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Over the last couple of years, projects aiming to develop the wider Bitcoin (BTC) crypto ecosystem have been gaining more attention in the crypto industry, taking some focus away from Ethereum-based initiatives. With the arrival of projects such as Ordinals, BRC-20 and Runes, one might even say that the Bitcoin ecosystem is experiencing a kind of innovative development that characterized Ethereum's heyday between 2015 and 2020.
Among the projects driving this phenomenon are Merlin Chain (MERL) and its integral Merlin Starter (MSTAR). Merlin Chain is a Bitcoin Layer 2 (L2) platform committed to supporting utilization and enhanced liquidity for Bitcoin native assets, while Merlin Starter, a Bitcoin-focused launchpad and L2 project accelerator, is a core part of the wider Merlin ecosystem,
Key Takeaways:
Merlin Starter (MSTAR) is an IDO launchpad and accelerator dedicated to supporting Layer 2 projects for Bitcoin native asset applications.
The platform is part of the wider Merlin ecosystem, which also includes Merlin Chain, a Bitcoin Layer 2 network.
Merlin Starter has recently launched its native token, MSTAR, which can be used for staking and yield farming, as well as gaining exclusive access to projects listed on its IDO launchpad.
Merlin Starter (MSTAR) is an IDO launchpad and Layer 2 accelerator dedicated to supporting promising Bitcoin-focused decentralized projects. It's an integral part of the L2 Merlin Chain (MERL), designed to facilitate a seamless flow of Bitcoin native assets across various protocols in the Bitcoin ecosystem. Merlin Starter aims to support projects dedicated to enhancing the circulation and liquidity of Bitcoin native assets, both on Merlin Chain and across a variety of Bitcoin-focused protocols and networks.
Founded in 2023, the Merlin project launched its operations in early 2024, with Merlin Starter's native MSTAR token debuting in mid-April 2024.
Merlin Starter is made up of two main components — an IDO launchpad and a Bitcoin Layer 2 project accelerator. Additionally, the Merlin’s Spellbook NFT collection is a critical element within the project's ecosystem.
The IDO launchpad on Merlin Starter facilitates the launch of projects dedicated to native asset issuance, enhanced liquidity and free asset circulation for the Bitcoin ecosystem. It's the first native launchpad of the Merlin platform. The launchpad also supports new projects that explore cross-chain functionality and focus on enabling Bitcoin native assets across different platforms.
As of late April 2024, the launchpad is still in the early stages of its operation, but already lists a couple of initial projects that it’s helped to launch. The most recent of these is Sparkle (FCFS), a gamified astrology app.
The Merlin Starter launchpad offers a number of different token launch modes, including airdrops, oversubscription lotteries and allocations based on preset weightings. A variety of token standards are supported, including the highly popular BRC-20 and ERC-20 as well as the less common BRC-420, ERC-404 and Atomicals (ARC-20). Standards supporting cross-chain assets may also be available.
Merlin Starter’s IDO launchpad also features an insurance protocol that helps protect investors from either 7-day or 14-day loss.
While the Merlin Starter IDO launchpad is dedicated to facilitating the launch of new tokens, its accelerator is an initiative aimed at providing consultancy and support to L2 apps and protocols at the pre-launch stage, as well as in the critical post-launch period.
Via the accelerator, the Merlin Starter team offers multidisciplinary consultancy services in areas such as technical support, marketing strategies and initiatives, human resources and tokenomics design.
Merlin's Spellbook is an NFT collection issued by Merlin Starter. Spellbook NFTs grant holders eligibility for a 20,000,000 MSTAR token airdrop, should they choose to stake the NFT. Staking a Spellbook NFT in exchange for MSTAR locks the NFT, and the NFT is subsequently burned. As an NFT staker, you may also qualify (depending upon random selection) for IDO whitelist entries.
At the center of the wider Merlin ecosystem, Merlin Chain is an L2 platform dedicated to enabling cross-chain applications utilizing Bitcoin native assets. Although it operates as a dedicated Bitcoin L2 network, Merlin Chain also offers Ethereum virtual machine (EVM) compatibility in order to better support cross-chain use cases.
Merlin Chain is a zero-knowledge (ZK-) rollup network, which allows it to achieve significant scalability and cost efficiencies. The average block time on the chain is less than one second, while the average transaction fee is measured in tiny fractions of a cent.
Merlin Starter's native crypto, MSTAR, is a recently launched token (April 2024) that’s used for the following functions on the IDO launchpad:
Exclusive access to the IDO pool for participation in token launch events
Staking and yield farming to earn additional rewards
Eligibility for future MSTAR airdrop campaigns
The token's maximum and total supply is 1 billion. Supply allocation shares for MSTAR are shown in the chart below.
You can buy the MSTAR token on Bybit through a Spot pair with USDT (MSTAR/USDT). Additionally, you can join Bybit's MSTAR campaigns to grab a share of the 11,700,000 MSTAR prize pool.
The first campaign, MSTAR Community Airdrop Quest, runs through May 10, 2024, 8AM UTC. It’s offering a total prize pool of 8,900,000 MSTAR, featuring a 7,000,000 MSTAR community airdrop, a 1,000,000 MSTAR referral prize pool and an exclusive affiliate referral event with a 900,000 MSTAR prize pool. The second campaign, Token Splash, is being held through Apr 30, 2024, 9AM UTC, with a 2,800,000 MSTAR prize pool.
As a plethora of projects such as Merlin Starter look to extend Bitcoin's functionality, its blockchain is steadily moving away from a passive state of use that’s reserved for asset transfers and storage. Merlin Starter is contributing a great deal to putting Bitcoin native assets to use in various apps and protocols.
While Merlin Chain is doing the critical job of enabling the actual utilization of assets via its Layer 2 network, Merlin Starter is a pivotal endeavor aimed at supporting numerous new projects looking to make Bitcoin a more active crypto environment. The more of these projects we see, the more likely it is that Bitcoin will develop into a thriving ecosystem that could rival Ethereum’s. To achieve such a goal, Merlin Starter is exactly the catalyst the industry needs.
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