Forward the Original Title‘一文读懂Merlin Chain的五个王牌项目，全网最详细’

The Bitcoin Layer 2 Network Merlin Chain’s Mainnet has been live for 30 days, and its Total Value Locked (TVL) has reached astonishing levels, earning it the title of ‘Mysterious Force from the East’ and rightfully becoming the talk of the town. With the launch of M-Token on March 19th, more than $3.2 billion in liquidity is set to be unleashed, and various projects within the Merlin ecosystem are following suit by announcing significant developments.

With over 200 DApps spanning across different sectors, it’s overwhelming to choose which one to engage with and how to proceed. This article aims to provide a detailed and easy-to-understand breakdown of five projects worth tracking closely based on fundamentals, economic incentives, and their integration with the Merlin ecosystem. Let’s highlight the key points:

・DaaS focused on Merlin ecology and powered by iZUMiMerlinSwap

・Web3 Genshin Impact produced by MOBOX, the leader of Binance chain games Dragonverse Neo

・BTC native engraving tool officially invested by MerlinUniCross

・Derivatives trading protocol selected for Binance MVB Accelerator ProgramSurf Protocol

・An over-collateralized stablecoin known as Bitcoin’s “MakerDAO + Compound”bitSmiley

DeFi: Merlin Swap

Summary Of Highlights

1. The team has been deeply involved in the DeFi field for many years, launching multiple products and innovations within the Ethereum ecosystem.

2. Deeply collaborating with Merlin Chain, they hold a dominant position in the DEX ecosystem.

3. Previously, tokens such as $VOYA and $HUHU, launched through MerlinSwap, have shown promising market performance.

Team Background

The DeFi team iZUMi Finance, which supports MerlinSwap, has previously launched multiple products and innovations within the Ethereum ecosystem, including Liquidbox and Iziswap Pro. They provide leading liquidity mining models and DL-AMM models, aiming to enhance on-chain trading liquidity utilization and user experience.

In December 2021, the iZUMi token was listed on various exchanges such as Bybit, Kucoin, MEXC, Gate.io, and BingX.

They have received funding from over twenty funds and individual investors, including Hashkey Capital, GSR, Gate Labs, and Bixin Ventures.

Business Product

MerlinSwap Protocol provides DaaS (DEX as a Service) for the Merlin Chain ecosystem, featuring the following characteristics:

1) Cutting-edge DL-AMM Model: Leveraging advanced liquidity algorithms for swift and efficient asset swaps, thereby enhancing asset utilization and optimizing yields.

2) Adaptive Liquidity Mining: Offering both static and dynamic liquidity mining options, allowing users to implement dual incentives across any price range, thereby minimizing unused liquidity.

3) Silk-smooth User Experience Comparable to CEX

Community & On-Chain Performance

As a veteran DEX project, iZUMi has previously deployed on multiple Ethereum Layer 2 solutions, achieving top trading volumes. Currently, it records nearly $9 million in on-chain trading volume daily. In recent months, MerlinSwap has facilitated over $200 million in transactions on the Merlin Chain and rewarded over 400,000 early users with $VOYA tokens through airdrops.

Economic Model & Latest News

Portal to White Paper :https://docs.merlinswap.org/

Previously, the first BRC-20 token, $VOYA, fairly launched through MerlinSwap, demonstrated remarkable market performance. Within seven days, its trading volume exceeded $42 million, and the number of holding wallets reached 339,000, surpassing prominent tokens on Solana such as NVDA, SORA, and JUP. Consequently, the community’s expectations for the release of MerlinSwap’s native token were also very high.

On March 18th, MerlinSwap announced its whitepaper and economic model, unveiling plans to issue the token $MP on the Merlin Chain. The maximum supply is set at 21,000,000,000 tokens, with 6% allocated for public sale, 24% for trading rewards, and 20% for airdrops.

MerlinSwap will commence its airdrop on March 27th, initially distributing a total of 840 million (4%) esMP tokens to the community. The remaining 16% of the airdrop allocation will be determined through community proposals and voting in the future, which can later be exchanged for $MP at a 1:1 ratio on MerlinSwap. Additionally, MerlinSwap revealed plans to empower assets within the Merlin ecosystem such as $VOYA and $HUHU in future initiatives. The initial 4% token allocation for the airdrop includes:

1. 3% allocated to early traders on MerlinSwap

2. 0.4% allocated to liquidity providers (LPs) on MerlinSwap

3. 0.2% allocated to the Launchpad MerlinStarter within the Merlin Chain ecosystem

4. 1% allocated to the iZUMi community, including holders of $iZi and $veiZi tokens.

More details: MerlinSwap Airdrop Details

Game: Dragonverse Neo

Summary of Highlights

1. BTC’s first 3D open world game boasts exceptionally high-quality gameplay, shattering the stereotype of “rough applications within the BTC ecosystem.”

2. Backed by investments from Binance Labs and featured on the Binance Launchpool, this project leads the blockchain gaming sector, driven by an OG team with over 6 years of experience in blockchain gaming.

3. With global operations and a community primarily composed of overseas players, it is poised to attract highly active and high net worth overseas gaming users to the BTC L2 ecosystem.

4. The free and fair launch of the Dragon Ball (龙珠) token within one month has propelled it to become one of the top assets in the BRC-420 market.

5. They aim to construct an L3 gaming layer atop Bitcoin, issuing native tokens for gaming and L3 applications, thereby providing significant freedom and imaginative potential for empowering ecosystem assets.

Team Background

The team behind Dragonverse Neo is MOBOX, a well-known name in the gaming DApp industry. They have been active in the gaming sector since 2018, during the early stages of the industry. From the renowned Ether Legends to one of the hottest blockchain games at the time, ChainZArena, and now to the even higher-quality Dragonverse Neo, MOBOX stands out among the projects that emerged during the same period. They have successfully navigated through market ups and downs, continuously building and embracing new narratives, making them one of the few OG gaming teams that remain active and relevant.

In 2021, MOBOX went public through Binance Launchpool, with over 200,000 holding addresses.

Funding Situation: Binance Labs, Animoca Brands, DWF Labs

Business Product

Dragonverse Neo is MOBOX’s first game launched in the Bitcoin ecosystem, known for its exquisite artwork and smooth graphics. It boasts a vast world view, blending popular gameplay elements from games like Pokémon, Palu, The Legend of Zelda, and Genshin Impact. Additionally, it provides powerful User-Generated Content (UGC) tools, enabling rapid iteration and even user participation in the game’s development.

From the gameplay footage released on the official Twitter account, it’s hard not to be captivated by its strong anime style at first glance. Unlike traditional games with a single mechanism, Dragonverse Neo adopts an open economic design, allowing various mini-games and economic models to coexist and resonate in the open world. This design provides significant space and freedom for empowering a series of assets within the Merlin Chain and MOBOX ecosystem.

In addition to the game, MOBOX also revealed plans to build a game-specific Layer 3 (L3) on the BTC L2, leveraging the Merlin Chain to create a game-specific three-layer network. This network aims to provide comprehensive support, from infrastructure to game production and distribution, for game projects and creators interested in delving into the Bitcoin ecosystem, making Bitcoin a suitable chain for building games. The gameplay derived from this chain, such as game nodes and private servers, may bring new sources of income and wealth effects to users on the chain.

Community & On-Chain Performance

MOBOX has built a strong community foundation, with over 200,000 holding addresses for $MBOX. It’s on-chain metrics, including trading volume, consistently rank first among gaming projects on the BNB Chain.

On February 3rd, MOBOX conducted a fair and free launch of the Dragon Ball (龙珠) token on the BRC-420 network, with a total supply of 100,000 tokens. Despite the absence of any pre-launch promotion, the overwhelming demand caused the Bitcoin network to crash that evening. As of the time of writing, the floor price of Dragon Ball stands at $136.15, with a market capitalization of $13.6 million, ranking fourth among all assets on the BRC-420 network. This successful launch of Dragon Ball marks a promising start for MOBOX’s foray into the Bitcoin ecosystem.

Notably, MOBOX possesses a foundation that many current Bitcoin ecosystem projects find challenging to achieve in a short time frame—global operations. Its product line supports dozens of languages, including Portuguese, Turkish, and Russian. Since the inception of Ether Legends, European and American players have accounted for over half of the user base, including many high-spending players and asset holders. This achievement is remarkable, considering the common perception of Bitcoin and Ethereum as representing opposing forces from the East and West. The Chinese community plays a significant role in the Bitcoin community, with many projects primarily targeting Chinese users. Perhaps gaming serves as an excellent medium for bridging language and cultural differences, allowing MOBOX to attract highly active and high net worth overseas gamers to the Merlin ecosystem and showcasing the strength of the Bitcoin community to the Western world.

