Merlin’s Seal: The Biggest Fair Launch of Layer2

5 min readFeb 7, 2024

Merlin’s Seal is coming! Secure your spot to obtain Merlin Chain’s governance token $MERL by staking your assets and accumulating M-points.

Link: https://merlinchain.io/bridge/staking

During this round of Merlin’s Seal, we are offering four types of rewards

A substantial 20% of $MERL, Merlin Chain’s governance token. This is the biggest staking reward among all Layer2.
Additional benefits for providing liquidity to the Native Dex — Merlin Swap.
Profits earned from engaging with DeFi protocols.
$ETH Native Yield, a stake reward for $ETH deposited through StakeStone.
More to come..

Rules for M-points

A snapshot will capture the staked assets by every hour, converting their value to $BTC. Users will then receive daily M-points equivalent to (the staked value in $BTC) * 10,000, rounded down.
For example, if a user has 10 $ORDI staked, and the average daily price of $ORDI snapshots is $60, with the average $BTC snapshot price at $40,000 on that day, the user will receive M-points calculated as follows: (10 * 60) / 40,000 = 0.015 $BTC, translating to 0.015 * 10,000 = 150 M-points the next day.
Users have the option to continuously stake new assets, contributing to the accumulation of more M-points. The daily M-point calculations are based on the total staked value from the previous day. The final $MERL per user = (M-points they received / the total M-points) * the total $MERL amount.

Supported assets for Merlin’s Seal include (Stage 1)

$BTC
$BRC-20 (ORDI, SATS, BTCS, RATS, MMSS, AINN, RCSV, MICE, TRAC)
$Bitmap
$BRC-420 (Blue Box, This song about NFTs, Mineral)
$ETH
$USDT
$USDC

The new stage for more assets will be coming soon.

Supported Wallets

UniSat Wallet
OKX Wallet
Bitget Wallet (Coming soon)
Bybit Wallet (Coming soon)
Metamask and other EVM wallets (using Meson)

Buff Your Rewards!

After staking, users have the flexibility to either lead a team or join existing ones, with team leaders enjoying the exclusive privilege of inviting members.

As your team achieves specific total staked value milestones, both team leaders and members unlock extra percentage bonus on their daily points:

1 BTC: Team leader +0.1%, Team member +0.05%
5 BTC: Team leader +0.2%, Team member +0.1%
10 BTC: Team leader +0.4%, Team member +0.2%
50 BTC: Team leader +0.8%, Team member +0.4%
100 BTC: Team leader +1.2%, Team member +0.6%

How M-Tokens Works (Coming soon)

The Merlin will create liquid staking tokens for you, available on Merlin Chain right after your staking. These tokens are designed for seamless interaction with Merlin Chain’s eco-projects, maximizing your profit potential, while the original assets are locked up.

Users deposit funds into MPC wallets managed by Cobo and other professional partners through Merlin’s Seal’s bridge, and the assets in these MPC wallets will be locked up.
Based on the funds staked to Merlin’s Seal, M-Tokens will be generated on Merlin’s mainnet, such as $MBTC/$MORDI/$MW420.
M-Tokens can be utilized for trading or providing liquidity for Dex, or engaging in DeFi protocols to generate extra profit.
M-Tokens cannot be transferred outside of the Merlin Chain, but they can be traded. If an M-Token is sold, the seller will still receive M-points but will not be able to reclaim the original deposit, while the buyer can claim the original assets with the purchased M-Token.
The original assets locked in the MPC wallets will be released in April, and users will use M-Tokens to redeem their funds then.

Here’s a breakdown of the timeline:

Phase 1

Starting in early February, users can stake $BTC, $Bitmap, $ETH, $USDT, $USDC, and some BRC20 and BRC420 assets and claim the M-points daily. More assets will be supported later.

Phase 2

The system that generates liquid staking tokens on Merlin Chain will go live within two weeks. Once operational, users will receive the liquid staking tokens on Merlin Chain, facilitating interaction and profit generation.

Phase 3

In March, users will be able to claim $MERL rewards based on the M-points they have accumulated.

Phase 4

In April, users will be able to withdraw their staked assets using the M-Token.

Staking Wallet List (Continue to add)

bc1qtu66zfqxj6pam6e0zunwnggh87f5pjr7vdr5cd
15zVuow5e9Zwj4nTrxSH3Rvupk32wiKEsr
bc1q4gfsheqz7ll2wdgfwjh2l5hhr45ytc4ekgxaex
bc1qua5y9yhknpysslxypd4dahagj9jamf90x4v90x
bc1qm64dsdz853ntzwleqsrdt5p53w75zfrtnmyzcx
1EEU18ZvWrbMxdXEuqdii6goDKbAbaXiA1
bc1qptgujmlkez7e6744yctzjgztu0st372mxs6702
16LDby5cWxzQqTFJrA1DDmbwABumCQHteG
bc1qq3c6kehun66sdek3q0wmu540n3vg0hgrekkjce
124SzTv3bBXZVPz2Li9ADs9oz4zCfT3VmM
bc1qyqt9zs42qmyf373k7yvy0t3askxd927v304xlv
bc1pruhkl5exjt0z824cafauf750f5g08azuvgcjctv0enz5csayaj7ss3j5wc
0xd9e92baa959c22a9e4b0463877b80b83a3ac0a54
bc1q97vmervc8x9hzr4z4yvzn3x4rk74se6e8x8sgy
bc1qq76dy32nnk5sha36etg6pdj94vl5zrskavux2f
0x8E3e71f5c016A3c764D0D0210fF71F15BEa46e3b
bc1qcmj5lkumeycyn35lxc3yr32k3fzue87yrjrna6
36n825H7orW1u8yWmvR4zs2CWfmkY2rkpK
bc1q2lzqzjcq472x8v0kgdcn4m5y8cq95ysnxm6vemu0qsuqgzyge06sqmqdal
bc1p35l88j3ashhktg75tjctt6pacrgpyr93ldt7yw484dm4expq073qk4n0a0

Assets Security

Merlin Chain utilizes Cobo MPC co-Managed Custody, Cobo’s MPC wallet solution, to ensure secure and non-custodial handling of funds throughout the Merlin’s Seal.

Cobo’s MPC solution utilizes advanced Multi-Party Computation technology with a Threshold Signature Scheme. This ensures that private key shares are individually generated, encrypted, and distributed among multiple parties in secure environments. These parties collaboratively sign transactions without revealing individual key shares.

During cross-chain transactions or lockups within Merlin Chain, assets from Bitcoin Layer1 are securely stored in the MPC wallet. This wallet is jointly managed by Merlin Chain and Cobo, with risk policies which are defined by Merlin Chain being conducted jointly by Merlin and Cobo before signatures are released, providing Merlin Chain with institutional-grade security.

Merlin also has a decentralized staking node program. Third parties can apply and join this program by providing safe and decentralized staking nodes. These nodes will also be staking Bitcoin and other assets and they will follow the Merlin’s Seal program and future ones. More information will be updated.

This approach ensures that private keys never exist or reside on any single device, effectively eliminating the risk of a single point of failure. This robust system safeguards user assets from potential attacks and human errors.

About Merlin Chain

Merlin Chain is a Bitcoin Layer2 that integrates ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud proof modules. Merlin Chain is committed to empowering Bitcoin’s native assets, protocols, and products on Layer1 through its Layer2 network, to Make Bitcoin Fun Again. Merlin Chain is a subsidiary product line of Bitmap Tech, a premier OG team boasting an overall market cap exceeding $500 million. The BRC-420 “Blue Box” collection under Bitmap Tech has become one of the hottest assets on Ordinals.

Website | Twitter | Discord