Merlin Chain Releases 2024 H1 Review, Boasts $1.2B TVL, $16B In Bridge Inflows, And $3B In On-Chain Transactions

Published: September 09, 2024 at 6:53 am Updated: September 09, 2024 at 6:53 am

Edited and fact-checked:
September 09, 2024 at 6:53 am

In Brief

Merlin Chain released the semi-annual report which reviews the milestones reached since the launch of its mainnet six months ago.

Bitcoin Layer 2 network Merlin Chain released its semi-annual report, emphasizing its growth during the first half of 2024. The report reviews the milestones reached in areas such as blockchain development, ecosystem expansion, and technological advancements since the launch of its mainnet six months ago.

Among the notable achievements, it has seen growth in both its community and user base. The network’s Total Value Locked (TVL) has surpassed $1.2 billion, outpacing other Layer 2 networks, including Ethereum, and attracting considerable assets and participation. Additionally, the network has recorded $16 billion in bridge volume, 1.9 million addresses, and 12.7 million transactions. Notably, 80% of Bitcoin native asset holders are now users of Merlin Chain.

Since the launch of its mainnet in February, Merlin Chain has consistently delivered record-breaking performance. With over $2.5 billion in assets on-chain, the network is well-positioned to scale and support a growing user base while enhancing asset and blockchain security. It is currently engaged with communities such as BITMAP, BRC-20, BRC-420, and Ordinals. By the first half of 2024, Merlin Chain had also recorded $2 billion in trading volume and $78 million in liquidity.

Furthermore, it has become one of the largest Bitcoin hubs, acting as a major gateway for BTC liquidity before it is distributed across other blockchains. Specifically, more than $16 billion in BTC has been bridged, with $1.6 billion in spot trading, $1.4 billion in perpetual trading, and more than $1 billion through cross-chain yield generation.

Merlin Chain Expands Ecosystem With Over 200 DApps And Unveils Community-Focused Tokenomics For MERL

In addition, Merlin Chain has integrated over 200 decentralized applications (dApps) throughout various sectors, encompassing decentralized finance (DeFi), Bitcoin DeFi (BTCFi), gaming, and the Metaverse. Notable dApps within its ecosystem include UniCross, Solv Protocol, Surf Protocol, Avalon, MerlinSwap, MerlinStarter, Dragonverse Neo, Bedrock, and BitGenie.

It has also unveiled tokenomics for MERL, emphasizing a community-centered approach. According to the model, 20% of the total token supply is allocated to Merlin’s Seal, the largest fair launch, with full distribution anticipated by September 2024. In the second half of 2024, MERL emissions are set to decrease.

The project highlighted that most tokens are allocated to the community without cliff periods. The gradual release plan, with only 0.4% of tokens released in the next year and 5.5% over 24 months, aims to support long-term development.

Merlin Chain is actively developing its Bitcoin Layer 2 platform, which is created to facilitate secure, scalable, and efficient transactions on the network. This platform aims to provide a strong infrastructure for Bitcoin-focused projects.

Recently, Merlin Chain integrated with the zero-knowledge (ZK) interoperability infrastructure, Polyhedra Network, via LayerZero. This integration allows Merlin Chain’s ecosystem of over 100 applications to benefit from ZK-secure interoperability.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson