On the eve of the explosion of Bitcoin applications? Merlin Chain ecological project inventory

Original author: Odaily Planet Daily

Original source: Odaily Planet Daily

After the emergence of Ordinals, BRC 20, etc., Bitcoin transformed from a pure value storage currency to an ecosystem, and from a zero-interest asset to an interest-bearing asset. But an undeniable fact is that compared to Ethereum, which has developed two rounds of bull-and-bear application ecosystems, Bitcoin still has a lot of room to be explored. Currently, the only products that have been widely used in Bitcoin are basic wallet products, such as the UniSat wallet, which has a first-mover advantage, and the OKX wallet, which is known for its user experience and has captured the inscription wave.

Bitcoin has exceeded 73,000. ETFs and halving have made the narrative more popular. The infrastructure has been significantly improved after the Taproot upgrade and the outbreak of the second-tier network. The current market value of BTC's Inscription Ecosystem totals approximately 10 billion, and the market value of BTC is 10,000. 100 million, the amount of funds and user traffic are in place, and there is nearly a hundred times the room for growth compared to EVM. With the right time, place and people, the public is looking forward to the emergence of killer applications to fill the last gap in the growth flywheel. This has led to the proliferation of BTC Layer 2, and Merlin Chain is the brightest star among them. It is the first in TVL faults, adheres to the concept of Bitcoin native and bottom-up fair launch, and has a solid community foundation. It is the most likely to emerge. Prosperous Bitcoin native application ecosystem.

Merlin Chain is Bitcoin’s native second-layer network. In just 30 days since its mainnet was released in early February, Merlin Chain has set a milestone of more than $3.8 billion in TVL. 91% of this comes from Bitcoin’s native assets, including US$1.9 billion in BTC and US$440 million in BRC-20 assets, which have gained the attention and full recognition of the domestic and foreign Bitcoin communities. At any time, TVL and market popularity are getting higher and higher, and Merlin Chain ecological projects are becoming increasingly prosperous, covering multiple fields such as infrastructure, DeFi, games, social networking, etc., and they are all leading players in their respective segments.

This article will take stock of the ecological projects of Merlin Chain that are worthy of attention. Let us find out who is participating in the construction of Merlin Chain.

DeFi

DEFI projects are an important cornerstone of public chain liquidity. Merlin Chain’s ecological DeFi projects are also focused on a hundred flowers blooming, including many projects with outstanding teams and financing backgrounds. The entry of top institutions is optimistic about the development of the Bitcoin track in this bull market. , whether native or not, they all chose to build the first Bitcoin application on Merlin Chain.

MerlinSwap (iZUMI)

Website|Twitter|Twitter(iZUMI)

MerlinSwap will serve as the largest trading market on Merlin Chain, providing cutting-edge DLAMM models. The team behind MerlinSwap is iZUMI. As a veteran DEX project, it has been deployed on multiple ETH L2s and achieved top results in transaction volume. It currently has an on-chain transaction volume of nearly 9M US dollars in a single day.

BitSmiley

Website|Twitter

The over-collateralized stablecoin native to BTC has received investment from well-known institutions such as OKX Venture and ABCDE, and launched the bitUSD stable ratio, as well as the OG asset of bit-Disk Black. BitSmiley stablecoin has two strategic roles in the Bitcoin ecosystem: First, on BTC L2, it fills the vacancy of Circle (the company that issues USDC) and is used as circulating cash for trading cryptocurrency. Second, due to its over-collateralization mechanism and leverage attribute, users who pledge BTC can mint a certain amount of stable coins for transactions, thereby improving the fund utilization rate of the Bitcoin ecosystem.

Surf Protocol

Website|Twitter

The first sustainable decentralized exchange built on BTC L2, featuring revenue generation from native assets. As one of the projects of Binance’s Most Valuable Developer (MVB) accelerator program, it has received investment from well-known institutions such as ABCDE and Inception Captial.

KiloEx

Website|Twitter

Sustainable decentralized exchange, Binance Labs investment project. Focusing on risk management and capital efficiency, it provides traders with lightning-fast trading, real-time market activity tracking, full integration with LSTfi, and an intuitive trading experience, while providing liquidity providers with risk-neutral positions and LP-friendly solutions. plan.

Athena

Website|Twitter

Stablecoins and derivative infrastructure have received top investments from Dragonfly, Arthur Hayes, Binance Labs, OKX Venture, etc.​

BendDAO

Website|Twitter

As a well-known blue-chip NFT mortgage lending platform in the Ethereum ecosystem, BendDAO has provided a decentralized NFT liquidity protocol based on Peer 2 Pool to maximize the pledge income of blue-chip NFTs such as BAYC, MAYC and BAKC's ApeCoin. It is reported that BendDAO will launch a similar lending agreement for Bitcoin assets on Merlin Chain to solve Inscription’s liquidity problem.

