jakiro
Merlin Chain is a second-layer network supported by the well-known BRC-420 blue box and Bitmap development team that supports multiple types of native Bitcoin assets, compatible with EVM ZK Rollup Bitcoin.From the market perspective, BRC-420 and Bitmap have high-quality data performance in the early stage.
BRC-420 is a new type of agreement in the Bitcoin ecosystem. The blue box is its assets.The total amount of blue boxes is 10,000, the floor price is 0.6BTC, the total transaction volume is close to 480 BTC, and the current market value of the floor is 400m.The Bitmap benchmark is the Ordinals protocol of the Yuan universe version. With the output of BTC blocks, there are currently 144 new Bitmap every day.In the Magic Eden transaction volume of about 600 BTCs, that is, 40m, the floor price is 0.0037558BTC, the total amount is 833.2K, and the floor value of the floor is about 200m.
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The success of BRC-420, Blue Box and Bitmap has condensed a good community consensus for Merlin Chain.At the beginning of February this year, Merlin’s Seal, the main Fair Launch and Community First, has been launched. In less than a month, TVL has quickly exceeded 3 billion U.S. dollars.StakeStone, Layer2 ZKFAIR, and Bitcoin old data service platform Geniidata, multi -chain DEFI data comprehensive platform Defillama, etc.Among the 3 billion TVL, Bitcoin accounts for more than 50%, ETH and stable currency assets each have about 100 million US dollars. Other Bitcoin ecological high -quality assets, in addition to BRC420 and Bitmap, ORDI and SATS also have good pledge.
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Congratulations to Merlin’s Seal, we must also understand that Merlin’s Seal does not draw directly with Merlin Chain. For example, the current TVL data asset that supports Merlin’s Seal is not directly associated with Merlin Chain.In addition, because L2Beat is not included in Merlin Chain, we manually check and add Merlin Chain’s BTC asset balance, corresponding to the TVL of L2Beat statistical caliber is about 500+BTC, which is about 32.5m.
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Next, we will analyze the prospects of the project from the technical solutions such as Merlin’s account structure, asset type, security and other technical solutions and ecological development.
Chain-agnostic account abstraction
The mainstream wallet address formats of Bitcoin include Legacy-P2PKH, Nested Segwit-P2WPKH, Nested Segwit-P2WPKH, and Taproot-P2TR.The format of coding rules processing.In addition, Bitcoin’s notes are the products of HD wallet (Hierarchical Deterministic Wallet). The same aid can derive multiple private keys to control multiple public key addresses and corresponding format addresses.For Ethereum, its wallet, public key and private key system are similar to Bitcoin. The difference is that Ethereum chooses a different encoding hash function (KECCAK-256).Due to the need to ensure and achieve EVM compatibility, Merlin Chain is the lightest in the design of the public and private key address, Merlin Chain’s existing solution for Ethereum is the lightest. This is almost zero for users who are used to the EVM ecology.But how the challenge comes is to map Bitcoin’s public and private key address.
To this end, we found the answer in the official document: the BTC Connect of Particle Network.Here, the EOA address of the EVM can be calculated through the Bitcoin’s public key, and then uses EOA to control the smart contract account for interaction on the chain (please refer to the architecture diagram of the BTC Connect).I have to say that there is no EOA address calculated directly by the Bitcoin public key as an account, but a smart account (Smart Account) that implements the ERC-4337 protocol subsequently, which is very courageous and forward-looking.The benefits are of course, the signature abstraction, Paymaster, Bundler, and the future Social Login functions involved in ERC-4337 can achieve rapid upgrading iteration. The disadvantages are the most critical basic supporting facilities (wallets and blockchain browsers).Adaptation and ecological DAPPS project party must also cooperate with the transformation simultaneously.For users, there will be a high learning cost in conceptual understanding. At the same time, it is necessary to adjust some of the past habits in the past.
