What is MERL

1. Project Introduction

1. What Is Merlin Chain?

Merlin Chain is an EVM-compatible Layer 2 network for the Bitcoin ecosystem, launched in early 2024. It provides a scalable runtime environment for Bitcoin-native assets and protocols such as BTC, BRC-20, BRC-420, Bitmap, and Atomicals, allowing developers to build trading, lending, asset issuance, gaming, and other on-chain applications while retaining ties to the Bitcoin ecosystem.

2. How Does Merlin Chain Work?

Merlin Chain's technical architecture includes a ZK-Rollup network, a decentralized oracle network, a data availability module, and a Bitcoin-based fraud proof module. Transactions and smart contracts are executed primarily on Layer 2, with the proof system responsible for verifying state changes; the data availability module ensures that transaction data can be read and verified, while the oracle and Bitcoin-related verification components are used to synchronize and validate cross-layer information. The network is compatible with Ethereum development tools, with native BTC as the primary gas asset, and account abstraction wallets also support paying gas with MERL. The team is currently advancing the Fork 12 performance upgrade and a PoS transition involving MERL.

3. Who Founded Merlin Chain?

Merlin Chain originated from Bitmap Technology, founded and driven by Jeff Yin. Bitmap Technology had previously built multiple products around Bitmap, BRC-420, and Bitcoin recursive assets. Merlin Chain completed two funding rounds in February and April 2024.

4. Merlin Chain Tokenomics

MERL is the native token of Merlin Chain, with a total supply of 2.1 billion tokens released gradually over a four-year cycle. The initial allocation is Ecosystem 40%, Merlin's Seal participants 20%, Community 16.57%, Private Investors 15.23%, Team 4.2%, Advisors 3%, and Public Sale 1%. MERL can be used for governance, network security staking, delegation to consensus nodes, future Layer 3 network fees, and as a liquidity and collateral asset within the ecosystem.

5. Timeline of Key Milestones

• January 2024: Bitmap Technology announces Merlin Chain, and the testnet goes live.
• February 2024: The mainnet goes live, and the Merlin's Seal campaign and first funding round begin.
• April 2024: A new funding round is completed, MERL launches, and the Merlin's Phantom asset tool is released.
• September 2024: The final MERL claim for Merlin's Seal participants opens.
• January 2025: The mainnet completes the Fork 9 upgrade, improving gas, the proof interface, and node synchronization.
• February 2025: PoS PreStage goes live, and MERL staking enters the network transition preparation phase.
• 2026: The team continues to advance Fork 12, recursive ZK proofs, modular data availability, and the PoS network upgrade.

2. Team & Investment Info

Yin Sang (Jeff): Founder of Merlin Chain and BitmapTech. He attended Nanjing Foreign Language School for middle school and then went to a private high school in the United States, after which he was admitted to Bentley University Business School with a full scholarship. After dropping out in his sophomore year, he returned to China to start a business and founded ""Sing Together"". In 2018, Yin Sang started his second business and founded the metaverse social product ""Oasis"". Funding: In February 2024, Merlin Chain announced the completion of its funding round, with participation from 24 institutions including OKX Ventures, ABCDE, Foresight Ventures, and Arkstream Capital. In April 2024, Merlin Chain announced a successful new round of funding, co-led by Spartan Group and Hailstone Labs, with contributions from Amber Group, Presto Labs, and IOBC Ventures, and other backers.

3. Social Media URLs

X: https://x.com/MerlinLayer2 Telegram: https://t.me/merlin_chain Discord: https://discord.com/invite/merlinchain

4. Token Info

Token Symbol: MERL Total Supply: 2,100,000,000 Token Type: Merlin Issuance/Burn Mechanism: Fixed supply Contract Address: https://scan.merlinchain.io/ Token Distribution: Merlin’s Seal Participants: 20%, 50% unlocked at TGE, remaining released over 5 months: 25%, 12.5%, 6.25%, 3.125%, 3.125% Public Sale: 1%, 50% unlocked at TGE, remaining released over 5 months: 25%, 12.5%, 6.25%, 3.125%, 3.125% Private Investors (A round 1.33%, B round 13.90%): 15.23%, none unlocked at TGE. A round: After 6-month cliff, released over 18 months; B round: After 12-month cliff, released over 18 months Advisors: 3%, none unlocked at TGE, then released over 30 months Team: 4.2%, none unlocked at TGE, then released over 24 months Community: 16.57%, none unlocked at TGE, then released over 48 months Ecosystem: 40%, none unlocked at TGE, then released over 48 months

5. Related Links

Official Website: https://merlinchain.io/ White Paper: https://docs.merlinchain.io/merlin-docs Other Info: https://www.rootdata.com/zh/Projects/detail/Merlin%20Chain?k=MTExNTU%3D

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. HTX does not take responsibility for any resulting direct or indirect losses.