Solv Protocol

Website|Twitter

Lending track, Binance Labs investment project. Provide native yields via decentralized asset management infrastructure for $BTC, $ETH and stablecoins.

game

The recent bull market has driven the growth of the blockchain gaming sector. As one of the most classic tracks, gaming solves the two things that may be most needed for a cold start of every public chain ecology: implemented applications and highly active users. The game provides actual landing scenarios for assets and activates the liquidity of the entire ecosystem. However, in the field of chain games, the voice of the Bitcoin community has been missing for a long time. In addition to limited performance, the lack of professional team building is also one of the important reasons. Whether it is the entry of MOBOX, the veteran chain game leader, or the emergence of native games based on inscriptions and Bitmaps, this wave of Merlin has injected a layer of confidence into the sustainable future development of Bitcoin applications and Merlin.

Dragonverse Neo (MOBOX)

Website|Twitter|Twitter(DragonverseNeo)

This 3D open world game of co-creation and co-governance has attracted public expectations since its debut. On the one hand, the team has a hard-core background. Behind it is MOBOX, the leader of Binance chain games and the old OG team. I believe everyone is familiar with it. It is one of the earliest projects invested by Binance. It was listed through Binance Launchpool and is still the largest trading volume on Binance. One of the game projects. On the other hand, the BRC-420 inscription asset Dragon Ball, which was previously launched fairly through Free Mint, has also performed very well in the market. Its current market value is nearly 20 million US dollars, ranking fourth in the BRC-420 ecosystem. Dragonverse Neo is expected to be officially launched in Q2 of 2024. MOBOX will launch the game L3 on BTC L2 together with the game, so that more fun and higher-quality games can run on Bitcoin and develop more interesting on-chain gameplay. Mechanically, the infinite possibilities that the open world can accommodate also leave a lot of room for the empowerment of Bitcoin’s native assets.

Cell

Website|Twitter

A full-chain gaming ecosystem, one of the projects of Binance’s Most Valuable Developer (MVB) accelerator program. Game theory is cleverly integrated to provide scalability and sustainability. Its unique virtual proof of work (vPOW) asset distribution method provides innovation for the game incentive layer in the ecosystem.

Bitmap War

Website|Twitter

A Bitcoin-native game based on Bitmap is currently in the testing phase. You can earn points by playing games or holding m-BlueWand. The number of future airdrops of $BTZD will be directly proportional to the number of points. The team’s previously released Inscription Blue Wand has performed well in the market and currently ranks fifth in BRC-420’s market value.

Elfin

Website|Twitter

Elfin is the first cross-chain e-sports metaverse built on the BTC and EVM ecosystem, and has received investment from top institutions such as Binance Labs, Alameda Resarch, Merit Circle, etc.

infrastructure

The infrastructure of the Merlin Chain ecosystem balances the compatibility of Bitcoin native and EVM to the greatest extent. On the one hand, it supports inscription protocols such as BRC-20, BRC-420, Bitmap, Atomics, etc., and on the other hand, it minimizes interaction friction with the EVM ecosystem, such as through accounts. Abstract protocol to realize the integration of Bitcoin wallet on the EVM chain. From the perspective of developers, the EVM system is a familiar and comfortable field. Once the infrastructure is in place, it is expected that a large number of dApps will be deployed on Merlin Chain in the short term. From the perspective of users, guiding them to enter by reducing friction will also lead the entire Bitcoin Ecological integration and expansion. Another trend is that a large amount of traffic and funds are currently moving closer to the Merlin ecosystem. Wallet/node staking service providers/block explorers/RPC data service providers all regard Merlin Chain as a new growth point and are the first to access and support Bitcoin. Interaction between L1 and L2.

LayerZero

Website|Twitter

Multi-chain interoperability protocol, supporting more than 50 public chains, allowing developers to build seamless multi-chain applications, tokens and experiences. The protocol relies on immutable on-chain nodes, a configurable security stack, and permissionless executors to transmit censorship-resistant messages between chains. Obtain financing from top institutions such as a16z, Animoca Brands, Sequoia Capital and more.

Pyth

Website|Twitter

The leading decentralized oracle network provides more than 50 chains with real-time data from primary data sources, provides accurate, transparent and reliable price information for more than 300 DeFi protocols, with a monthly transaction volume of more than 60 billion US dollars. , and nearly $5 billion in TVL.

Cobo

Website|Twitter

The founder of Shenyu, a well-known digital currency custody and wallet technology service provider, is well-known in the industry. Cobo provides MPC wallet solutions for Merlin Chain - Cobo MPC is co-managed to ensure that all cross-chain/locked funds in Merlin Chain remain safe. When users use Merlin Chain's cross-chain/lock position, the Bitcoin first-level network funds transferred to the cross-chain bridge will enter the MPC custody address co-managed by Cobo and Merlin Chain for safekeeping. Any transaction must be executed jointly by both Cobo and Merlin Chain. Merlin Chain's predefined security risk control strategy can only be signed and released, and any unilateral risk will not lead to the leakage of assets. Merlin Chain announced these staking addresses in an official announcement.

