What is MERL?

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What is MERL?

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Introduction to MERL

MERL is the native token of Merlin Chain, playing several key roles. First, staking MERL not only enhances the overall security of the network but also allows users to delegate their holdings to collators or operate their collator nodes to maintain network security. Additionally, MERL can be used to pay transaction fees within Merlin L3, enhancing its utility. In the Merlin ecosystem, the MERL token also serves as native liquidity and collateral. Regarding supply, Merlin Chain initially issued 2.1 billion MERL tokens, distributed to the public, the Merlin ecosystem, early supporters, and initial core contributors.

What is Merlin Chain

Merlin Chain is a Layer2 solution designed for Bitcoin, aimed at strengthening the Bitcoin ecosystem. It integrates a Zero-Knowledge proof (ZK-Rollup) network, decentralized oracle network, and on-chain BTC fraud proof modules, thus supporting Bitcoin's native assets, protocols, and applications, and broadening its potential applications and innovative scope on Layer2 networks.

The core of this chain lies in its use of Zero-Knowledge proofs submitted to Bitcoin to verify commitments, enhancing support for the Bitcoin network. It allows challengers to submit fraud proofs on disputed matters, using Bitcoin's robust consensus mechanism to ensure the security of the Merlin Chain network, safeguarding the economic efficiency and security of users within the ecosystem.

Merlin Chain not only extends Bitcoin's innovation from Layer1 to Layer2 but also supports all types of assets from Bitcoin Layer1 and is dedicated to building fully on-chain decentralized applications (dApps). Additionally, Merlin Chain is striving to build an EVM-compatible chain to unleash the potential of Bitcoin and Ordinals, promoting a community-driven asset launching method, with the aim of "Making Bitcoin Fun Again."

Core Features of Merlin Chain: Efficiency and Innovation

As an EVM-compatible chain, Merlin Chain is characterized by low costs and high scalability, ensuring rapid transaction processing and enhanced transaction liquidity. This provides users with an efficient and economical trading environment.

In terms of support for Bitcoin protocols, Merlin Chain is compatible with a variety of popular Bitcoin protocols, such as BRC20, BRC420, Bitmap, Atomicals, Pipe, Stamp, etc., enabling a broader user base to interact on Bitcoin Layer2, greatly expanding its application scenarios.

Moreover, Merlin Chain utilizes ZK-Rollup technology to enhance efficiency and scalability, with sequencer nodes and decentralized oracles responsible for data transmission, ensuring the transparency and security of data processing.

Merlin Chain is also committed to promoting fair launches and community-driven native innovations on Layer2, focusing on designing unique solutions for the Bitcoin network and its users, continuously driving the development and innovation of the ecosystem.

Founder of Merlin Chain

Merlin Chain was founded by Jeff, behind Bitmap Tech (formerly known as RCSV). Jeff is a seasoned entrepreneur with over a decade of experience in the Web2 industry, during which he received funding from industry giants such as Sequoia Capital, IDG Capital, BAI Capital, 5Y Capital, and Vitalbridge, achieving one success after another.

Before venturing into the Web3 domain, Jeff had long been observing the field but had not made up his mind to enter. It wasn't until 2023 when he saw opportunities in Ordinals and the Bitcoin ecosystem, despite existing biases against Ordinals, that he decided to start building in the Bitcoin ecosystem in May 2023, leading to the subsequent launch of products like Bitmap Explorer and BRC-420.

Official Links of MERL

Website: https://merlinchain.io/

Twitter: https://twitter.com/MerlinLayer2

Discord: https://discord.gg/merlinchain

Steps to Buy MERL on LBank

Purchasing MERL tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:

1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.

2. Search for MERL: Use the search function within the trading platform to find "MERL", locate the trading pair, such as MERL/USDT, and click to enter its dedicated page.

3. Place an order: In the MERL/USDT trading page's spot trading area, enter the amount of MERL you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.

4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased MERL will automatically be deposited into your LBank spot wallet.

ZK Rollup Advantage on Bitcoin

Merlin Chain introduces cutting-edge Zero-Knowledge proof technology to Bitcoin, providing a cutting-edge scaling solution with the following advantages:

In terms of security, Merlin Chain inherits the security attributes of Bitcoin and further enhances network security through Layer2 batch processing capabilities.

In terms of compatibility, Merlin Chain supports the vast majority of existing smart contracts, development tools, and wallets, ensuring seamless interoperability with other systems.

In terms of cost, Merlin Chain uses a combination of Zero-Knowledge proofs and zkSNARK technology to reduce space consumption on Layer1, optimizing transaction costs for users.

In terms of performance, through frequent validity proofs, Merlin Chain achieves rapid network finality and attains ultimate scalability through recursive STARK technology.