finally grant BTC investors and hodlers concrete incentives to not only HODL, but also earn and participate in the exciting DeFi ecosystem,” says Jeff, Founder of Merlin Chain.
With Merlin Chain, users can stake M-BTC on platforms like Solv Protocol to earn rewards in the form of SolvBTC, a token that provides access to various DeFi services. Additionally, they can use M-BTC as collateral to access lending, borrowing, and derivatives services within major DeFi protocols.
Additionally, they can link SolvBTC assets to other layer 2 networks like Linea to unlock additional rewards and opportunities.
Merlin Chain prioritizes security and scalability
Merlin Chain takes security and scalability very seriously. The platform collaborates with leading custodians such as Fireblocks, Cobo, Ceffu and Bitmain’s Antalpha to ensure a robust and reliable PoS system. Additionally, partnerships with over ten major institutions contribute to a set of decentralized validators, promoting transparency and scalability.
In April, Merlin Chain introduced a host of security measures alongside its chain architecture. As previously reported News flash on cryptocurrencies, one of the unique features of the platform is its decentralized Oracle network, which feeds a blockchain with external data. The platform also enhances asset diversification and risk mitigation, thereby enhancing the robustness of the ecosystem.
To reiterate Previous reports from Crypto News Flash, Merlin Chain announced the launch of its native token, MERL. The token provides its users with enhanced governance, security, and ecosystem development opportunities. With over $13 billion worth of Bitcoin bridged and $700 million distributed across Layer 2 networks in just 45 days, Merlin Chain is quickly gaining traction.
Additionally, Merlin Chain is partnering with over ten institutions to increase participation and decentralize all validators on the network.