Penta Lab 研报:Merlin链 - TVL稳步增长引领比特币二层生态

币圈资讯 阅读:38 2024-04-22 04:35:14 评论:0
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作者:Penta Lab

项目名称:Merlin链

6个月预估市值:66亿美元

Penta十维度评分: 92 分

完整研报下载:https://t.me/pentalabio

官网:pentalab.io

项目介绍

Merlin项目是针对比特币生态系统的侧链方案,它旨在通过一系列创新的技术策略,弥补比特币在智能合约和去中心化应用方面的不足。Merlin的目标是实现资产在比特币主链与侧链之间的无缝映射,并提供一个去中心化且安全的二层网络。Merlin项目作为比特币侧链先驱,整合了多家侧链技术,以增强比特币网络的功能性和扩展性。通过其创新的多签名和zk-proof方案,保障了资金安全和网络可靠性。

唯一自研BTC跨链桥,提供高性能、高兼容性BTC生态扩展解决方案。

Merlin侧链是唯一自研的BTC跨链桥,支持BTC/BRC-20/BRC-420/Bitmap/Ordinals,后续将支持Atomicals、Stamp、Runes,并且支持ETH、Arbitrum、Manta、Tron等资产,资产兼容性好。Merlin使用BTC-Connect用BTC钱包控制EVM地址;引入并且投资了二层铭刻一层资产的dApp;实现了M-token,让用户质押的资产可以继续消费/质押/借贷。

Merlin团队在BTC Layer1开发了BRC-420协议,借助内容上链实现铭文模块化和代币化

引入类POS节点机制,高安全性的去中心化资产管理机制。

每个签名者公开透明,这意味着任何人都可以验证签名者的身份和行为。具体而言,Merlin采用了零知识证明(zk-proofs)技术,以确保在资产映射和验证过程中的隐私性和安全性。通过将zk-proofs传回比特币的主链,Merlin确保了数据的可验证性,同时不牺牲用户的隐私。侧链技术的应用Merlin项目的侧链技术解决了当前比特币生态系统面临的一些限制,如智能合约的执行和二层扩容问题。通过利用侧链,Merlin能够为比特币带来以太坊类似的功能,同时保留了比特币网络本身的安全性和稳定性。

独特的多节点签名机制和zk-proofs技术相结合,提供了安全且去中心化的侧链环境。

Merlin通过严格限额的签名机制及风险多方分摊,有效降低了单方作恶的风险。Merlin还提出了一种基于欺诈赔付的机制,其中二层的stakers需要在特定地点质押他们的币。这种机制允许在发生错误或恶意行为时,通过第三方layer对用户的资金进行赔付,增加系统信任度。

比特币生态先行者,积极布局未来建立散户生态。

Merlin项目在市场上取得了显著的成功。该项目的staking效果显著,TVL(总锁定价值)近40亿美金已经超过Solana。Merlin通过吸引用户资金进入并在其生态内获取收益,来进一步增加其TVL,包括提供独家合作项目和质押回报。

在比特币生态仍然处于初期的阶段,对于用户而言比特币Layer1资产的收益不足,而在Layer2能够使比特币生态的资产获取更多收益,Merlin通过优秀的项目生态成功吸引了个人用户资金,能够处理包括Ordi、Sats在内的大量种类的资产,赢取了用户对Merlin项目的信任和接受度。这一点通过链上数据的真实性和活跃性得到了印证。Merlin当前出块数量已经达到了380万,85万个地址正在使用,由数百个dAPP已上线或筹备中。

Merlin通过提供多样化的资产进入方式和丰富的财务活动,如借贷、流动性提供和交易,成功地建设了一个活跃的生态系统。项目团队意识到在牛市中,一个强大的生态系统可以为用户提供更多的机会。因此,Merlin专注于增加其生态的阿尔法和吸引高质量的项目,以保持其生态系统的活跃度和吸引力。

Merlin项目的未来发展将集中在提高其侧链技术的去中心化程度,增强安全性,以及扩大其在比特币生态中的应用。Merlin的社区是散户为主的生态,Merlin将持续用行为去引导市场,保持大用户体量和高用户声量的活跃社区环境。同时,项目将寻求新的合作伙伴和市场机会,以增强其竞争力。

市值预估:基于行业内其他二层链(Layer2 Solution)如Arbitrum、Polygon和Optimism的数据,我们对Merlin项目进行了市值预估。首先,我们观察到二层链头部项目从峰值TVL经历了大约50%的回撤,且目前二层链头部项目的FDV/TVL平均比率为11倍。借鉴这一赛道比率,并考虑到Merlin项目的TVL为40亿美元,我们可以推断,在类似50%的回撤条件下,Merlin的目标FDV可能是220亿美元。若进一步假设首批30%的代币流通,那么Merlin的目标流通市值将是66亿美元。

这个估值尝试将Merlin的表现与同类项目对比,同时考虑了市场共通的趋势和Merlin特有的性质。然而实际估值可能会由于项目的特定技术优势、市场接受度、流动性和更广泛的市场条件而有所不同。因此,虽然这个估值提供了一个参考框架,但它需要根据实时数据和市场情绪的变化进行调整。

