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Author: Chase Blu; Source: Author Twitter @cyy7025219
one,Merlin Interesting Directions
1. Bitcoin Ecological Users
First of all, the opportunities and difficulties faced by Merlin are relatively unified, that is, people in the Bitcoin ecosystem are not familiar with and do not understand the second-tier EVM, which also includes disapproval. For example, when we opened stakes, many bitmap communities said that iWill never stake my bitmaps to any layer2, including some other assets, will also say the same.Of course, from my perspective, I think it is rather nonsensical, because if you support the pledge of this asset, then after others pledge, the liquidity will decrease, and you can also sell it to a high price. If you pledge it yourself,You can get token airdrops launched by Merlin.In fact, everyone has calculated that if you pledged it at that time and didn’t consider Merlin airdrop, you would have made a lot of money.So no matter how you look at it, you should support this matter, including putting your bitmap on one layer. You can’t do anything except sell it. You can only watch it. On one layer, it is an asset.However, if this asset reaches the second level, the usability will become much greater. Whether it is defi or gamefi, it will be much more efficient in using it and has many applications, so I can’t think of why notPledge to the second floor.So for users of the Bitcoin ecosystem, I am more optimistic about the convenience, innovation and fun applications brought by the second layer.I am very optimistic because many of them have never used EVM wallets. When they first experience the EVM chain, they will feel that the club is like I can do this, and I can use my assets to do all kinds of interesting things.Get a variety of rewards.If these applications are available, I am very optimistic about Bitcoin users.Including the most basic dex, lending, staking, gaming and socializing, etc.
2. Ethereum users
They don’t know the Bitcoin ecosystem, and they don’t know why the inscriptions of the Bitcoin ecosystem were so popular last year.They thought it was a joke at the beginning of this inscription, just to make Bitcoin one layer be able to issue coins. They may know that BRC20 is fire and runes are fire.So if there are some applications that allow them to feel the happiness of the Bitcoin ecosystem, I think these applications are also interesting.For example, more transparent fair launches, and more ways to play the project after content is put on the chain, including Bitcoin’s natural bottom-up community culture.In fact, these things are something that Ethereum users have never felt before, so I am more optimistic about these two types of applications.
I pay more attention to users, that is, users learn and explore. If I can let Bitcoin’s loyal fans experience the happiness of Merlin, or Ethereum users experience the happiness of Bitcoin, this is what I most hope to see.The other is security. I hope that all Merlin projects can submit audit reports to the Safety Committee or complete audits.
two,The view on whether defi on Bitcoin layer2 can awaken sleeping funds
1. The stage of making an inscription
I think this matter is dynamic, because we felt a little bit when we were doing the inscription last year. In Singapore, we were embarrassed to say that we were doing the inscriptions because the first reaction of my friends around us was laughing, and it was very shameful anyway.Because everyone thinks that this thing has no market prospects and no technological innovation, it is just a concept created by a bunch of people staring at Bitcoin. Then many inscriptions were on the top exchanges, and the market rose, and everyone’s attention wasIt’s getting higher, but you will find that it’s still limited to the trader circle, and everyone says which one can trade.
2. The second-level stage
Later, we started to do layer2. At the beginning, many people laughed. You do Bitcoin layer2. Isn’t this because many Bitcoin OGs have been around for a long time, and in the market, they will think this is a scam, including now.Too.Of course, this is also the butt that determines the head. What he invests may not be a scam. What he does not invest is a scam. Anyway, this is the overall feeling of everyone in the market.
3. New trends
Later, I found that various domestic and foreign projects have been launched and different solutions have been proposed, including the number of users on the chain, TVL or developers. After gradually getting up, many of them are really sleeping Bitcoin whale gates, and they are alsoWill pay attention.He would feel that when he talked about this, he would feel the bubble when he was doing it, and he would feel different.Later, there are various applications, including stablecoins, dex, defi, oracle, Bitcoin DA layer including cdefi, lending, and various infrastructure based on the Bitcoin ecosystem.The core agreement and ecological core products.After constantly rising like mushrooms after a rain, you will find that real Bitcoin maxi or sleeping funds are actually ready to move.Because the entire Bitcoin market value is actually very small today, whether it is layer2, layer3, oracle, or dex, all kinds of basic applications are done. In fact, its market value isIt’s likely not lower than Ethereum.At least the market value of leading projects is likely to be no lower than Ethereum.Look at the current market value of Ethereum’s layer, even the oracle is worth tens of billions of dollars, including the market value of DA-level like Tia, which is also worth tens of billions of dollars.
Therefore, when such an opportunity appears and the bubble becomes more and more real, these sleeping funds may not be willing to miss such an opportunity. He knows that the earlier he comes in, the lower the risk and the higher the return.So this trend is our personal experience from the inscription to Merlin.We also found that many mining pools and mining machine companies will not talk about their names, but will actively move their native Bitcoin business to Merlin to do it, combining cefi and defi, institutional needs, and user needs.Product presentation (this can be read by the class representatives’ summary before, and there is also this content, so you can look forward to this product).
Overall, basically sleepy funds either hope to get a wave of zero-to-one bonus when getting up early, or they will come out to do it themselves and expand their business on the chain.So this thing is bound to happen. We have seen these trends at the forefront of the industry. I think many such interesting things will happen in the next 3-6 months.
3. How to view MEME coins and Bitcoin MEME coins
We are professional when making MEME coins. After all, the most abstract MEME may be the blue box. There seemed to be no box MEME track before, so we have also broadened a new track.
