TL;DR
- Merlin Chain has launched the second phase of its Prestage staking, with a participation limit increased to 20 million MERL and an annual yield of up to 50%.
- The PoS network upgrade will include BTC/MBTC staking, governance participation, an expanded number of validators, and the integration of ZK Rollups.
- The platform operates as a Layer 2 blockchain on Bitcoin, using ZK Rollups and supporting Bitcoin Layer 1 assets and applications.
Merlin Chain has launched the second phase of its Prestage staking, a process that will begin today at 2:00 PM GMT and includes several crucial updates for the project.
This phase expands the participation limit to 20 million MERL and offers an annualized yield of up to 50%. The first phase of staking saw rapid adoption, with the first 10 million MERL locked in just 26 minutes, while centralized exchanges recorded a net outflow of more than 17 million MERL.
This launch is accompanied by an important upgrade to Merlin Chain’s PoS (Proof of Stake) network, which will include BTC/MBTC staking and allow participation in the project’s governance. Additionally, the number of network validators will be expanded, improving both decentralization and ecosystem security. After the Prestage phase concludes, the network will move towards full PoS mainnet activation, integrating ZK Rollups-based validation.
Merlin Chain: Make Bitcoin Fun Again
Merlin Chain operates as a Layer 2 blockchain on Bitcoin, using ZK Rollups technology, which facilitates greater scalability and security. The platform is designed to be compatible with Bitcoin Layer 1 assets and applications, allowing various protocols such as iZUMi Finance and Meson to operate efficiently on it. The platform’s motto is “Make Bitcoin Fun Again,” and its goal is to expand Bitcoin’s usage.
The increase in the number of validators and the inclusion of ZK Rollups also aim to strengthen decentralization, a key goal for the project. With these improvements, Merlin Chain seeks to become a robust Layer 2 platform that drives the growth of the Bitcoin ecosystem, while continuing to provide advanced tools for developers and users interested in DeFi integration and other blockchain-related services.
In terms of corporate structure, Merlin Chain is a subsidiary of Bitmap Tech, a recognized entity in the crypto industry, with a market capitalization exceeding $500 million. The company is also associated with the Ordinals ecosystem and owns the BRC-420 “Blue Box” collection
