Bitcoin Layer 2 Merlin Chain, which has grown by over $3 billion TVL in less than two months, announced yesterday (25th) on X platform that BTC locked in staking has been made available for release. The release of BTC staking is divided into two categories, as follows:
For users who have never claimed M-BTC:
– Users can choose to release BTC staking to Layer 1 (Bitcoin mainnet) address, which requires payment of gas fees. The bridging back to Layer 1 will be completed within 3 days.
– Users can choose to release BTC staking to Layer 2 (Merlin Chain) address, which does not require payment of gas fees. The bridging back to Layer 2 will be completed within 24 hours.
For users who have claimed M-BTC:
– Users can exchange M-BTC for BTC at a 1:1 ratio, and the BTC will be stored in their wallets. Additionally, users can use the Merlin bridge to bridge their BTC out, but it is important to note that the wallet must have sufficient gas fees during the bridging process.
Merlin Chain also mentioned that there might be congestion on the platform due to high transaction volume, so users can consider exchanging during non-peak hours. Furthermore, some dApps accept the use of M-BTC, but currently, there is no channel to exchange BTC to M-BTC on Merlin Chain. Therefore, if users want to participate in M-BTC activities, they can temporarily hold M-BTC as the channel to exchange M-BTC to BTC remains open.
On the other hand, Merlin Chain stated that it will soon support the unstaking of BRC-20 tokens, followed by Ordinals NFT tokens.
Regarding the governance token MERL, it experienced a 3% decrease within 24 hours after the announcement of BTC unstaking. CoinGecko data shows that the governance token MERL issued by Merlin Chain has fallen by 3% in the past 24 hours, with a current reported price of $0.8.
Related Reports:
– Technical Analysis: Bitcoin Layer 2 Network Merlin Chain – Decentralized Oracle Network, Security Model
– MerlinStarter announces the end of $MSTAR subscription, raising a total of approximately $400 million with an oversubscription rate of 20,000%
– MerlinStarter completes seed funding with participation from Amber Group and others, aiming to build BTC Layer 2 infrastructure.