Bitcoin Layer 2 solution Merlin Chain announced its launch on the development test network Alpha Devnet with Nubit data availability (DA) underneath. This integration allows users to access relevant data through the development network.
Nubit is a Bitcoin-native DA layer secured by Bitcoin that maintains trust minimization principles. It allows for the scaling of Bitcoin’s data capacities, enabling various applications such as Ordinals, Layer 2 solutions, and price oracles. This broadens the scope and efficiency of the Bitcoin ecosystem, supporting its growth and development.
DA refers to the capacity to access all transaction data for verification within a decentralized network. It ensures that every transaction contained within a block is accessible to every participant in the network.
Nubit and Merlin Chain entered into a partnership aimed at combining Merlin Chain with Nubit’s Bitcoin-native data availability (DA) solution in March. This collaboration seeks to unlock the potential of Bitcoin by synergizing Merlin Chain with Nubit’s Bitcoin native DA solution to unlock the potential of Bitcoin with the native Layer 1 assets, users, and protocols.
Merlin Chain (@MerlinLayer2) with Nubit DA underneath is officially live on our Alpha Devnet! Explore Merlin blobs with Bitcoin-native DA. pic.twitter.com/SURxG7jI1i
— Nubit (@nubit_org) May 16, 2024
What Is Merlin Chain?
Merlin Chain is developing its native Bitcoin Layer 2 platform, which enables secure, scalable, and efficient transactions on the Bitcoin network, serving as a robust infrastructure for projects centered around Bitcoin. As per data from DeFiLlama, the platform’s total value locked (TVL) currently stands at $1.2 billion.
In April, the project successfully concluded a new round of financing, securing funding from Spartan Group, Hailstone Labs, Amber Group, Presto Labs, IOBC Ventures, and other contributors. Additionally, Merlin Chain conducted an airdrop of its token MERL and initiated its listing on major cryptocurrency exchanges, expanding its reach and accessibility within the cryptocurrency market.
Recently, Merlin Chain has enabled the deployment of the Bitcoin-native stablecoin project bitSmiley on its mainnet. This deployment coincided with the introduction of the Liquidity Grant program, designed to incentivize Merlin Chain community members by distributing 3,150,000 BIT tokens to enhance liquidity.
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