New York, USA, January 31, 2024, Chainwire
This week, the long-awaited Bitcoin L2 solution Merlin Chain went live on testnet, with mainnet expected to launch within a month.
Bitcoin network congestion dilemma and scaling solutions
The evolution of Ordinals over the past year has brought renewed attention to the Bitcoin ecosystem after a long period of time. While increasing the excitement in the Bitcoin ecosystem, it is also increasing the depletion of network resources. Increasingly high transaction costs, combined with the rising price of Bitcoin itself, are further congesting the network and discouraging new users from getting interested in Bitcoin.
(Bitcoin daily average transaction fee $: YCharts)
The idea of developing an EVM-compatible L2 network has been recognized as the first to yield results because the implementation path is simple.
Merlin Chain is also one of the EVM-compatible L2 chains and is developed by Bitmap Tech (formerly Recursiverse), the team that built the BRC-420 protocol and Bitmap.game, and is highly sought after by the community due to the team's past success. It is highly rated.
BRC-420
The BRC-420 protocol supports arbitrary file format combinations/recursion to form more complex inscriptions. Character images, game scripts, virtual machines, AI models, and more can all become Bitcoin assets.
Its core asset, Blue Box, has risen from a registration cost of $0.15 to an ATH floor price of $26,000, while other assets such as Minerals and Dis Song About NFT are the most actively traded on the OKX market. It's one of our assets. Today, we have over 1000 developers and 600+ collections, and our prices are only going up, not down, and we've been performing great even in bear markets.
bitmap games
Bitmap.Game is a fully on-chain, fully decentralized, and fair-launched Metaverse project. It is based on the digital matter theory underlying Bitcoin and is open sourced to be run or verified by any client, reflecting the concept of “client agnosticism” in a fully on-chain game.
During this time, Bitmap's market cap rose from $3 million to an ATH of $290 million. With over 30,000 owners, Bitmap has surpassed Sandbox as the metaverse asset with the most owners across all blockchains.
Unleash Bitcoin's potential with innovative magic
Merlin Chain believes that L2 for Bitcoin means more than just cheap transfers or the availability of DApps, it also means further innovation that unlocks Bitcoin's potential through native assets, users, and protocols. I think it should be something.
For example, how to create games based on bitmaps so that bitmap users can participate in different metauniverses at low cost, since bitmaps are fully decentralized assets. Or for DeFi protocols based on BRC-420, how to authorize NFTs and FTs in both directions. For Inscription Minting, we will discuss how to mint his L1 assets on L2 in a more cost-effective and flexible manner. Rather than replicating how Ethereum works, only these “Bitcoin-native” innovations can continue to power the ecosystem.
So far, Merlin Chain has built a strong DApp ecosystem, effectively addressed liquidity concerns, and plans further expansion.
Efficient and secure scaling with ZK-Rollup
Diverse ecosystems and assets also mean higher throughput requirements and some safety risks. To solve this problem, Merlin Chain adopted ZK-Rollup. This allows you to compress large numbers of transaction proofs into simple checksums, improving transaction efficiency and scalability.
Merlin Chain's sequencer nodes are responsible for collecting and batching transactions, generating compressed transaction data, ZK state roots, and proofs via zkEVM. Compressed transaction data and ZK proofs are uploaded to Bitcoin L1’s Taproot via the decentralized Oracle network and made available across the network, ensuring transparency and security.
Decentralized Oracle network nodes are required to stake $BTC to prevent inappropriate activity. Users can start challenging her ZK rollup based on compressed data, ZK state roots, and ZK proofs. If the challenge is successful, it will be rolled back to the last verified state and the Oracle node will lose its locked $BTC, ensuring the security and reliability of the system.
Through the integration of these technologies, Marlin Chain has demonstrated superior technical capabilities and is on track to build an efficient and secure native Bitcoin L2 solution.
Native integration – Merlin Chain’s Bitcoin-centric approach
Compared to other Bitcoin L2 attempts currently being attempted, one of the key features of Merlin Chain is that it is “Bitcoin native.”
Merlin Chain, which has been a strong believer in Bitcoin for many years, is very passionate about the development of the Bitcoin ecosystem, and rather than providing services to other ecosystems in the name of Bitcoin, Through my work, I aim to bring more users and assets to Bitcoin. Therefore, Merlin Chain appreciates the native nature of Bitcoin in its ecosystem of projects and users.
Additionally, Merlin Chain supports most of the major Bitcoin L1 protocols, including BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. All inscriptions on L1 will be automatically whitelisted by Merlin Chain, allowing users to trade safely and affordably.
In line with its pursuit of “Bitcoin Native”, Merlin Chain plans to adopt BRC-20 as its governance token. This makes much more sense than the other Bitcoin L2, which currently uses the Ethereum standard token as its governance token. Tokens will be released through a fair launch, with a 48-month release period that does not start within two years, with the exception of a portion that will be distributed to VCs and teams, to prove the interests of teams and investors. Trust in Marlin Chain.
Bridging the Gap – Simplifying Bitcoin Adoption and Accelerating Growth
Another tricky issue for Bitcoin ecosystem builders is the lack of new users and new capital. Ordinals continues to do well, but the number of active addresses has not increased significantly. It's the same group of people involved in different projects. The fundamental reason for this is Bitcoin's complexity. Not only does it require downloading a Bitcoin wallet, writing is also not very easy, the user has to spend at least 2 blocks of time writing, while for confirmation he has to spend 3 blocks of time , which is complex and complex. it takes time.
(Daily active Bitcoin address: Glassnode)
Marlin Chain solves this problem. Currently, Marlin Chain is connected to 40 Ethereum chains, so even users who are not familiar with Bitcoin can use familiar wallets such as Metamask and familiar assets such as stablecoins, $ETH, and $BNB. Masu. . Interact with Marlin Chain. A user doesn't need to know the principles behind Bitcoin, or even what BRC-20 or Atomic is, before he can experience Bitcoin the way it was meant to be in a familiar way.
To this end, Merlin Chain plans to integrate the first multi-chain writing DApp. This will allow users to write assets to other layers, including Bitcoin L1 on Merlin Chain. Only one block of time is required to wait. At the same time, the Launchpad is also available on the Marlin chain, with a mechanism that every inscription fired on it is rated at 100,000 FDV, and more users will be able to use the BRC-20/ BRC-420 You will be able to easily purchase assets such as /. Atomic/Runes at a very low price. Additionally, as part of its decentralization efforts, Merlin Chain plans to release most of its governance tokens to the community.
Users should stay tuned for the upcoming mainnet launch. The future of Bitcoin is about to unfold with Merlin Chain at the helm.
About Marlin Chain
Marlin Chain is a Bitcoin Layer2 that integrates the ZK-Rollup network, a decentralized oracle network, and an on-chain BTC anti-fraud module. Marlin Chain is committed to powering Bitcoin's native assets, protocols, and products on Layer 1 through the Layer 2 network to make Bitcoin fun again. Marlin Chain is a subsidiary product line of Bitmap Tech, his OG team of top-notch players with a combined market capitalization of over $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of Ordinals’ most popular assets.
Users can start following Marlin Chain twitter For further updates.
contact
jeff
marlin chain
bitmap@bitmap.tech
Source: the-blockchain.com