主要风险:长期应用叙事兑现风险,竞争风险,流动性风险

声明:本文之著作权由Penta Lab持有。任何商业性质的复制、分发或传播,均需事先取得Penta Lab明确的书面授权。对于非商业性的信息传播,必须保留并明确注明本作品的原始出处和Penta Lab信息。本文内容反映的仅为Penta Lab观点,并不代表推荐任何投资行为。本文提及的任何标的均不构成投资建议。投资者应基于自身独立判断作出投资决策,且需自行承担相应投资风险。市场存在风险,投资需谨慎。


The author's project name chain is estimated to have a market value of US$ 100 million per month. Ten-dimensional score points download complete research report. The official website project introduction project is aimed at the side chain scheme of Bitcoin ecosystem. It aims to make up for the shortcomings of Bitcoin in intelligent contract and decentralized application through a series of innovative technical strategies. The goal is to realize the seamless mapping of assets between Bitcoin main chain and side chain and provide a decentralized and safe two-tier network project. As a pioneer of Bitcoin side chain, it integrates a number of side chain technologies to increase. The functionality and expansibility of the strong bitcoin network ensure the safety of funds and the reliability of the network through its innovative multi-signature and scheme. The only self-developed cross-chain bridge provides high performance and high compatibility ecological expansion solution. The side chain is the only self-developed cross-chain bridge to support the subsequent use of assets such as support and support. The wallet control address was introduced and the first-layer assets were invested, so that the assets pledged by users can continue to be consumed. The pledge lending team developed an agreement with the help of the internal. The upper chain realizes the modularity of inscription and token, and introduces the decentralized asset management mechanism of class node mechanism with high security. Each signer is open and transparent, which means that anyone can verify the identity and behavior of the signer. Specifically, the zero-knowledge proof technology is adopted to ensure the privacy and security in the process of asset mapping and verification. The side chain technology of the application project of the side chain technology will ensure the verifiability of data without sacrificing the privacy of users. Some restrictions faced by the pre-Bitcoin ecosystem, such as the implementation of smart contracts and the problem of second-tier expansion, can bring similar functions to Bitcoin by using side chains, while retaining the security and stability of the Bitcoin network itself. The unique multi-node signature mechanism and technology combine to provide a secure and decentralized side chain environment, which effectively reduces the risk of unilateral evil through strict limit signature mechanism and multi-party risk sharing. A mechanism based on fraudulent compensation is also proposed. The layer needs to pledge their coins at a specific place. This mechanism allows the third party to pay the users' funds when there is an error or malicious behavior, which increases the trust of the system. The pioneer of bitcoin ecology actively lays out the future establishment of retail ecological projects, which has achieved remarkable success in the market. The total lock-in value of this project is nearly 100 million US dollars, which has exceeded the further increase by attracting users' funds to enter and gain income in its ecology, including providing exclusive cooperation projects and pledge returns. In the initial stage of bitcoin ecology, the benefits of bitcoin assets are insufficient for users, but now the assets of bitcoin ecology can gain more benefits. Through excellent project ecology, individual users have been successfully attracted, and the funds can handle a large number of assets, which has won users' trust and acceptance of the project. This has been confirmed by the authenticity and activity of data on the chain. At present, the number of blocks has reached 10 million, and hundreds of addresses are being used. In the preparation, an active ecosystem has been successfully built by providing diversified ways of asset entry and rich financial activities, such as loan liquidity provision and trading. The project team realized that a strong ecosystem can provide more opportunities for users in the bull market, so it focused on increasing the alpha of its ecology and attracting high-quality projects to keep its ecosystem active and attractive. The future development of the project will focus on improving the decentralization of its side chain technology and enhancing safety. Sex and the community to expand its application in Bitcoin ecology are retail investors. The ecology will continue to guide the market with behaviors to maintain an active community environment with large user volume and high user voice. At the same time, the project will seek new partners and market opportunities to enhance its competitiveness. Market value estimation Based on the data of other two-tier chains in the industry, we have estimated the market value of the project. First, we observed that the second-tier chain head project has experienced about a retreat from the peak and the current second-tier chain head project is flat. Drawing lessons from this track ratio and considering that the project is $100 million, we can infer that the target under similar withdrawal conditions may be $100 million. If we further assume that the first batch of tokens are circulating, the target circulation market value will be $100 million. This valuation attempt compares the performance with similar projects, taking into account the common trend and unique nature of the market. However, the actual valuation may be different due to the specific technical advantages, market acceptance, liquidity and broader market conditions of the project. Therefore, although this valuation provides a reference framework, it needs to be adjusted according to the changes of real-time data and market sentiment. The main risks are the long-term application of narrative, the cash risk, the competition risk and the liquidity risk statement. The copyright of this article is owned by any commercial reproduction, distribution or dissemination, and it must be explicitly authorized in advance. For non-commercial information dissemination, the original source and information of this work must be preserved and clearly indicated. The content of this article reflects only opinions and does not mean recommending any. Investment behavior: None of the targets mentioned in this article constitutes investment advice. Investors should make investment decisions based on their own independent judgment and bear the corresponding investment risks themselves. There are risks in the market, so it is necessary to be cautious. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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