Merlin Chain opens Bitcoin to unstaking! Governance token MERL drops 3% in 24 hours

In less than two months, TVL has grown the Bitcoin L2 Merlin Chain (Merlin Chain), which has grown to more than 3 billion US dollars. After the recent token airdrop, it was launched yesterday (25th) The X platform update stated that the pledged BTC has been opened for unplacing.

The opening of BTC unstaking, BRC-20 and Ordinals NFT will have to wait.

According to Melin Chain’s tweet, the unstaking of BTC is divided into two categories, including:

Have not applied for M-BTC

• If the user chooses to unpledge BTC to the Layer1 (Bitcoin main network) address, he needs to pay the gas fee, and the bridge back to Layer1 will be completed within 3 days

• Users choose to unpledge BTC to the Layer2 (Merlin Chain) address without paying gas fees. The bridge back to Layer2 will be completed within 24 hours

APPLIEDM-BTC

Users can exchange M-BTC for BTC at a ratio of 1:1, and the BTC will be deposited into the wallet. In addition, users can also use Merlin bridge to bridge BTC, but they must pay attention to the fact that the wallet needs to have sufficient gas fees when bridging.

Merlin Chain’s tweet also reminded that there may be congestion on Merlin Chain due to excessive transactions, and users can wait until non-peak hours before redeeming.

In addition, there are some dAPPs that accept the use of M-BTC, but currently there is no channel for converting BTC to M-BTC on Merlin Chain. Therefore, if users want to participate in M-BTC activities, they can first consider temporarily holding M-BTC. The channel for converting M-BTC to BTC is always available.

On the other hand, Merlin Chain stated that it will soon support the unstaking of BRC-20, and then Ordinals NFT.

MERL chain governance token MERL fell 3% in 24 hours

MERL saw a slight increase when the BTC unstaking announcement was released, but subsequently, as the encryption market showed a decline, MERL also fell with the market. . According to data from CoinGecko, MERL, the governance token issued by Merlin Chain, has fallen by 3% in the past 24 hours, and was temporarily trading at US$0.8 at the time of writing.

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