This week, the much-anticipated Bitcoin L2 answer Merlin Chain went dwell on its testnet, whereas its mainnet is scheduled to be launching inside a month as nicely.
Bitcoin’s Community Congestion Dilemma and Scaling Options
The evolution of Ordinals over the previous 12 months has introduced the eye again to the Bitcoin ecosystem after an extended interval. Whereas enhancing the thrill of the bitcoin ecosystem, it has additionally elevated the exhaustion of community assets. The more and more excessive price of transactions, coupled with the rising worth of Bitcoin itself, has added additional congestion to the community and discouraged new customers from turning into considering Bitcoin.
(Bitcoin Each day Common Transaction Price $: YCharts)
The thought of growing an EVM-compatible L2 community has been acknowledged because the one that may ship the outcomes first as a result of simpleness of its implementation path.
Merlin Chain can be one of many EVM-compatible L2 chains, being developed by Bitmap Tech (previously Recursiverse), the staff that constructed BRC-420 protocols and Bitmap.sport, and is extremely valued by the neighborhood as a result of staff’s previous successes.
The BRC-420 protocol helps the mixture/recursion of any file format to kind a extra complicated inscription. Whether or not it is a character picture, a sport script, a digital machine or an AI mannequin, it might probably turn out to be an asset on Bitcoin.
Its core asset, the Blue Field, has risen from an inscription price of $0.15 to an ATH ground worth of $26,000, and different property resembling Mineral and This Music About NFTs are among the many most actively traded property on the OKX market. It now has 1000+ builders and 600+ collections, and has been a superb performer even in the course of the bear market, the value solely going up and by no means falling.
Bitmap.Sport
Bitmap.Sport is a completely on-chain, totally decentralized, fair-launch metaverse mission. It’s primarily based on the Digital Matter Principle that underlies Bitcoin, and is open-sourced in order that it may be run or verified by any shopper, reflecting the idea of “shopper agnosticism” in totally onchain video games.
Throughout this time, Bitmap’s market capitalization has risen from $3 million to a ATH of $290 million. With greater than 30,000 holders, Bitmap has surpassed the Sandbox because the metaverse asset with the best variety of holders throughout all blockchains.
Unlocking Bitcoin’s Potential Via Progressive Magic
Merlin Chain believes that L2 of Bitcoin shouldn’t simply be about transferring cash inexpensively, or simply about having the ability to have the DApps, however ought to be about additional innovating to unlock the potential of Bitcoin by way of its native property, customers and protocols.
For instance, as Bitmap is a very decentralized asset, the right way to make video games primarily based on it, in order that Bitmap customers can enter numerous meta-universes at a low price; or for the DeFi protocols primarily based on BRC-420, the right way to give two-way empowerment to NFT and FT; and for minting inscriptions, the right way to mint L1 property on L2 in a less expensive and versatile means. Solely these “Bitcoin-native” improvements can proceed to empower the ecosystem, slightly than replicating the way in which Ethereum works.
To this point, Merlin Chain has constructed a strong DApp ecosystem, the liquidity issues have been successfully addressed, and is planning for additional growth.
Leveraging ZK-Rollup for Environment friendly and Safe Scaling
The varied ecosystem and property additionally suggest increased throughput necessities and a few security dangers. To unravel this downside, Merlin Chain has adopted ZK-Rollup which allows the compression of numerous transaction proofs right into a easy check-sum to enhance transaction effectivity and scalability.
The sequencer nodes on Merlin Chain are accountable for amassing and batching transactions, producing compressed transaction information, ZK state roots, and proofs through zkEVM. The compressed transaction information and ZK Proofs are then uploaded through the decentralized Oracle community to the taproot on Bitcoin L1, which is accessible to your entire community to make sure transparency and safety.
The decentralized Oracle community nodes shall be required to stake $BTC to forestall improper actions. Customers can provoke challenges to the ZK-Rollup primarily based on compressed information, ZK state roots, and ZK Proof. Profitable challenges lead to a rollback to the final verified state, and the forfeiture of the Oracle node’s locked $BTC, guaranteeing the system’s safety and trustworthiness.
