Citrea

Merlin Chain and the Making of a Bitcoin-Native Layer 2 Network

It was officially announced in January 2024, and a testnet bridge was launched soon after. In February, the mainnet was rolled out with a fair launch event tagged Merlin’s Seal that achieved a TVL of over $3.5 billion. Merlin Chain recently secured seed round funding from 24 investors, led by OKX Ventures, ABCDE, Foresight Ventures, and Arkstream CapLike. Like other Bitcoin Layer 2 solutions, Merlin aims to unlock greater utility for Bitcoin, boosting its adoption and enhancing its user base.