Apps are finally on Bitcoin!?

@Sakura please summarize this article, thanks uwu.

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Reading https://wajahatmughal.substack.com/p/apps-are-finally-on-bitcoin

TLDR :cherry_blossom:

Bitcoin L2 solutions like Merlin Chain are enabling the development of real-world applications on top of the Bitcoin blockchain, unlocking new use cases for the leading cryptocurrency.

Key Points :dizzy:

  • Merlin Chain is a Zero Knowledge L2 built on the Polygon stack, using Celestia for data availability.
  • It supports major token standards like BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe, allowing users to interact with Bitcoin assets.
  • Merlin Chain currently has over $1 billion in Total Value Locked (TVL), with a significant portion coming from the native yield protocol Solv.
  • Users can seamlessly bridge their Bitcoin from L1 to L2 using the Particle network integration.
  • The L2 ecosystem offers a variety of applications like lending, borrowing, and decentralized exchanges.

In-depth Summary :hibiscus:

Bitcoin has long been known for its core functions as a store of value and a transfer of value. However, the lack of smart contract capabilities and applications has been a limitation. This is now changing with the emergence of Bitcoin L2 solutions like Merlin Chain.

Merlin Chain is a Zero Knowledge L2 built on the Polygon stack, utilizing Celestia for data availability. It supports a wide range of token standards, including BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. This allows users to interact with Bitcoin assets and build applications on top of the Bitcoin blockchain.

Merlin Chain has quickly gained traction, currently ranking 7th with over $1 billion in TVL. A significant portion of this TVL is attributed to the native yield protocol Solv, which uses various strategies to generate yield for users. The integration of the Particle network also enables seamless bridging of Bitcoin from the L1 to the L2 ecosystem.

Within the Merlin Chain ecosystem, users can access a variety of applications, such as lending, borrowing, and decentralized exchanges. While the ecosystem is still in its early stages, new applications are being added regularly, showcasing the growing potential of Bitcoin L2 solutions.

ELI5 :lollipop:

Bitcoin is like a big, secure vault where people can store their money. But for a long time, the vault didn’t have any fun things inside, like games or apps. Now, with new technology called “Bitcoin L2s,” the vault is getting all kinds of cool stuff! Merlin Chain is one of these L2s, and it lets people do lots of fun things with their Bitcoin, like earning interest or trading it for other things. It’s like the vault is turning into a whole amusement park!

Writer’s Main Point :cherry_blossom:

The main point of the article is to highlight the emergence of Bitcoin L2 solutions, such as Merlin Chain, which are enabling the development of real-world applications and use cases on top of the Bitcoin blockchain. This is a significant step forward in unlocking the potential of Bitcoin beyond its core functions as a store of value and transfer of value.

Relevant Links :link: