On March 19, Merlin Chain, the second-layer Bitcoin network, announced the launch of M-Token and started the release of M-BTC. As of this writing, 3,406 M-BTC (worth approximately US$220 million) have poured into the Merlin Chain through cross-chains. The unprecedented popularity once caused congestion on the Bitcoin network.
As M-Token went online, Merlins various ecological projects also released major updates one after another. Merlins first Runes rune asset $RUFI is about to launch a fair launch. The ace chain game Dragonverse Neo released a white paper and announced the upcoming launch of the native token $MDBL. MerlinSwap announced that it will soon open the IDO of the governance token $MP. At the same time, Influpia, MerlinSwap, Unicross, etc. Ecological applications have been launched one after another. At this point, the battle for liquidity of US$3.5 billion has officially begun.
This article will analyze what M-Token is? How to play? And the most important question: for what? If you want to participate in Merlins second-layer interaction, it is recommended to read this article as an introductory tutorial.
What is M-Token?
On February 7, Merlin Chain launched the mainnet staking activity Merlins Seal. Points are obtained by pledging various assets. The points will be used to exchange for airdrops of the token MERL in the future (20% of the total amount). The pledged first-level assets will generate a 1:1 mapped asset on the second layer of Merlin. This mapped asset is M-Token.
M-Token has two uses: 1) Proving how many layer-1 assets a user has pledged; 2) Participating in interactions on the second layer of Merlin Chain.
The pledged original assets will be unlocked in April this year, and users need to destroy the corresponding M-Token to unlock the original assets.
for example:
In February, Alice pledged 1 BTC in Merlin.
When M-Token goes online in March, Alice can go to the second floor of Merlin to receive 1 M-BTC.
Alice can then use this 1 M-BTC to participate in various ecological projects of Merlin on the second floor and earn income. For example, various DeFi gameplays such as lending and staking to earn interest, interactive chatting, participation in various upcoming asset launches, etc. Of course, Alice can also sell M-BTC to others.
In this process, Alice consumed 0.5 M-BTC. However, you can still participate in the mining of Merlin Points with a pledge limit of 1 BTC.
When the pledge is unlocked in April, Alice will destroy the remaining 0.5 M-BTC on hand, and then receive back 0.5 BTC and the pledge points corresponding to 1 BTC at the first level.
If you have not participated in the mainnet staking activity, you can also obtain M-BTC through cross-chain methods.
How to obtain M-Token (take M-BTC as an example)
Self-examination: Which situation do you belong to:
Scenario 1: Participated in Merlin mainnet staking activities: Received M-BTC through Merlins Seal
Scenario 2: No participation in staking activities, only BTC: Obtain M-BTC across the chain through Merlin Bridge
Scenario 3: There is no BTC and no M-BTC: cross-chain to obtain BTC, then cross-chain to Merlin to obtain M-BTC
Situation 1: Receive via Merlin Seal
M-Token needs to be manually clicked to apply to receive it. The steps to claim it are very simple and don’t cost gas, it’s completely free.
Click Apply to confirm.
Here are a few points to note:
NFT M-Token: If you are staking NFT assets, you can usually find the number, ID and other information corresponding to the first layer in the Metadata of the second-layer M-Token for easy correspondence. If you pledge a layer of NFT that you do not want to sell, such as an inscription used to make an avatar, then you must clearly see which M-Token is the corresponding one. Once you sell it by mistake, you will not be able to get it back from the layer.
M-Token is only bound to a layer of pledged assets, but not to points. If Alice pledges a blue box on the first floor and sells the M-blue box to Bob, then Alice can still continue to obtain the pledge points of the blue box (all points before the end of the pledge), and Bob can after unstaking, Use the M-blue box to switch to the blue box on the first floor.
Activating M-Token only requires one operation. As long as you click on the application, subsequent M-Tokens will be automatically released. When a new pledge is made, M-Token will be automatically issued.
Scenario 2: Cross-chain exchange through Merlin Bridge
Cross-chain BTC from L1 to Merlin, enter the amount and confirm. You can then view the BTC on Merlin in the AA wallet
To ensure a smooth experience, it is currently recommended to transfer the BTC on Merlin from the AA wallet to your own EVM address, and then go to MerlinSwap to exchange the BTC for M-BTC
Pull up the AA wallet and send BTC to your EVM address
Go tohttps://merlinswap.org/trade/swap, connect to EVM wallet
Select the BTC - MBTC trading pair, sign, confirm Swap, and then successfully obtain M-BTC
Scenario 3: Obtain BTC from other chains across chains, and then use MerlinSwap to exchange it for M-BTC
Go tohttps://meson.fi/
Connect the wallet, select the chain, fill in the amount, confirm the cross-chain, and get BTC
Use MerlinSwap to exchange BTC for M-BTC. The steps are the same as in case 2.