Particle Network

Website|Twitter

The leading project in the Account Abstraction track accounts for more than half of the market penetration in EVM. Particle will launch the first BTC account abstraction protocol on Merlin Chain, allowing users to use BTC addresses to securely control EVM wallets, lowering the operational threshold for users of the Bitcoin and Ethereum ecosystems.

Lumoz

Website|Twitter

A leading player in the zk-RaaS (Rollup As A Service) track, it has abundant miner resources and focuses on using the zkEVM open source module that has been verified on the market to package and verify second-layer transactions. It is also the technology provider of the ZKFair platform.

Meson

Website|Twitter

Cross-chain bridge protocol supports more than 50 chains, with low fees and fast bridging speed. Merlin Chain adopts Meson as the pledge solution for EVM assets.

On-chain tools & Marketplace

Although the underlying infrastructure of Merlin Chain considers EVM compatibility, most of the user-level on-chain tools remain BTC native, maximizing the implementation of the three principles of fair launch, community first, and BTC native.

UniCross

Twitter

The inscription tool, officially invested by Merlin, allows users to inscribe L1 on L2 and automatically bridge to L2 to obtain liquidity.

GeniiData

Website|Twitter

The data platform focusing on the Inscription ecology provides Merlin Chain with an exclusive data viewing page. In addition, it also has alpha functions such as simplified asset management, one-click minting, and obtaining real-time market insights. The GeniiData Genesis Pass that was once issued is also One of the assets that can be pledged on Merlin Chain.

Element

Website|Twitter

Multi-chain NFT trading market and aggregator, providing real-time data analysis, efficient trading tools, visible cost savings and customized shopping navigation to more than 2 million users. It has received US$11.5 million in investment from Sequoia Capital, Dragonfly Capital, SIG and others.

Ordinal Hive

Twitter

Inscription Trading Market is creating the first professional trading protocol for Ordinal.

Meme

From the Token level, Merlin, as a new chain, already has some good asset targets. The $VOYA airdropped to more than 100,000 addresses is unprecedentedly popular, and the community Meme $HUHU, which is launched fairly for all tokens, has also exceeded 10 million US dollars in FDV. At present, Merlin Chain’s meme coins are focused on the asset matryoshka dolls inherited from the BRC-420 ecology. They adopt the method of fair launch or even free airdrop. As the main gameplay and source of growth, they radiate to Merlin Chain, BRC-420 and even the entire Bitcoin community.

$VOYA

$VOYA is the first completely fair launch of BRC− 20 tokens on Merlin Chain. Through airdrop, it fully covers the valid participating addresses of Merlin Chain. The market performance is also very good, with a 24-hour trading volume of more than 7 million US dollars, more than 42 million US dollars in seven days, and the number of wallets holding more than 339,000, ranking first among all Altcoins displayed by DEX Screener, exceeding NVDA, SORA and JUP on Solana.

$HUHU

Twitter

HuHuCat is a Meme Token that has existed since the Merlin Chain testnet period. It is completely driven by the community. It has gathered the first batch of active fans in the image of the wizard cat. It is a rare step out of the international community governance model and has great potential to break out of the industry.

Conclusion

Due to space limitations, this article only lists some projects. It is reported that Merlin Chain has more than 200 applications that will be launched soon. After the above review, it is not difficult to find that Merlin Chain’s ecological map has its complete logic and provides solutions to Bitcoin’s native problems. After the last round of inscription craze, Bitcoin had to face a problem: the first-layer assets have a high consensus and the asset volume is large, but due to the performance constraints of the BTC network, transaction friction is huge; the second-layer assets have flexible play methods and transaction friction. Small, but lacks initial liquidity.

Merlin Chain announced its vision in a tweet as early as December last year: to empower Bitcoin’s first-tier native assets, protocols and application ecosystem, allowing it to continue to innovate and amplify asset potential on the second-tier network. The team’s first move was a good one, generously using 20% ​​of the tokens for airdrop activities, and absorbing a layer of assets through infrastructure such as account abstraction, cross-chain bridges, and EVM-compatible multi-chain solutions ( BTC, BRC-20, Bitmap and EVM assets, etc.) and new Bitcoin assets (blue box, music box, blue crystal, dragon ball), reaching a huge TVL. These large and small assets are brought together, just waiting to be set up on Melrin The second-floor stage - more than hundreds of applications will appear one by one. The current ecological projects of Merlin Chain are in a leading position in the second layer of Bitcoin. Whether it is the entry of established projects or the upcoming ecological activities to incubate native new projects, people are not satisfied with the answers that Merlin will hand over in the future. Little expectations. The gathering is complete, just waiting to ride on the wind.

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