Merlin Chain announced the completion of financing to build a native BTC L2.

Bitcoin Layer 2 solution Merlin Chain announced the completion of financing, with 25 institutions including OKX Ventures, ABCDE, Foresight Ventures, and Arkstream Capital participating in the investment.

Merlin Chain focuses on Bitcoin-native solutions, integrating key modules such as the ZK-Rollup network, decentralized oracle network, and fraud-proofing on the Bitcoin chain. The goal is to empower native assets, protocols, and application ecosystems on the first layer of Bitcoin, enabling continued innovation and amplification of asset potential on the second layer network.

Merlin Chain's team, Bitmap Tech (formerly known as RCSV), has long been deeply involved in the Bitcoin ecosystem. Over the past year, they have contributed multiple native innovative projects to Bitcoin, with a total market value of over $500 million. Their BRC-420 "Blue Box," which they issued, has become one of the most popular assets in the Ordinals protocol, with a price soaring from $0.15 to $34,000, second only to BAYC and CryptoPunks.

This round of financing will be used for the continuous upgrading and optimization of the Merlin Chain infrastructure, to better achieve asset and user interoperability between the Bitcoin layer one and layer two networks, and to enhance liquidity and richness in its ecosystem. The Merlin Chain ecosystem is constantly expanding, currently covering areas such as DeFi, gaming, social, and more, including multiple well-known projects.

Merlin Chain plans to launch its mainnet in the near future. It is reported that, along with the mainnet launch, Merlin Chain will hold multiple staking events and release its token MERL through a fair launch to reward active users and developers in the ecosystem and accelerate its growth.

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