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The following is some records of using OKX Wallet (BTC) experience
1. The default uses the EOA address (account abstract address) of the P2TR computing EOA. When interacting, the abstract address is authorized by the BTC wallet;
2. When the transaction was initiated in Merlinswap, it was called directly in the form of OKX Wallet (BTC) signature. Here, it is impossible to view and edit the GAS fee for the time being. The content of the transaction cannot be confirmed immediately;
3. The block browser can find that the Smart Account is used as a trading initiator, not our EOA address. The function function of the corresponding call is handleops.
4. Since OKX Wallet is a built -in multi -chain -supported wallet. Although we only use the BTC wallet, OKX Wallet will also calculate the related EVM address behind it. It is different from the EOA address generated by Merlin Chain. Therefore, it is easy to be easyI thought the BTC bridge assets were not available (Merlin_BTC);
The entry and exit of Bitcoin native assets
Whether it is Layer2, homogeneous public chain or heterogeneous chain, as long as it involves the entry and exit of native assets, it will never go around the core problem: security.Let us look for some damn memories in the circle.
On August 10, 21, the cross -chain agreement Poly Network was attacked by hackers and was stolen by more than $ 600 million.Fortunately, the hacker finally chose to return funds for some reason;
? On February 22, 22, the cross -chain agreement was attacked by hackers, and about 120,000 WetH lost. Until February 25, 23, Jump Crypto joined forces to launch an attack from OASIS of MakerDao.funds;
? On March 29, 22, the multi -signed verification system of the gaming side chain Ronin was broken and lost over 600 million US dollars;
? On June 24, 22, HORIZON ’s official bridge HORIZON multi -signing system of the public chain characteristics of the sharding characteristics was broken and lost about 100 million US dollars;
? On August 22, 22, the cross -chain bridge NOMAD encountered money -grabbing attacks and lost about 150 million US dollars;
In 2022, not only did Luna’s collapse, 3AC’s bankruptcy and FTX minesweed, but also accompanied by many hacking incidents on the many chains.We often say that if the entire ecology undertakes 100 million -level funds, then huge funds are often accompanied by a prosperous ecology, and at the same time, it also means the sword of Damocles hidden in the dark forest.
Understanding the Merlin Chain’s official bridge to realize the access path of native assets can help us further analyze the security of assets.At present, Merlin Chain only supports BTC assets, and has not supported emerging assets such as BRC-20, EVM series tokens and NFT.The uniform receiving address of Merlin Chain on the Bitcoin network is BC1QGXDQF7837DXE8XKHVCTGC499kWh5XW7AP3UWHS. UTXO connected to the user bridge is transferred to this P2WPKH address, that is, UTXO controlled by the single -sign address, that is, there is no direct setting mechanism behind it.Refer to the BTC processing of Merlin ‘S SEAL, we speculate that the Cobo MPC coordination solution is also adopted.
Back to Merlin Chain’s bridge asset module, responsible for the casting and destruction of assets is responsible for the BTClayer2bridge contract.The mint logic function is UnlocknativeToken. It is transmitted to the TXHash, the receipt address and amount of the anti -double flower. After the test and the verification of the dual flowers, the casting of the bridge asset can be achieved.We have not experienced the process of destroying the assets of the bridge. From the BTClayer2bridge contract, we can find that the destroyer LocknativeToken is found. Its internal logic is to handle the cost of the bridge, but we have not found the code for the specific bridge asset transfer to enter the black hole.
In addition, Btclayer2bridge already contains ERC20 and ERC721 casting and destruction code. Therefore, Merlin Chain may soon support the bridge of ETH and EVM series assets.
The data display of the Merlin Chain’s official bridge to the page is very intimate. Users can clearly find the required address and TXID, and the associated blockchain browser also provides accurate information.The only bad place is that the block browser may be DDOS and has been indexing data.
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After experiencing the official Merlin Chain bridge, we will try to use the Bridge of Meson.From BNB Chain into Merlin Chain, the entire transaction process is also very smooth, and the cost is much cheaper than the official bridge.MESON’s Fee is 0.0009BTC (about 5-7U), and the official bridge is a fixed 0.0003BTC plus dynamic cost, about 20U or more.It is worth noting that the MESON Bridge’s assets used in the smart contract deployed by Merlin Chain. After initiating the DirectRelease transaction, the assets can only see the assets on the MESON official platform and need to wait a certain time to confirm in Merlinswap and other places.
