Merlin Chain Emerges as the Largest Bitcoin Layer 2 Platform, Surpassing $1.2 Billion in TVL

Since its launch in early 2024, Merlin Chain has grown into the largest Bitcoin-native network, with 1.9 million on-chain addresses and over 12.7 million transactions processed.

Singapore, Singapore, 9th September, 2024, Chainwire

Merlin Chain, a Layer 2 platform for Bitcoin, has achieved several milestones in six months, including over $1.2 billion in Total Value Locked (TVL) and $16 billion in bridge transactions.

The platform has also processed over 12.7 million transactions and boasts 1.9 million on-chain addresses. Additionally, Merlin Chain hosts over 80% of Bitcoin-native asset holders.

Some of the key achievements in H1 2024 include:

210M $MERL Ecosystem Grant to Accelerate Expansion

In June, Merlin Chain announced the launch of its 210M $MERL Ecosystem Grant Program. The grant will be used to support projects focused on user experience, Bitcoin-native asset innovation, ecosystem engagement, and developer tools.

The aim of the grant is to expand the platform’s ecosystem and empower builders and innovators to contribute to the future of Bitcoin Layer 2.

Technical Advancements and Security

Merlin Chain’s architecture includes ZK-Rollup technology and multi-token staking Oracle nodes for security, scalability, and transparency.

The platform has integrated solutions like Babylon and BTC Staking/Restaking to optimize Bitcoin-native asset yields.

For user safety, Merlin Chain has partnered with Celestia for data integrity and Cobo for advanced MPC wallets.

The platform also established the Merlin Security Council, which includes partners like Slowmist and BlockSec, to enhance its security infrastructure.

Outlook for H2 2024

As Merlin Chain continues to lead in Bitcoin Layer 2 innovation, it will look to integrate Bitcoin’s latest protocol updates and drive further growth in its ecosystem.

The aim is to become the dominant force in Bitcoin-native assets, liquidity, and interoperability across multiple chains, including EVM, Solana, and TON.