Merlin Chain’s Mainnet Success: Over $1.97 Billion TVL and Strong Bitcoin Ordinals Ecosystem Involvement

  • Merlin Chain’s second-layer network has seen its total value locked (TVL) soar past $1.97 billion within just two weeks of its mainnet staking activity.
  • The platform’s integration with the Ordinals ecosystem has notably increased, with SATS and ORDI staking percentages showing significant involvement.
  • “SATS currently pledged on Merlin Chain accounts for 12.5% of its total supply, ranking second only to Binance,” highlighting the network’s rapid growth and adoption.

Merlin Chain emerges as a formidable player in the Bitcoin second-layer ecosystem, boasting over $1.97 billion in TVL shortly after its mainnet launch, signaling strong market confidence and adoption.

Impressive Growth in TVL and Cryptocurrency Diversity

The Merlin Chain network has quickly ascended in the ranks of second-layer Bitcoin networks, amassing a TVL of over $1.97 billion. This growth is attributed to the inclusion of $1.18 billion worth of BTC, $270 million in BRC-20 and other Bitcoin-native assets, and $170 million in Ethereum, stablecoins, and various other assets. The significant participation of the Ordinals ecosystem underscores the diverse and robust support for Merlin Chain, with SATS staking accounting for 12.5% of its total supply, trailing only behind Binance, and ORDI staking marking it as a major player in the space.

Market Movements and Ethereum Dynamics

Recent data from @intotheblock indicates that 1.38 million addresses purchased 1.33 million ETH at an average price of $2,984, currently experiencing losses. This situation may lead to increased selling pressure as investors seek to break even. Notably, four whales have sold a total of 34,134 ETH near the $3,000 price point, with significant transactions recorded on DEX and centralized exchanges like Binance and Kraken. These movements highlight the volatile dynamics within the Ethereum market and the potential impacts on broader cryptocurrency trends.

Strategic Insights and Future Outlook

The integration of Merlin Chain with the Ordinals ecosystem and its impressive TVL growth reflect a strategic alignment with current trends in cryptocurrency staking and second-layer solutions. The platform’s ability to attract significant Bitcoin and Ethereum assets, alongside stablecoins and other cryptocurrencies, positions it as a pivotal player in the evolving digital asset landscape. The involvement of major whales in the Ethereum market further underscores the interconnected nature of cryptocurrency investments and the potential for Merlin Chain to capitalize on these dynamics.

Conclusion

Merlin Chain’s rapid ascent in the cryptocurrency ecosystem, underscored by its significant TVL and integration with the Ordinals ecosystem, marks a notable achievement in the Bitcoin second-layer network space. The platform’s success in attracting a diverse range of assets and its strategic position within the market dynamics of major cryptocurrencies like Ethereum signify a promising outlook for its continued growth and influence in the digital asset sector.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

BTC Bounces Back Above 200-Day Moving Average: What the Latest ‘Death Cross’ Means for Bitcoin’s Future

According to a recent analysis by @ali_charts on April...

Vitalik Buterin Discusses Ethereum’s Progress Towards Mainstream Account Abstraction

In a recent development reported by COINOTAG on April...

Synthetix Completes Transition to 420 Staking Pool: Key Changes and Future Upgrades Announced

On April 27th, Synthetix made significant strides in its...

TRUMP Token Soars 94.6% in Nine Days as Trading Volumes Surge: A Closer Look

In a significant development for the crypto market, the...

SEC’s Hester Peirce Highlights Need for Clear Crypto Custody Rules Amid Current Regulatory Uncertainty

COINOTAG reported on April 27 that during a roundtable...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img