Via the mixing of those applied sciences, Merlin Chain has proven its superior technical capabilities and is on observe to construct an environment friendly, safe, and native Bitcoin L2 answer.
Native Integration – Merlin Chain’s Bitcoin-Centric Method
In comparison with different Bitcoin L2s which are making makes an attempt in the meanwhile, one of many key options of Merlin Chain is that it’s “Bitcoin Native”.
As a powerful believer in Bitcoin for a few years, Merlin Chain is extraordinarily dedicated to the event of the Bitcoin ecosystem and seeks to deliver extra customers and property to Bitcoin by way of their work, slightly than serving different ecosystems within the title of Bitcoin. As such, Merlin Chain locations a excessive worth on the native bitcoin nature of its ecosystem’s initiatives and customers.
Merlin Chain helps bitcoin-native wallets. Empowered by the Particle Community’s account abstraction, customers can use their bitcoin wallets to seamlessly change between L1 and L2 . Customers may also expertise $BTC swaps with different tokens, resembling stablecoins, at any time with out having to change to an EVM pockets.
As well as, Merlin Chain will help many of the main protocols on Bitcoin L1, together with, however not restricted to, BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. All inscriptions on L1 shall be robotically whitelisted by Merlin Chain, permitting customers to securely and affordably commerce on it.
In keeping with its pursuit of “Bitcoin Native”, Merlin Chain plans to undertake BRC-20 as its governance token. This makes much more sense than different Bitcoin L2s which are at present utilizing Ethereum normal tokens as governance tokens. The token shall be launched by way of a good launch, apart from a small portion that shall be distributed to VCs and the staff, which shall be given a 48-month launch interval that won’t begin inside two years, demonstrating the staff’s and traders’ confidence in Merlin Chain.
Bridging the Hole – Simplifying Bitcoin Adoption and Gasoline Development
One other difficult subject for the builders within the Bitcoin ecosystem is the dearth of recent customers and new cash coming in. Whereas the Ordinals issues have continued to be on fireplace, the variety of lively handle has not seen important progress. It’s simply the identical group of individuals concerned in several initiatives.
A really elementary purpose for that is the complexity of Bitcoin. In addition to the necessity to obtain a Bitcoin pockets, inscribing can be not very simple to know, and customers might want to spend no less than two blocks of their time inscribing, in addition to three blocks of their time for affirmation, which is sophisticated and time-consuming.
(Each day Lively Bitcoin Deal with: Glassnode)
Merlin Chain will clear up this downside. Presently, Merlin Chain has been related to 40 Ethereum chains, so for these customers who will not be acquainted with Bitcoin, they will use their acquainted wallets, resembling MetaMask, and their acquainted property, resembling stablecoins, $ETH, $BNB, and so on. to work together on Merlin Chain. Customers need not know the ideas behind Bitcoin, and even what BRC-20 and Atomicals are, earlier than they will expertise Bitcoin in its native method of their acquainted means.
For this objective, Merlin Chain goes to combine the primary multi-chain inscription DApp, which is able to enable customers to inscribe property on different layers, together with Bitcoin L1, on Merlin Chain. It’ll solely take one block to attend for. On the similar time, a launchpad may even be obtainable on Merlin Chain, with a mechanism that permits each inscription launched on it to be valued at 100,000 FDV, permitting extra customers to simply buy property such because the BRC-20/ BRC-420/ Atomicals/ Runes at a really low worth. Moreover, as a part of its dedication to decentralization, Merlin Chain goes to launch most of its governance tokens to the neighborhood.
Customers can keep tuned for the upcoming mainnet launch – the way forward for Bitcoin is about to unfold with Merlin Chain on the helm.
About Merlin Chain
Merlin Chain is a Bitcoin Layer2 that integrates ZK-Rollup community, decentralized oracle community, and on-chain BTC fraud proof modules. Merlin Chain is dedicated to empowering Bitcoin’s native property, protocols, and merchandise on Layer1 by way of its Layer2 community, to Make Bitcoin Enjoyable Once more. Merlin Chainis a subsidiary product line of Bitmap Tech, a premier OG staff boasting an general market cap exceeding $500 million. The BRC-420 “Blue Field” assortment underneath Bitmap Tech has turn out to be one of many hottest property on Ordinals.