After receiving the M-Token, the rest is routine operations such as wallet interaction. For details, please refer to:What preparations should be made before participating in the Merlin ecosystem?
What are the next application scenarios of M-Token? Ecological project progress express
In just over a month after starting mainnet staking, Merlin Chain hit a TVL milestone of US$3.5 billion, surpassing Solana and Blast, and gained the attention and full recognition of the domestic and foreign Bitcoin communities.
The launch of M-Token means that the 3.5 billion US dollars of previously pledged assets have become liquid on the second layer, especially M-BTC, which accounts for 58%. Where will they flow to? This battle for liquidity is a test of the Merlin Chain ecological application. Whoever can handle such huge liquidity will attract the attention of the entire Bitcoin ecosystem.
Merlin Chain’s first Runes asset $RUFI is launched fairly on UniCross
On March 24, UniCross, the inscription platform officially invested by Merlin, launched the fair launch of Rune $RUFI. $RUFI is Merlin Ecosystems first Runes asset. It introduces the concept of Rule Swap and supports 1:1 exchange of BRC-20 tokens for Runes tokens, which is a good conceptual innovation. 25% of it will be airdropped to Merlin and Unicross users, and 75% will be fair minted.
Related Reading:Unicross’s $RUFI Participation Guide
Ace blockchain game Dragonverse Neo is about to launch the ecological golden shovel $MDBL
On March 21, Dragonverse Neo, a game produced by MOBOX, the leader of Dragon Ball project and Binance chain game, released a white paper, including gameplay, economic model, and roadmap, covering a full set of solutions from 3A games to self-developed game chains, and announced that it will soon Fair launch of the game’s native token $MDBL on Merlin. As an ecological golden shovel, $MDBL covers the following uses:
By participating in liquidity mining, gold mines that can be mined include game tokens, Merlin coins, and various assets that can further increase returns.
Participate in games to make gold. There are games with various mechanisms in the parallel world of the game. You can enter and earn rewards by holding $MDBL.
MOBOX will build the game L3 in Merlin. Holding $MDBL can participate in a series of earning methods including nodes and private servers.
$MDBL is all allocated to the community, and there is no reserved share for the team. 69% of it will be launched fairly on the second layer of Merlin using LBP (Liquidity Bootstrapping Pool), and M-BTC must be prepared for purchase; 31% will be used as ecological rewards and will be released later during the users participation in the gold mining process. Previously released Dragon Ball, MODragon and other assets will also be used as golden keys to continue to increase gold mining income for the community.
Related Reading:How to play Web3 Genshin Impact on Merlin, the most popular interpretation of the Dragonverse Neo white paper on the Internet
Leading DEX project MerlinSwap is about to launch governance token $MP
On March 25, Merlin’s leading DEX MerlinSwap will open IDO on Merlin Starter, providing a total of 1.26 billion governance tokens $MP to holders of BTC, M-BTC, HUHU, and VOYA.
The total amount of $MP is 21 billion. IDO will launch 6% of a total of 1.26 billion pieces. The new price is 0.001 U. The initial market value of FDV is 21 million.
Time: March 25, 11:00 (UTC+ 8) - March 27, 11:00 (UTC+ 8)
Open to everyone, you can use BTC, M-BTC, HUHU, VOYA for payment. Shares will be allocated proportionally based on account funds. When participating, pay attention to the participation ratios of different pools.
Refunded funds will be claimed at 11am on March 27th, and tokens will be available at 2pm.
Related Reading:MerlinStarter’s IDO Debut: $MP Launch Introduction
The above items can be your focus for the coming week. In addition, the Merlin ecosystem has more than 200 Dapps, large and small, that are about to be launched. In order to avoid losses caused by blind rush, it is very important to conduct preliminary research. It is recommended to make preliminary judgments from the following aspects:
Have you ever received official interaction from Merlin?
Fundamentals: team, financing, product capabilities
Previous asset performance and whether it has a community foundation
Related Reading:Understand Merlin Chain’s five trump projects in one article, the most detailed on the entire network
That’s all for this article. I hope everyone has M-Token ready, pay attention to protecting the security of second-tier assets, do research, and participate rationally!
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