Key Points
- Merlin Chain is offering decentralized finance (DeFi) opportunities to Bitcoin holders through innovative integrations and a proof-of-stake mechanism.
- Over $13 billion worth of Bitcoin has been bridged on the Merlin Chain in the last 45 days, aiming to provide more benefits for BTC holders.
Merlin Chain is introducing decentralized finance (DeFi) possibilities for Bitcoin holders, courtesy of its innovative suite of integrations and proof-of-stake (PoS) mechanism.
This Bitcoin Layer-2 blockchain has bridged over $13 billion worth of Bitcoin in less than two months. The platform aims to revolutionize staking rewards and yield-generation for Bitcoin.
Expanding DeFi Access for BTC Holders
Merlin Chain’s objective is to broaden the access to DeFi for Bitcoin holders, unlocking opportunities beyond merely holding the cryptocurrency.
Despite Bitcoin’s impressive performance over the past decade, Bitcoin holders have missed out on numerous earning avenues, according to Merlin Chain founder Jeff. “We are delighted to finally offer BTC investors and hodlers concrete incentives to participate in the exciting DeFi ecosystem!” he stated.
Unlocking New Opportunities
Merlin Chain is unlocking prospects such as staking, liquidity mining, and yield farming, which are currently dominated by Ethereum. These opportunities mirror Ethereum’s mature DeFi ecosystem.
Bitcoin’s robust security and scarcity power the BTC DeFi ecosystem, tapping into an ecosystem with one of the most passionate user bases in crypto.
Users can earn yield on their Bitcoin by bridging via Merlin Bridge. When a holder locks their coins on the layer-1, they receive gas BTC that they can stake to generate a wrapped Bitcoin asset M-BTC. Holders of M-BTC earn staking rewards.
M-BTC also offers opportunities for liquidity provision for yields, lending, borrowing, and derivatives. Users can stake M-BTC on Solv Protocol or bridge SolvBTC on Linea among other DeFi integrations.
Merlin Chain’s Growth
Merlin Chain’s growth as a prominent Bitcoin L2 for yield is evident from the $13 billion worth of assets bridged to and from the network. The network has distributed over $700 million in Bitcoin from the platform to Layer-2 networks that offer complementary rewards.
Merlin Chain, with over $1.2 billion in total value locked, has partnered with leading digital asset custodians and institutions to enhance its activities. These include Fireblocks, Cobo, Ceffu, and Antalpha, a subsidiary of Bitmain.