This week, the much-anticipated Bitcoin L2 answer Merlin Chain went dwell on its testnet, whereas its mainnet is scheduled to be launching inside a month as nicely.
Bitcoin’s Community Congestion Dilemma and Scaling Options
The evolution of Ordinals over the previous 12 months has introduced the eye again to the Bitcoin ecosystem after an extended interval. Whereas enhancing the thrill of the bitcoin ecosystem, it has additionally elevated the exhaustion of community assets. The more and more excessive price of transactions, coupled with the rising worth of Bitcoin itself, has added additional congestion to the community and discouraged new customers from turning into considering Bitcoin.
(Bitcoin Each day Common Transaction Price $: YCharts)
The thought of growing an EVM-compatible L2 community has been acknowledged because the one that may ship the outcomes first as a result of simpleness of its implementation path.
Merlin Chain can be one of many EVM-compatible L2 chains, being developed by Bitmap Tech (previously Recursiverse), the staff that constructed BRC-420 protocols and Bitmap.sport, and is extremely valued by the neighborhood as a result of staff’s previous successes.
The BRC-420 protocol helps the mixture/recursion of any file format to kind a extra complicated inscription. Whether or not it is a character picture, a sport script, a digital machine or an AI mannequin, it might probably turn out to be an asset on Bitcoin.
Its core asset, the Blue Field, has risen from an inscription price of $0.15 to an ATH ground worth of $26,000, and different property resembling Mineral and This Music About NFTs are among the many most actively traded property on the OKX market. It now has 1000+ builders and 600+ collections, and has been a superb performer even in the course of the bear market, the value solely going up and by no means falling.
Bitmap.Sport
Bitmap.Sport is a completely on-chain, totally decentralized, fair-launch metaverse mission. It’s primarily based on the Digital Matter Principle that underlies Bitcoin, and is open-sourced in order that it may be run or verified by any shopper, reflecting the idea of “shopper agnosticism” in totally onchain video games.
Throughout this time, Bitmap’s market capitalization has risen from $3 million to a ATH of $290 million. With greater than 30,000 holders, Bitmap has surpassed the Sandbox because the metaverse asset with the best variety of holders throughout all blockchains.
Unlocking Bitcoin’s Potential Via Progressive Magic
Merlin Chain believes that L2 of Bitcoin shouldn’t simply be about transferring cash inexpensively, or simply about having the ability to have the DApps, however ought to be about additional innovating to unlock the potential of Bitcoin by way of its native property, customers and protocols.
For instance, as Bitmap is a very decentralized asset, the right way to make video games primarily based on it, in order that Bitmap customers can enter numerous meta-universes at a low price; or for the DeFi protocols primarily based on BRC-420, the right way to give two-way empowerment to NFT and FT; and for minting inscriptions, the right way to mint L1 property on L2 in a less expensive and versatile means. Solely these “Bitcoin-native” improvements can proceed to empower the ecosystem, slightly than replicating the way in which Ethereum works.
To this point, Merlin Chain has constructed a strong DApp ecosystem, the liquidity issues have been successfully addressed, and is planning for additional growth.
Leveraging ZK-Rollup for Environment friendly and Safe Scaling
The varied ecosystem and property additionally suggest increased throughput necessities and a few security dangers. To unravel this downside, Merlin Chain has adopted ZK-Rollup which allows the compression of numerous transaction proofs right into a easy check-sum to enhance transaction effectivity and scalability.
The sequencer nodes on Merlin Chain are accountable for amassing and batching transactions, producing compressed transaction information, ZK state roots, and proofs through zkEVM. The compressed transaction information and ZK Proofs are then uploaded through the decentralized Oracle community to the taproot on Bitcoin L1, which is accessible to your entire community to make sure transparency and safety.
The decentralized Oracle community nodes shall be required to stake $BTC to forestall improper actions. Customers can provoke challenges to the ZK-Rollup primarily based on compressed information, ZK state roots, and ZK Proof. Profitable challenges lead to a rollback to the final verified state, and the forfeiture of the Oracle node’s locked $BTC, guaranteeing the system’s safety and trustworthiness.