Economic Model

According to reports, Dragonverse Neo will issue its native token on the Bitcoin network, with specific mechanisms to be disclosed in the upcoming whitepaper. Based on previous official revelations during AMA sessions, several points can be confirmed —The native token of the game will serve as the backbone of the ecosystem, with Dragon Ball acting as a golden key that threads through the game and the entire MOBOX L3 ecosystem. The economic model will be closely related to the gameplay mechanics.

Latest News

Dragonverse Neo will publish a white paper in late March, and then launch the fair launch of native tokens. The game is expected to be officially launched on Merlin Chain in April.

Infrastructure: UniCross

Summary of highlights

1. Deep collaboration with Merlin Chain, including receiving official investment from Merlin Chain.

2. The team possesses extensive development experience in BTC Ordinals and successful product experience with BTC Inscription.

3. The official release of the UniCross Genesis collection has performed excellently, with a market capitalization exceeding $10 million.

Team Background

The UniCross team members have deep experience in BTC Ordinals and the EVM ecosystem, accumulating knowledge of BTC protocol assets and the ability to implement products. They also possess extensive experience in smart contract development.

The founding team members have built the largest Inscription forging platform in the BTC Ordinals ecosystem, with a forging volume exceeding 25% of the total Inscription volume. The transaction volume on their Marketplace exceeds 5000 BTC.

Business Product

UniCross is a platform that supports the forging of BTC Layer 1 assets on BTC Layer 2, facilitating forging, trading, and launching of BTC Layer 1 assets on Layer 2.

Forging: UniCross supports the forging of various BTC Layer 1 assets, including BRC-20, Runes, ARC-20, BRC-100, BRC-420, and more on Layer 2. Currently, it supports assets under the BRC-20 and Runes protocols.

Trading: UniCross provides a Marketplace for order book-style trading, which is currently open for trading stTokens.

Swap: UniCross enables swapping between stTokens and ERC-20 tokens representing cross-chain BTC assets.

LaunchPad: UniCross offers a LaunchPad for the launch of BTC Layer 1 assets on Layer 2.

UniCross boasts excellent product features, including the following advantages:

1. User-friendly: Cross-chain forging is completed in one step, making it easy to use with forging accomplished in two steps and trading in three.

2. Multi-asset payments: Supports payments with various BTC protocol assets, including BTC and BRC-20, as well as multi-chain assets.

3. Multi-chain: Future plans include support for over 90% of BTC Layer 2 and more other public chains.

4. Instant transactions: Forged assets are immediately available for trading on the Marketplace without waiting for cross-chain transactions to complete.

5. Improved liquidity: BTC Layer 1 assets will enjoy better liquidity on the infrastructure of BTC Layer 2.

Community & On-Chain Performance

Previously, UniCross issued the UniCross Genesis collection through the Ordinals protocol and airdropped it to all users who participated in the internal testing. As of the time of writing, the floor price is 0.115 BTC, and the market capitalization has reached as high as $10 million.

Latest news & ecological cooperation

On March 20th, UniCross officially launched on the Merlin Chain mainnet, supporting multiple assets such as BTC, WBTC, iUSD, Voya, HUHU, RATS, MMSS, BTCs, AINN, and more for payments.

Additionally, UniCross announced the upcoming launch of its LaunchPad within this week (before March 24th), initiating the first phase with the launch of the first runic token on the Merlin Chain, $RUFI. $RUFI introduces the concept of “Inscription-Symbol Exchange,” allowing for a 1:1 exchange of BRC-20 tokens for Runes tokens. It is reported that 25% of $RUFI will be airdropped to Merlin Chain users, while the remaining 75% will be distributed through a fair launch.

As a native BTC on-chain tool, UniCross has established extensive collaborations with various projects within the BTC ecosystem. This includes partnerships with MerlinSwap, Bitsmiley, Surf Protocol, Influpia, and other projects within the Merlin ecosystem, as well as with communities utilizing BRC-20 tokens such as RATS, MMSS, AINN, BTCs, expanding possibilities in asset payments, liquidity solutions, application scenarios, and more.

