Merlin Chain: The Native Bitcoin Layer 2
CoinEx Wallet is excited to announce its support for Merlin Chain, an innovative Layer 2 scaling solution for Bitcoin. By integrating Merlin Chain, CoinEx Wallet users can now experience the enhanced functionality and benefits of Merlin Chain.
What Is Merlin Chain?
Merlin Chain is a Layer 2 scaling solution for Bitcoin that seamlessly integrates a ZK-Rollup network, decentralized Oracle network, data availability, and on-chain BTC fraud-proof modules. By leveraging the power of zero-knowledge proofs submitted to Bitcoin for commitment verification, Merlin Chain provides enhanced support and security to the Bitcoin network. It empowers Bitcoin's native assets, protocols, and products on Layer 1 through its Layer 2 network, with the mission of "Making Bitcoin Fun Again."
What makes Merlin Chain unique is its ability to expand native innovation from Bitcoin Layer 1 to Layer 2. It supports a wide range of Bitcoin Layer 1 assets, enables the development of dApps that embody the "fully on chain" spirit of Bitcoin, and promotes a community-driven asset launching method. Merlin Chain aims to be an EVM-compatible chain for Bitcoin, unlocking the immense potential of both Bitcoin and Ordinals.
The architecture of Merlin Chain is built upon Polygon's ZK technology, with a decentralized Oracle network for data availability via Celestia. It is powered by Lumoz's decentralized ZK computing power network for ZKP computation. This robust infrastructure allows Merlin Chain to offer numerous advantages, including enhanced security by inheriting Bitcoin's security while providing additional benefits in L2 batch processing scalability, EVM compatibility for seamless interoperability with existing smart contracts and developer tools, low costs through the use of ZK proofs and zkSNARK, and high performance with rapid network finality and ultimate scalability via recursive STARK.
Technical Advantages of Merlin Chain?
Merlin Chain offers several notable technical advantages. It utilizes zero-knowledge proofs submitted to Bitcoin for commitment verification, enhancing security and support for the Bitcoin network. ZK proofs and zkSNARK reduce L1 space consumption, optimizing transaction costs. Rapid network finality is achieved through frequent validity proofs, while recursive STARK enables ultimate scalability, resulting in high-performance transactions and efficient network operations.
Merlin Chain's EVM compatibility allows seamless integration with existing smart contracts, developer tools, and wallets, facilitating easy migration of projects. Additionally, its fraud-proof mechanism, designed specifically for zk proofs, provides an extra layer of security and final confirmation on the Bitcoin network. This mechanism is reinforced by Bitcoin's robust Proof-of-Work algorithm, ensuring the security and reliability of the Merlin Chain rollup.
Merlin’s Native Token, MERL
MERL serves as the native token of the Merlin Chain ecosystem, offering a wide range of utilities and functionalities.
Key Uses of the MERL Token:
- Governance Participation: MERL token holders have the right to actively shape the future of Merlin Chain by participating in governance decisions. This includes voting on key proposals and contributing to the network's direction. An individual's voting power is proportional to the number of MERL tokens they hold.
- Staking for Network Security: MERL tokens can be staked to enhance the security of Merlin Chain and ensure its operational integrity and reliable performance. By staking MERL, users contribute to the network's stability and earn rewards for participating.
- Payment of Network Fees: MERL tokens are the primary means of paying transaction fees on the Merlin L3 layer.
- Collator Delegation and Operation: MERL token holders have the opportunity to actively participate in the operation of the network by delegating their holdings to a Collator. Users can choose to run their Collator by staking MERL tokens.
- Native Liquidity and Collateral: MERL tokens function as native liquidity and collateral within the Merlin Chain ecosystem. They facilitate smooth transactions and support lending mechanisms, enhancing the overall functionality and user experience of the network.
Merlin Chain Prospects
Merlin Chain has promising prospects as a Layer 2 scaling solution for Bitcoin. By leveraging zero-knowledge proofs and integrating with Bitcoin's security model, Merlin Chain aims to enhance the functionality and usability of the Bitcoin ecosystem.
Its EVM compatibility and support for Bitcoin Layer 1 assets open up new possibilities for developers and users alike. The network's architecture, built upon Polygon's ZK technology and powered by Lumoz's decentralized ZK computing power network, ensures scalability, performance, and cost-efficiency.
As the project continues to develop and gain traction, Merlin Chain has the potential to become a significant player in the Bitcoin Layer 2 landscape, unlocking new opportunities for innovation and growth within the Bitcoin ecosystem.
Currently, CoinEx Wallet supports the Merlin chain. Download and experience it now:
https://wallet.coinex.com/download
[More Information]
Merlin Chain Official Website: https://merlinchain.io
Merlin Chain Documentation: https://docs.merlinchain.io/merlin-docs
Trade MERL: https://www.coinex.com/exchange/MERL-USDT
