Categories: MarketsMenafn

Merlin TVL Surges 951% in 30 Days

Furthermore, Merlin has emerged as the fastest-growing blockchain among the top 10 by Total Value Locked (TVL).

According to DeFiLlama, Merlin secured the 9th position among other chains in TVL, boasting the most impressive performance. In comparison, Ethereum, the leader in this ranking, experienced a modest increase of only 4.30%.

Ranking of chains by TVL. Source: DeFiLlama

Bitcoin is in second place in terms of growth after Merlin, with its TVL in the chain growing by 52.89% over the month. This surge could be attributed to the launch of the Runes protocol.

Base ranks third in growth, with its TVL increasing by 43.02% over 30 days to $1.594 million.

Why Is Merlin TVL Growing?

The nine protocols operate within Merlin, primarily focused on decentralized exchanges (DEXs), lending, and the cross-chain sector.

While the Solv Funds protocol holds the highest TVL in Merlin at $536.3 million, most of the growth came from Symbiosis.

Protocols that operate on Merlin. Source: DeFilLama

Symbiosis operates as a cross-chain protocol. DeFiLlama’s TVL surged by 392% in just one month. Surf Protocol follows closely behind in growth, securing second place with an increase of 307% in the last 7 days.

What Is Merlin?

Merlin is a new Layer 2 (L2) player for the Bitcoin (BTC) network. The project’s X page states that:

“To Make Bitcoin Fun Again”.

In simple terms, Merlin acts as a bridge between Layer 1 and Layer 2 blockchains. It utilizes ZK-rollup, decentralized oracles, and on-chain models to detect and prevent fraud.

Additionally, Merlin is compatible with the Ethereum Virtual Machine (EVM), providing access to the Ethereum ecosystem.

For instance, users can unstake Bitcoin to Layer 1, and claim BTC to Layer 2 through Merlin, facilitating seamless transitions between different blockchain layers.

Unstaking Bitcoin on the Merlin Chain is referred to as M-BTC.

Merlin recently completed its airdrop and mainnet launch phases. The token traded under the ticker MERL, is now available on exchanges like OKX, Gate, Bybit, and others.

However, it’s important to highlight that, as reported by CoinMarketCap, the value of MERL has declined significantly by 97.47% since the mainnet launch.

MERL’s price changed in April. Source: CoinMarketCap
Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

ZEREBRO Price Collapses 40% in Just 3 Hours: Market Cap Tanks to $45 Million

Zerebro, one of the largest AI projects, has seen its price dropped sharply today, going…

2 hours ago

Ethereum Price Prediction: Can ETH Sustain Its Bullish Momentum as Price Surges 15%?

Ethereum is back in the spotlight, not for explosive price action, although it has made…

14 hours ago

Ajman Bank Successfully Prices USD 500 million Inaugural 5 Year Sukuk

Ajman, UAE, 25th April 2025, Ajman Bank P.J.S.C. (“Ajman Bank” or “the Bank”), the first Islamic…

23 hours ago

The Rise of Autonomous Finance: How 9M is turning AI into a fully operational investment system

The Rise of Autonomous Finance: How 9M is turning AI into a fully operational investment…

23 hours ago

Echo Launches Real Unique Tokenomics with Real Yield in USDC

Douglas, Isle of Man, 25th April 2025, ZEX PR WIRE, Echo is about to launch…

1 day ago

World of Dypians Wins $450K in BNB Chain’s Support Program and Announces Monumental New Features

Tortola, BVI, 25th April 2025, ZEX PR WIRE, World of Dypians (WoD), a highly immersive…

1 day ago