Author: Weilin, PANews
The Bitcoin Layer 2 ecosystem continues to thrive. Merlin Chain, a Layer 2 ecosystem, integrates key modules such as the ZK-Rollup network, decentralized oracle network, and on-chain fraud proof for Bitcoin. Based on Bitcoin's native assets, protocols, and products from Layer 1, it aims to continue innovating, unlock its potential, and "make Bitcoin fun again."
Merlin Chain currently supports Bitcoin protocols including BRC20, BRC420, Bitmap, and Ordinals, and will soon support Atomicals, Stamp, Runes, and more.
As of March 12, the total value locked (TVL) on Merlin Chain had surpassed $3.8 billion. In just 33 days since its mainnet launch, TVL has surged, demonstrating its ability to attract substantial capital. Of this, 88% is comprised of Bitcoin ecosystem assets, with BTC accounting for $2.17 billion and BRC-20 assets contributing $450 million.
According to official statements, hundreds of dApps are currently in preparation or have already been launched. Merlin Chain also recently announced partnerships with five dApp projects during an AMA. This article will briefly introduce the basic information of these early projects.
1. Influpia
Project Overview: Based on ERC404, the SocialFi project transforms an individual's social influence into tangible value. Users can build their influence through boosting and empowering actions. In the second phase, the project team plans to launch the Influpad platform, providing exclusive exposure and display, introducing brands, and establishing long-term cooperation mechanisms.
Through game mechanics, users can earn tokens and enjoy a rich reward system. In addition, there's an ERC404 empowerment feature: every 10,000 tokens will be converted into one NFT, and the NFT will grant an additional random power attribute. PVP gameplay will also be launched in the future.
Latest Updates and Partnership with Merlin : Influpia's airdrop tokens launched on the Merlin Chain at 5 PM (UTC+8) on March 11th, with more events to follow. The native token is $ING, and 7% of the total supply will be airdropped. ING has a fair launch, with no pre-mining, investor or team reserves, and is minted solely through active community participation.
2. Dragon v erse Neo
Gameplay: The first game to launch on MerlinChain, aiming to create a 3D open world and metaverse, blending various gameplay elements such as Pokémon, fighting games, parkour, battle royale, and auto chess. Furthermore, it introduces a game engine editor to help creative players build their own content.
Latest updates and collaboration plans with Merlin : A lightpaper will be released soon, detailing the asset's intended use. Furthermore, the project team plans to develop a dedicated Layer 3 blockchain for gaming based on the Merlin Chain, addressing three shortcomings of the Bitcoin gaming sector: insufficient infrastructure performance, relatively basic game projects, and a small player base. This chain will provide dedicated computing and storage resources, enabling large-scale, multiplayer games such as Final Fantasy XIV, League of Legends, and PUBG to run smoothly within the Bitcoin ecosystem.
3. BendDAO
Project Functionality: BendDAO is an NFT staking and lending protocol based on Ethereum Layer 1. It's a peer-to-peer NFT staking and lending protocol that allows users to stake their blue-chip NFTs to obtain loans, thereby unlocking NFT liquidity. In addition to lending as its core function, BendDAO also offers two supplementary features: collateral sales and down payment NFT purchases.
Latest updates and plans for collaboration with Merlin : A lending protocol, such as the Blue Box for BRC-420 protocol assets, will be launched on Merlin in the future. Users can stake assets and receive BTC or stablecoins. The BendDAO protocol aims to become a leader in the BTC asset staking market, gradually supporting all assets within the entire BTC ecosystem, as long as they can be mapped to Layer 2.
4. bitSmiley
Project Features: This is a stablecoin project based on the Bitcoin ecosystem. It supports BTC as a native asset, is used in transactions, and employs an over-collateralization mechanism, thus possessing leverage attributes.
bitSmiley's stablecoin serves two purposes. First, it fills the gap in the Bitcoin Layer 2 framework provided by Circle (the issuer of USDC), acting as circulating cash for cryptocurrency transactions. Second, due to its over-collateralization mechanism, it possesses leverage properties. Users can collateralize BTC to mint stablecoins, which they can then use to participate in trading and generate profits. Subsequently, users return the stablecoins and retrieve their collateral, improving the efficiency of their funds.
Latest updates and collaboration plans with Merlin :
bitSmiley's native asset, bitDisc-Black NFT, has officially joined Merlin's staking mining program, Merlin Seal, becoming one of the BTC assets recognized by the Merlin mainnet. Holders of bitDisc-Black NFTs can stake their NFTs on the Merlin Chain to earn MPoints rewards on the Merlin mainnet. Staking assets will be mapped to M-bitDisc-Black. The bitSmiley team stated that users holding M-bitDisc-Black assets enjoy the same rights as bitDisc-Black holders and can participate in other bitSmiley activities in the future.
In addition to the five projects mentioned above, the official team recently announced a series of new dApps, including the DEX project iZUMi Finance, the cross-chain bridge Meson Finance, Polyhedra Network, the Bitcoin native asset applications Bitmap Game and Bitmap War, and the BRC-420 native DeFi application Mineral.
