Merlin Chain, a native Bitcoin Layer2 project, announced funding from 24 investors, including OKX Ventures, ABCDE, Foresight Ventures, and Arkstream Capital. The project aims to scale Bitcoin with ZK-Rollup, decentralized oracle, and fraud-proof technologies and to make Bitcoin fun again.
The project did not disclose the amount of the funding but said that it will use the funds to continue developing and expanding its ecosystem.
Merlin Chain offers a native scaling solution that integrates ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud-proof modules.
Decentralized oracle network is a network that provides reliable and verifiable data from external sources to smart contracts. On-chain BTC fraud-proof modules are modules that enable cross-chain interoperability and security between Bitcoin and other blockchains.
Merlin Chain is committed to empowering Bitcoin’s native assets, protocols, and products on Layer1 to make Bitcoin fun again. The project claims that it can achieve high scalability, low cost, and high security for Bitcoin transactions, as well as enable new use cases and innovations for Bitcoin.
Merlin Chain is built by Bitmap Tech, a premier OG team that has a proven track record in the crypto space. Bitmap Tech boasts an overall market cap exceeding $500 million and has created several popular and successful projects, such as BRC-420, BRC-721, and BRC-1155.
BRC-420 is a standard for creating and managing Ordinals assets on the Bitcoin blockchain. Ordinals assets are non-fungible tokens (NFTs) that have ordinal properties, such as rarity, serial number, and inscription.
The BRC-420 “Blue Box” collection under Bitmap Tech has become one of the hottest Ordinals assets, going from an inscription cost of $0.15 to an ATH floor price of $34,000, reaching the 3rd largest market cap following BAYC and CryptoPunks.
Bitmap Tech is a strong believer in Bitcoin for many years, and is extremely committed to the development of the Bitcoin ecosystem. The team seeks to bring more users and assets to Bitcoin through their work rather than serving other ecosystems in the name of Bitcoin.
The team believes that Bitcoin is the most secure, decentralized, and valuable blockchain and deserves the best scaling and innovation solutions.
Merlin Chain To Launch Mainnet and Governance Token
Merlin Chain is set to launch its mainnet this week, after completing its testnet and audit phases. The mainnet launch will mark a milestone for the project, as it will enable users to experience the benefits of Merlin Chain’s scaling and innovation solutions for Bitcoin.
Following the mainnet launch, Merlin Chain plans to host a bunch of staking events and distribute its governance token through a “fair launch”, aiming to reward real users and builders. The governance token will allow users to participate in the decision-making process and the governance of the Merlin Chain platform, as well as to access premium features and incentives.
Merlin Chain invites users to join its community and to stay tuned for more updates and announcements. The project also welcomes developers and partners to collaborate and contribute to its ecosystem and explore the possibilities and opportunities of Bitcoin Layer2.
