TL;DR
- Idea: Merlin Chain is a ZK-Rollup based Layer 2 solution for Bitcoin enabling scalable and secure native asset protocols.
- Catalyst: Integration with Sui network’s M-BTC launch and partnership with Nasdaq-listed CIMG for AI and crypto infrastructure development.
- Risks: High volatility from broader crypto markets, intense L2 competition, and potential token dilution from vesting schedules.
- Score: 8.00/ 10
Coin
- Name/ Ticker: Merlin Chain (MERL)
- Segment: Bitcoin Layer 2
- Status: active
- Price: $0.335200
Key Metrics
- Market Cap: $328 556 478
- FDV: $704 798 439
- Circulating Supply: 978 958 758
- Total Supply: 2 100 000 000
- Inflation: 0.40%
Sources
Technology
- USP: Native Bitcoin Layer 2 with ZK-Rollup supporting BRC-20 and other native assets.
- Core Technology: ZK-Rollup data compression and fraud-proof anchoring on Bitcoin, decentralized oracle network, on-chain BTC fraud-proof modules.
Roadmap
- 2024-04-11: State-of-the-art chain architecture and security suite launched
- 2024-06-20: Merlin's Adventure $210M ecosystem grant launched
- 2024-09-09: Surpassed $1.2B TVL milestone
- 2025-06-24: BTC staking function went live
- 2025-08-21: M-BTC launched on Sui network
- 2025-09-02: Partnership agreement signed with Nasdaq-listed CIMG
Team & Investors
Team
- Founder & CEO — Jeff: Over 10 years in Web2 entrepreneurship and founder of Bitmap Tech
- Head of BD & Partnerships — Jonathan: Experienced in institutional partnerships and business development
- CTO — :
- Lead Developer — :
Investors
- OKX Ventures — private • 2024-02-03
- Foresight Ventures — private • 2024-02-03
- Waterdrip Capital — private • 2024-02-03
- MH Ventures — private • 2024-02-03
- KuCoin Ventures — private • 2024-02-03
- Spartan Group — strategic • 2024-04-16
- Amber Group — strategic • 2024-04-16
- Presto Labs — strategic • 2024-04-16
- IOBC Capital — strategic • 2024-04-16
- Hailstone — strategic • 2024-04-16
Total funding: $44.70M
Tokenomics
- Utility: Governance, staking for network security, transaction fees, delegation to collators, native liquidity and collateral in DeFi.
- Vesting: Token allocations have cliff and linear vesting: public sale unlocked 50% at TGE then phased, private investors have 6-12 month cliff then 18-36 month linear vesting, advisors and team have 6 month cliff with 24-30 month vesting, ecosystem and community locked over 24-48 months.
- Next Unlock: (0.00% of circulating)
Pros & Cons
Strengths
- First-mover advantage as a Bitcoin-native Layer 2
- ZK-Rollup with Bitcoin security anchoring
- Strong ecosystem grant program
- Backed by top-tier investors
- Growing Total Value Locked above $50M
- EVM-compatible enabling developer familiarity
Weaknesses
- Intense competition in Bitcoin and multi-chain L2 space
- Token dilution risks from long vesting schedules
- Dependence on Bitcoin network’s congestion and fees
- Regulatory uncertainties around Bitcoin L2 protocols
- Limited adoption outside Bitcoin-centric DeFi
Market Signals (7d)
- TVL trend: up
- CEX volume trend: up
- Active addresses trend: up
Price Scenarios (target: 2026-04-21)
- Bear: $0.200000 — Assumes market downturn to 60% of current price based on recent volatility
- Base: $0.500000 — Projects moderate adoption with current market growth maintaining 1.5x current price
- Bull: $1.000000 — Estimates strong ecosystem expansion and TVL growth driving 3x price appreciation
How to Buy & Store
CEX
- OKX
- Bybit
- Gate
- KuCoin
- Kraken
DEX
- MerlinSwap
- UniCross
- Avalon Labs DEX
- Solv Protocol
- MerlinSwap
Storage
- MetaMask
- Ledger
- Trezor
- Trust Wallet
- Cobo Wallet
Verdict
Merlin Chain combines robust Bitcoin Layer 2 innovation with strong institutional backing and a growing ecosystem, positioning it well for long-term growth despite competitive and dilution risks.
Official Links
Source: Coin Research (internal)
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