DeFi
Merlin Chain Offers Staking Opportunities and DeFi Access to Bitcoin
Merlin Chain brings the highly anticipated decentralized finance (DeFi) opportunities to Bitcoin holders, through a suite of innovative integrations and its proof-of-stake (PoS) mechanism.
Bitcoin Layer-2 blockchain Merlin Chain has seen over $13 billion in Bitcoin (BTC) filled in the last 45 days. It now plans to continue its growth as it will bring more benefits to BTC holders. In this case, the platform wants to be a game changer when it comes to rewards and generating yield on Bitcoin.
Its objective is to provide better access to Challenge for BTC holders, opening up lucrative opportunities beyond hodling.
Merlin Chain aims to revolutionize Bitcoin’s DeFi landscape
Despite being one of the world’s best-performing assets over the past decade, Bitcoin holders have still missed out on many earning opportunities, said Jeff, the founder of Merlin Chain.
“We are therefore excited to finally grant BTC investors and hodlers concrete incentives not only to HODL, but also to earn and participate in the exciting DeFi ecosystem! he noted.
Among these opportunities, which Ethereum currently dominates, are yield-generating prospects such as staking, liquidity mining, and yield farming. Merlin Chain unlocks these and other use cases that reflect “Ethereum’s mature DeFi ecosystem,” Jeff added.
The most notable aspect however is that Bitcoin’s robust security and scarcity fuels the BTC DeFi ecosystem. It’s a scenario that also seeks to leverage an ecosystem with one of the most ardent user bases in crypto.
Stake BTC to Earn Rewards
Users can earn yield on their BTC through Merlin Bridge.
When a holder locks their coins to Layer 1, they receive BTC gas which they can stake to generate an M-BTC wrapped Bitcoin asset. Like stETH, M-BTC holders earn staking rewards.
Other opportunities offered by M-BTC include providing liquidity for returns, lending, borrowing and derivatives. Users can stake M-BTC on the Solv protocol or link SolvBTC on Linea among other DeFi integrations.
More than $700 million in rewards distributed
Merlin Chain’s growth as a leading L2 Bitcoin in terms of yield is clear given the $13 billion in assets linked to and from the network.
Additionally, the network has seen over $700 million in BTC distributed from the platform to layer 2 networks offering complementary rewards.
Merlin Chain, which currently has over $1.2 billion in total value locked (TVL) has partnered with some of the leading digital asset custodians and institutions to enhance its business. These include Fireblocks, Cobo, Ceffu and Antalpha, a subsidiary of Bitmain.