The Merlin Chain (MERL) network has registered palpable growth in the past few months after its launch due to the notable Bitcoin’s growth among institutional investors.
Merlin Chain (MERL), a fast-growing layer two (L2) network focused on enabling the mainstream adoption of DeFi protocols on the Bitcoin (BTC) blockchain, has released a detailed report on its performance since its launch in February until June 30. During the first half of 2024, Merlin Chain registered a significant growth in users, developers, and funds locked across different DeFi protocols.
Moreover, Bitcoin is the largest blockchain in the crypto industry with deep liquidity backed by institutional investors and different governments around the world. The Merlin Chain is confident its products will continue to gain mainstream adoption in the near future, especially amid the ongoing macrocrypto bullish outlook.
“Merlin Chain has made significant strides, but the journey is just beginning. With the community’s support, we’re excited to explore new frontiers in H2 2024 and beyond. The best is yet to come,” Bitmap Tech noted.
Closer Look at Merlin Chain Performance during First Half of 2024
According to Merlin Chain’s first half of 2024 report, the network registered a 1,699 percent increase month-over-month in unique on-chain addresses, which reached a peak of around 1.9 million. As a result, Merlin Chain processed 12.7 million transactions during the first half of 2024, which corresponded to about 600k transactions per day.
As for the Merlin Chain’s total value locked (TVL), the report noted that it reached a peak of $1.2 billion. The high network engagement with different DeFi communities, including BITMAP, BRC-20, BRC-420, and Ordinals NFTs, significantly bolstered the Merlin Chain performance during the first half of 2024.
2/8 Merlin Chain has grown into the top Bitcoin Layer 2 with a strong community foundation and active user base.
Network Mass Adoption:
• $1.2B TVL
• $16B bridge volume
• 1.9M unique addresses
• 12.7M transactions
• 80% of Bitcoin native asset holders are Merlin Chain… pic.twitter.com/2YstEXs7s2— Bitmap Tech – Merlin🔮🧙 (@BitmapTech) September 9, 2024
Since its official mainnet launch in February this year, Merlin Chain has so far facilitated $16 billion worth of assets in bridging across different blockchains. Additionally, the Merlin Chaint reported more than $1 billion in cross-chain yield aggregation.
Moreover, the Merlin Chain facilitated the onboarding of more than 200 different decentralized financial (DeFi) platforms including DEXs, BTCFi, DeFi, Games, and Metaverse, among others. Some of the notable DeFi protocols on the Merling Chain include Avalon Finance, Surf Protocol, MerlinSwap, and Pell Network, among many others.
Market Picture
The impressive performance of the Merlin Chain in the first half of 2024 will gradually be reciprocated by bullish sentiment on the MERL price action. The small-cap altcoin, with a fully diluted valuation of about $488 million and a daily average traded volume of around $9 million, has been forming a bullish reversal in the higher time frame.
As for the coming months, the Merlin Chain team noted that users should expect a slowdown release schedule, with only 0.4 percent in the next 12 months and 5.5 percent in 24 months, to ensure long-term growth prospects.
next