The scale of Merlin's airdrop reached US$730 million, and the ratio of points to tokens is about 68:1. It is estimated that most assets may not outperform the market in terms of staking income.

On April 17, Merlin Chain announced that it has opened the airdrop query page corresponding to Merlin's Seal points. It is reported that 20% of MERL will be distributed to users who pledge Merlin's Seal. Based on the total amount of MERL of 2.1 billion, the number of tokens in this airdrop is approximately 420 million. Although the MERL token has not yet been officially issued, multiple over-the-counter MERL platforms have launched this trading pair. The price of MERL on April 18 was approximately 1.74, based on this price. The size of this round of airdrops is approximately US$730 million.

Taken together, the income from staking airdrops on Merlin The results are not optimistic. PANews counted the results of the main pledged assets. If they all pledged assets worth 1 BTC at the beginning. In the end, only BTC, ETH, USDT, and ORDI had a positive comprehensive rate of return, while the pledge results of the other assets were all negative. Among them, except for BTC, the combined return rate reached 82.25%, outperforming the highest spot return during this period. Other assets are inferior to holding spot and selling at a high point.

Single bet on Bitcoin may earn more money than the market

According to current user feedback, the points-to-token exchange ratio is approximately 68:1, and the total amount of this airdrop is 4.2 tokens , PANews calculated that the total number of points is approximately 28.5 billion points.

Based on this amount of points, if calculated based on the off-site token price of $1.74, the price of each point is approximately $0.025.

So how much income can you get from staking on Merlin Chain?

According to the above calculation method, the number of MERL tokens that can be exchanged for 1 Bitcoin per day is approximately 146, and the income amount is approximately US$255 per day. If a user starts staking on February 8th, it will last until April 14th. The 66-day staking income is approximately $16,876.

If you had not participated in Merlin’s staking activity, would you have earned more?

On February 8, Bitcoin’s closing price was US$45,288, rising to a maximum of US$73,777 on April 14. If User A is a master trader and chooses to just hold Bitcoin during this period and sell it at the highest point, then User A’s maximum return on spot is $28,488, with a maximum return of 62.9%.

Assuming that user B is a loyal user on the Merlin chain, he pledged 1 Bitcoin from the first day of staking, and did not choose to withdraw until April 14th (theoretical calculation, in fact, it will have to wait for 1 Bitcoin Withdrawal is only possible after the currency is halved). Then the user’s income is the income from Bitcoin holdings and the Merlin airdrop income. The combined income of the two is approximately US$37,249, with a maximum yield of 82.25%.

In comparison, if the price of MERL tokens can maintain the current trading price after going online, then users staking on MERL may be able to avoid certain risks of bull market corrections, but the overall difference is not big. . If MERL's official opening price falls below $0.83, combining MERL's airdrop income and currency holding income will not be as good as selling BTC at a high point.

Pledged hair was cut off by the market?

Since Merlin’s points are calculated in terms of equivalent assets denominated in BTC (each BTC is 10,000 points per day), with the recent violent fluctuations in the market, many pledged non-BTC assets have been affected by the exchange rate of BTC , resulting in the double damage of falling spot prices and reducing the number of points.

For those users who pledge RATS assets, staking on Merlin may miss the best opportunity to sell. During the Merlin staking period, RATS's simple holding rate of return is up to 169%, and if Merlin is chosen to pledge to obtain airdrops, the overall rate of return is -10.67%.

For example, during the initial pledge, user A chooses to pledge BTC, and user B pledges RATS. They are also assets worth 1 BTC. Assume that the initial capital is US$45,288.

For user A, the number of points he gets every day is the same, which is 10,000 points.

As for user B, the exchange rate of RATS to BTC has been changing, and the overall trend is downward. From February 8 to April 14, the exchange rate of RATS to BTC dropped by 56.79%, which means that B The user's daily points will be less than 10,000 points. If we estimate this decline process based on linear changes, overall user B who pledges RATS will receive 220,000 fewer points than user A who pledged BTC, which translates to approximately 2754 MERL less.

Combined with the RATS price falling by approximately 37.4% from February 8 to April 14, even including the 26.6% return obtained through staking, the comprehensive return during this period is -10.6%.

However, the above calculation only counts Merlin’s pledge airdrop reward income, and does not include rewards from other projects in the Merlin ecosystem. If combined with airdrop rewards from other projects in the ecology, the income situation will be better.

50% of the airdrop tokens will be released in the first month and will be fully unlocked in 6 months

The total supply of MERL is 210 million and will be released linearly within 4 years. 20% of the tokens in this round of airdrop will be released in the first month and 50% will be gradually unlocked in 6 months thereafter. Based on the current OTC price of US$1.74, the fully diluted market value is approximately US$3.654 billion.

According to the official announcement, MERL tokens will be released at 10:00 UTC on April 19 Start trading on OKX, Hashkey Global, Bitget and many other CEXs.

Officially released data shows that during this round of airdrop activities. 91% comes from the Bitcoin native community (of which $1.75 billion in BTC and $980 million in BRC-20 assets). From this point of view, most users still choose to use BTC for pledge, which is currently the best choice for airdrops on the Merlin chain.

Generally speaking, for those users who hope to gain profits through airdrops, the last big airdrop, StarkNet, continued to decline, falling 85% from its high point. When pledging real gold and silver in exchange for airdrops, you may also want to consider hedging against changes in market conditions and learning more clever operating techniques. Airdrops are no longer a mindless way to make money.

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