1.MEME is a requirement
MEME is definitely a demand. When we made the inscription last year, I thought MEME was a demand. We were unwilling to take over the institutions because the institution’s currency was on the exchange, and it was 10 billion 20 billion FDV at the beginning.When retail investors take over, how many times do you expect it to win?Is it three times five times ten times? That is very difficult.Therefore, these newly added retail liquidity is more willing to play MEME, and this matter is true.
2. The fair launch of Bitcoin MEME
MEME on Bitcoin emphasizes fair launch. If you calm down and think about it, the tokens on the first layer of Bitcoin are actually MEME. Whether it is BRC20, ARC20, or SRC20, or the runes protocol to be issued below, they are all MEME.So in the past, we have always been reluctant to talk to you about the technological innovation of these asset protocols. Whether it is inscriptions, UTXO, Lightning Network or RGB, it is a MEME itself, because on the first layer, its assets are only storage and transactions.The function of the natural one can only be MEME, whether it is sats, ordi, atomicals, or runes.
3. Liquidity of Bitcoin MEME
There is a problem on the first level that is the poor liquidity. Whether it is trading channels, methods, gas, confirmation time, and the experience of pending orders, you will find that its liquidity is naturally very poor, so you will encounter a problem., he actually only has a few coins to become popular.For example, ordi was very popular at that time, and sats was very popular later, but the entire rise process objectively hindered. I think this is something that all Bitcoin users must face.So with the experience of the pending order system, the growth rate of MEME on the first layer of Bitcoin is slower than that of other chains. You can often see that, for example, whether it is the previous BNB or solana, a meme may really be overnight.Thousands of times.I believe that many Bitcoin users today cannot reach such a myth and yearn for it.Every day, I can see someone saying when can Bitcoin be built and what kind of asset that can be 500 times a day. This is impossible due to liquidity.
So if this is one of Merlin’s missions, it is to enable more fair launches and Bitcoin spirit to have a better liquidity and faster trading place. This is also the first time we are now to support runes cross-chain bridges.index trading market, including wallets.Second, we also hope to have more creative and willing to support fair launch of these projects that give users 100% transparent.They can make such products with Merlin, including new users, and they will be more degen and are not familiar with the gameplay of defi. If you experience the meme transaction of sola, you will find that the gameplay of the entire process is different from before.The same.It is like a gambling machine. It is a very simple experience that you can enjoy the coin when you draw it, especially the IQ50 gameplay.So I think if Merlin comes up with a good meme, the most basic products of these infrastructures must keep up, which is also the direction we are working hard for this period of time.
To sum up, I think the meme itself is reasonable. The meme itself in Bitcoin is also very unique, but it requires a place with better liquidity, which is also Merlin’s next mission.
4. Understanding whether Bitcoin is innovative by expanding through EVM
1.Bitcoin Layer 2 Three Stages
Today I think everyone will talk about Bitcoin’s second layer, which is more of a publicity and knowing what we know. Our interviews and space all say that everyone is a side chain today. The so-called side chain means that it does not go with anyone.To share security and consensus, you can only believe whether the consensus of this chain is strong enough.So next I think Bitcoin layer 2 will go through three stages.
First,Disclosing the transaction data on the chain and the so-called ZKP to a third-party DA can allow everyone to find that the transaction data is correct and the status is correct.
second,There is a more centralized verification node to ensure that this chain is not a centralized one, because all Bitcoin layer2 is a centralized sequencer because it can be shared with Ethereum layer.If I were a side chain, in fact, the chain itself needs to be decentralized enough.The so-called decentralization is, at least it can slowly expand its decentralized nodes like polygon and bnbchain.
third,Today, the Bitcoin that everyone is looking forward to is Turing-complete through bitvm or other methods to verify whether the transaction data of the second layer is correct.This matter itself takes a certain amount of time, because there is no second layer or strategy of Bitcoin that can achieve this today.So in fact, from Ethereum to Ethereum side chain, to op to zk, and now zk rollup is not mature, and has been gone for many years.So today, the concept of Bitcoin, the second layer, is just the beginning, and it is more like a brand promotion.
2. About innovation
I think the word technological innovation is often contrary to the spirit of blockchain.For me personally, the spirit of blockchain I understand is build on top of each other, which means continuing to innovate on top of other people’s innovations.So today many people come out to be Ethereum killers, and they go to create new virtual machine environments and languages to implement Ethereum.I personally think it is a betrayal of the spirit of blockchain, so the reason why we chose to use EVM to do the Bitcoin layer at that time was that we actually felt that the implementation of EVM was good enough and had been tested tens of billions of times.There is no need to go, repeat the wheel, rewrite the virtual machine and language for technological innovation, and then force the developer to use his architecture, and then you speak the security is often not as good as EVM, so I think all of these Bitcoins areWhether it is a side chain or a second layer, using an EVM system reflects a blockchain spirit, which is to not recreate the wheel and continue to do it based on others.
3. About long-term technological innovation
What is long-term technological innovation? I think this question is different.Because today’s user needs are the release of liquidity on Bitcoin.I think all products serve the needs of users. So in this kind of service, because Bitcoin itself is decentralized and there is no Satoshi Nakamoto giving orders here, it will definitely be born in the competition in the entire free market.Technological innovation.Technological innovation must not be caused by writing papers alone at home, but by the huge demand in the market. With the free competition in the market, some new technological innovations have emerged. So whether there is a long-term technological innovation can be seen.