Via the mixing of those applied sciences, Merlin Chain has proven its superior technical capabilities and is on observe to construct an environment friendly, safe, and native Bitcoin L2 answer.
Native Integration – Merlin Chain’s Bitcoin-Centric Method
In comparison with different Bitcoin L2s which are making makes an attempt in the meanwhile, one of many key options of Merlin Chain is that it’s “Bitcoin Native”.
As a powerful believer in Bitcoin for a few years, Merlin Chain is extraordinarily dedicated to the event of the Bitcoin ecosystem and seeks to deliver extra customers and property to Bitcoin by way of their work, slightly than serving different ecosystems within the title of Bitcoin. As such, Merlin Chain locations a excessive worth on the native bitcoin nature of its ecosystem’s initiatives and customers.
Merlin Chain helps bitcoin-native wallets. Empowered by the Particle Community’s account abstraction, customers can use their bitcoin wallets to seamlessly change between L1 and L2 . Customers may also expertise $BTC swaps with different tokens, resembling stablecoins, at any time with out having to change to an EVM pockets.
As well as, Merlin Chain will help many of the main protocols on Bitcoin L1, together with, however not restricted to, BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. All inscriptions on L1 shall be robotically whitelisted by Merlin Chain, permitting customers to securely and affordably commerce on it.
In keeping with its pursuit of “Bitcoin Native”, Merlin Chain plans to undertake BRC-20 as its governance token. This makes much more sense than different Bitcoin L2s which are at present utilizing Ethereum normal tokens as governance tokens. The token shall be launched by way of a good launch, apart from a small portion that shall be distributed to VCs and the staff, which shall be given a 48-month launch interval that won’t begin inside two years, demonstrating the staff’s and traders’ confidence in Merlin Chain.
Bridging the Hole – Simplifying Bitcoin Adoption and Gasoline Development
One other difficult subject for the builders within the Bitcoin ecosystem is the dearth of recent customers and new cash coming in. Whereas the Ordinals issues have continued to be on fireplace, the variety of lively handle has not seen important progress. It’s simply the identical group of individuals concerned in several initiatives.
A really elementary purpose for that is the complexity of Bitcoin. In addition to the necessity to obtain a Bitcoin pockets, inscribing can be not very simple to know, and customers might want to spend no less than two blocks of their time inscribing, in addition to three blocks of their time for affirmation, which is sophisticated and time-consuming.
(Each day Lively Bitcoin Deal with: Glassnode)
Merlin Chain will clear up this downside. Presently, Merlin Chain has been related to 40 Ethereum chains, so for these customers who will not be acquainted with Bitcoin, they will use their acquainted wallets, resembling MetaMask, and their acquainted property, resembling stablecoins, $ETH, $BNB, and so on. to work together on Merlin Chain. Customers need not know the ideas behind Bitcoin, and even what BRC-20 and Atomicals are, earlier than they will expertise Bitcoin in its native method of their acquainted means.
For this objective, Merlin Chain goes to combine the primary multi-chain inscription DApp, which is able to enable customers to inscribe property on different layers, together with Bitcoin L1, on Merlin Chain. It’ll solely take one block to attend for. On the similar time, a launchpad may even be obtainable on Merlin Chain, with a mechanism that permits each inscription launched on it to be valued at 100,000 FDV, permitting extra customers to simply buy property such because the BRC-20/ BRC-420/ Atomicals/ Runes at a really low worth. Moreover, as a part of its dedication to decentralization, Merlin Chain goes to launch most of its governance tokens to the neighborhood.
Customers can keep tuned for the upcoming mainnet launch – the way forward for Bitcoin is about to unfold with Merlin Chain on the helm.
About Merlin Chain
Merlin Chain is a Bitcoin Layer2 that integrates ZK-Rollup community, decentralized oracle community, and on-chain BTC fraud proof modules. Merlin Chain is dedicated to empowering Bitcoin’s native property, protocols, and merchandise on Layer1 by way of its Layer2 community, to Make Bitcoin Enjoyable Once more. Merlin Chainis a subsidiary product line of Bitmap Tech, a premier OG staff boasting an general market cap exceeding $500 million. The BRC-420 “Blue Field” assortment underneath Bitmap Tech has turn out to be one of many hottest property on Ordinals.