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Inherit the security of Bitcoin
Merlin Chain is ZKEVM Layer2 developed by the Lumoz team based on the Polygon CDK framework.The official website summarizes the sequencer through a decentralized prophet to send the second -layer transaction data to the Bitcoin network.For the specific plan, we understand the document information of Polygon CDK and Lumoz.In the Polygon CDK architecture, there are two types of architecture types: Rollup and Validium, while Merlin Chain uses CDK Validium.CDK Validium is described as Polygon Zkevm + DAC in Polygon.This scheme is proof of validity in the form of multiple signing in the Taifang chain.
To this end, it is exactly consistent with Bitcoin’s Taproot’s support for multiple signing forms, that is, Merlin Chain’s decentralized prophecy machine actually plays the role of DAC.Merlin Chain sequencer is responsible for collecting and packing user transactions, and verified it to the polymer and ProVer processing proved by ZKP (this part is responsible for the Lumoz’s ZK-POW function).Packing the second -layer transaction data to the Bitcoin network by the decentralized prophecy machine to the Bitcoin network.
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We believe that such a plan has both into consideration of the Bitcoin community and the Ethereum community. It can not only maintain the EVM compatibility to quickly establish an ecology, and quickly maximize the security of Bitcoin.In terms of technical details, such as EVM’s account model and the adaptation of the Bitcoin UTXO model, as well as the decentralized route of the sequencer, there is not much public information for the time being.There are more information, and then further research.
Clear ecology
Perhaps because Merlin Chain needs to be compatible with the abstract accounts of Bitcoin and EVM, or because Bitcoin as the characteristics of native GAS, Merlin Chain’s ecological development is compared to some pure EVM Layer2.many.
As of now, Merlin Chain’s ecological overview in Defillama is only Merlinswap, the mainstream DAPP, and almost contributes all TVL to 14m.No borrowing and derivative platforms have been found, as well as DAPPs such as NFT Marketplace.However, we found through official social media and various AMA that there are far more than one ecological projects that have actually cooperated, and they are included from wallets, infrastructure, DEFI, etc.
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In addition to some of our familiar products and platforms, we tend to focus on projects with exclusive innovation mechanisms and native community atmosphere, such as Bitsmiley.According to the analysis of the protocol mechanism, Bitsmiley can simply understand the combination of stablecoin MakerDao and lending agreement Compound, but in terms of implementation, in order to compatible the BRC-20 protocol and overcomes the limits of the confirmation of the Bitcoin block, Bitsmiley proposed a set of expansion.The version of the Bitrc-20 and designed a different liquidation insurance mechanism (Bitinsure and CDP, see the white paper and other information for details).As a key ecological product that releases Bitcoin liquidity, Bitsmiley is worth looking forward to.Earlier, Bitsmiley sold ecological OG PASS black cards in the form of whitening and public. Users who hold black cards enjoy the priority experience of Bitsmiley products and protocols and future points bonus equity.Follow -up, we will also share further according to the progress of Bitsmiley.
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In order to avoid stepping on lightning in terms of security, when we experience the ecological projects of public chain or Layer2, we usually check whether the project has the audit and endorsement of the security company, or the reward of cooperation on the BUG bounty platform.Although the cold lip and teeth are not dead, Merlin Chain has obviously made a lot of thinking on the consideration of ecological stability and user asset security.In our opinion, Merlin Security Council is a good escort for subsequent ecological development and construction.
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It is based on the above research that we should pay more attention to Merlin Chain, let alone the TVL attracted by Merlin ‘SEAL is enough to show the future potential of Merlin Chain, and its TVL will also reach at least billions of levels.So, after careful understanding of Merlin Chain’s account system, asset bridge and security, for us, how can we experience the ecology as much as possible, why is it the best journey to walk with the ecological?
