Coinspeaker
Merlin Chain Launches Its Native BRC-20-based Token MERL
After months of meticulous planning and development, Merlin Chain, the largest Bitcoin-focused layer two (L2) network, has launched its native token dubbed MERL. The launch of the MERL tokens is crucial to the future growth prospects of the Merlin Chain. As the Bitcoin network prepares to undertake its fourth halving over the weekend, the Merlin Chain indicated that $MERL tokens are now available for trading on several cryptocurrency exchanges including OKX and Bitget.
Additionally, the MERL token will be available for trading from Friday on Hashkey Global, Gate.io, KuCoin, and ByBit among others. As a BRC-20 token, the MERL token will significantly help in unlocking the full potential of Bitcoin through revolutionary Layer-Two solutions.
The MERL token holders will have the ability to shape the future of the Merlin project through governance. The MERL token holders can also stake their bag to earn more rewards simultaneously ensuring the network performs well through enhanced security. The MERL token can also facilitate the payment of transaction fees within the layer three enhancements.
“Community members may support network operations through collator delegation or operate their collators by utilizing MERL tokens. Furthermore, MERL serves as native liquidity and collateral, enabling seamless transactions and robust lending mechanisms within the ecosystem,” the Merlin Chain team noted.
Closer Look at Merlin Market Outlook and $MERL’s Tokenomics
The Bitcoin network previously faced existential threats from the fast-growing layer one (L1) chains such as Ethereum (ETH). According to the latest market data, the Bitcoin network now has more than $1.2 billion in total value locked (TVL) from crucial Web3 projects including DEXes, farming protocols, lending, and cross-chain infrastructure, among others.
The Merlin chain plays a crucial role in ensuring the Bitcoin network remains at the helm of the digital assets industry.
Furthermore, the Merlin Chain has more than $904 million in TVL from its web3 projects led by MerlinSwap, Mage Finance, and Surg Protocol, among others. According to the Merlin chain team, the introduction of the MERL token is a pivotal milestone in enabling ecosystem development.
Notably, the MERL tokens have a total supply of 2.1 billion and are meticulously crafted to empower the community. The MERL private sales A and B were allocated 1.33 percent and 13.9 percent respectively. As for Private Sale A, holders will have a 6-month cliff followed by 18 months of vesting. On the other hand, MERL holders from Private Sale B will have a 12-month cliff and 36 months of vesting.
The participants of the Merlin’s Seal, the event that showcased the launch of Merlin Chain earlier this year, were allocated 20 percent of the total supply of MERL tokens. The Merlin chain community and ecosystem received the lion’s share of 16.57 percent and 40 percent of the total supply respectively.
