As a seasoned researcher with years of experience under my belt, I have witnessed the crypto industry evolve from its humble beginnings to the behemoth it is today. The growth and development of Merlin Chain, particularly during the first half of 2024, have caught my attention.
The Merlin Chain (MERL), a network designed to facilitate mainstream use of DeFi protocols on the Bitcoin blockchain, has shared a comprehensive report detailing its progress from its launch in February until June 30th, 2024. This period saw an impressive increase in users, developers, and funds locked within various DeFi platforms on the network.
Beyond that, Bitcoin stands as the leading blockchain within the cryptocurrency market, boasting substantial liquidity backed by institutional investors and various international governments. The Merlin Chain is optimistic that its products will witness increased mainstream acceptance in the coming times, particularly during this ongoing positive macro-cryptocurrency trend.
Bitmap Tech acknowledges that Merlin Chain has made considerable progress, marking only the start of an exciting journey. With the community’s backing, we look forward to venturing into uncharted territories in the second half of 2024 and beyond. The most exciting developments are yet to unfold.
Closer Look at Merlin Chain Performance during First Half of 2024
Based on Merlin Chain’s report for the first half of 2024, there was a staggering 1,699% rise in unique on-chain addresses from one month to another, with a peak of approximately 1.9 million. This surge led to the processing of over 12.7 million transactions by Merlin Chain during that period, which equates to around 600,000 transactions per day.
According to the report, the total value locked (TVL) in the Merlin Chain hit a record $1.2 billion. The chain’s strong network activity with various DeFi communities such as BITMAP, BRC-20, BRC-420, and Ordinals NFTs played a significant role in boosting the Merlin Chain’s performance during the first half of 2024.
8 out of 24, the Merlin Chain has ascended as a leading Bitcoin Layer 2 solution, boasting a robust community backing and an engaged user population.
Network Mass Adoption:
2 billion (US Dollars) Total Value Locked
— Bitmap Tech – Merlin🔮🧙 (@BitmapTech) September 9, 2024
Starting from its mainnet debut in February, Merlin Chain has successfully managed over $16 billion in asset transfers between various blockchains. Furthermore, the Merlin platform boasts over a billion dollars in cross-chain yield accumulation.
Additionally, the Merlin Chain streamlined the integration of over 200 diverse Decentralized Financial (DeFi) systems such as DEXs, BTCFi, DeFi, Games, and Metaverse, along with others. Notable DeFi projects on the Merlin Chain include Avalon Finance, Surf Protocol, MerlinSwap, Pell Network, and numerous others.
Market Picture
By mid-2024, the strong showing of the Merlin Chain is likely to be matched by increasing optimism among investors regarding its price trend, known as ‘bullish sentiment’. This relatively lesser-known cryptocurrency, valued at approximately $488 million and traded around $9 million per day, has been exhibiting a positive reversal in its long-term chart.
Looking ahead, the Merlin Chain team anticipates a more gradual release pace over the next several months. Specifically, you might see growth of just 0.4% within the next year, followed by a 5.5% increase over a two-year period. This approach is designed to support long-term development opportunities.
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2024-09-09 15:53