Derivatives: Surf Protocol

Summary of highlights

1. One of the projects under the Binance MVB Accelerator program, receiving investments from well-known institutions such as ABCDE.

2. The first native derivative project on Merlin Chain, featuring various product mechanisms tailored to the BTC ecosystem (e.g., single-asset liquidity provision for LP, Satoshi-based margin mode).

3. Demonstrates good innovation (e.g., fund recycling using LP tokens, pre-market trading for unreleased projects).

Team background

The Surf Protocol team comprises founders and core members from top industry institutions such as Amber and Huobi. As one of the projects under Binance’s Most Valuable Builder (MVB) Accelerator program, Surf Protocol has garnered investments from renowned institutions like ABCDE and Inception Capital.

Business Product

Surf Protocol is a permissionless AMM derivative trading protocol focused on BTC Layer 2. Its product roadmap extends beyond derivative trading to include pre-market trading, spot leverage trading, and more, catering to users’ diverse needs from multiple angles.

As a native BTC Layer 2 project, Surf Protocol has implemented various innovative mechanisms in its product design to adapt to the BTC ecosystem, including:

1. Single-asset liquidity provision for LP.

2. Fund recycling using LP tokens.

3. Satoshi-based margin mode.

4. Implied liquidity pool model.

5. Pre-market trading market for unreleased projects.

Community & On-Chain Performance

As of the time of writing, there are no traceable on-chain data available..

Economic Model

Surf Protocol has not yet announced its token issuance plan. Currently, there are two ways to engage with the protocol:

1) Engage in leveraged trading, supporting leverage of up to 50x.

2) Provide liquidity by becoming an LP, depositing a single asset into the liquidity pool, and earning transaction fees.

It is reported that initially, Surf Protocol will prioritize listing larger and more stable assets such as $BTC, $ETH, $ORDI, and $SATS, focusing on contract-based leveraged trading in derivatives. Later stages may incorporate additional products such as options trading.

Latest News

On March 20th, Surf Protocol announced the launch of its testnet. Stay tuned for further developments.

Stablecoin: bitSmiley

Summary of highlights

1. It functions similarly to “MakerDAO + Compound” in the Bitcoin ecosystem.

2. Its mechanism of overcollateralization possesses leverage attributes, thereby enhancing the capital efficiency within the Bitcoin ecosystem.

3. The bitDisc-Black NFT card, discovered through free forging, has shown promising performance in the market. Early participants may receive potential airdrops.

Team Background

Surf Protocol has garnered investments from several top-tier institutions, including OKX Ventures, ABCDE, CMS, ArkStream Capital, Foresight Ventures, and others.

Business Product

bitSmiley is a BTC-native overcollateralized stablecoin project, currently consisting of the following product lines:

1) BitUSD: A decentralized stablecoin protocol. Users can generate bitUSD by depositing Bitcoin into bitSmiley’s smart contract. If they wish to reclaim the deposited Bitcoin, they need to repay the generated bitUSD along with a certain fee. If the price of the collateral falls below a certain threshold, liquidation will be triggered and executed on the BTC Layer 2.

2) Lending protocol bitLending: A fully decentralized peer-to-peer lending protocol. Users can choose to lend out any bitRC-20 tokens, including bitUSD, using Bitcoin and other high-value and highly liquid cryptocurrencies as collateral.

Community & On-Chain Performance

bitSmiley has launched the OG NFT bitDisc series as vouchers for early participants, divided into two series, including bitDisc-Gold with a total amount of 100, which is exclusive through invitation-only, and bitDisc-Black, which has a total amount of 10,000 and is launched by Free Mint.

As of writing, bitDisc-Black’s floor price is US$3,467.79, with a market value of US$34.67 million. It has officially joined Merlin Chain’s pledge mining activity, Merlin Seal.

Economic Model

Portal:bitSmiley White Paper

It is reported that the OG NFT bitDisc, as a token for early participants, may potentially be empowered for future airdrops and rewards.

Latest News

On March 13th, bitSmiley announced the initiation of staking M-bitDisc-Black on bitSmiley to earn bitJade and unlock a series of benefits. On March 19th, bitSmiley announced the commencement of closed internal testing for the testnet.

This article is from a submission and does not represent the views of BlockBeats.

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