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BIT Acts as Custody Partner for Merlin Chain, to make ETHS staking available

BIT Acts as Custody Partner for Merlin Chain, to make ETHS staking available

Merlin's Seal is on the horizon, and now is your chance to secure your spot in obtaining Merlin Chain's governance token, $MERL, by staking your assets and accumulating M-points daily. 

For ETHS users, the exclusive method to stake assets and collect M-points for the airdrop is through BIT, the official partner of Merlin Chain. The feature is scheduled to go live at the end of February.

Users will be able to deposit ETHS into their BIT account on the app, go to the Inscription area, and stake their desired amount. BIT will synchronize the M-points every day.

About Merlin Chain

Merlin Chain serves as a Bitcoin Layer2 solution integrating the ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud-proof modules. Committed to enhancing Bitcoin's native assets, protocols, and products on Layer1, Merlin Chain aims to "Make Bitcoin Fun Again." 

As a subsidiary product line of Bitmap Tech, a pioneering OG team with a market cap exceeding $500 million, Merlin Chain's BRC-420 "Blue Box" collection has become a sought-after asset on Ordinals.

Rules for M-points

A snapshot captures staked assets hourly, converting their value to $BTC. Users receive daily M-points equivalent to the staked value in $BTC multiplied by 10,000, rounded down. Users may continuously stake new assets to accumulate more M-points, with daily calculations based on the previous day's total staked value. 

Full details can be found here:

Early Roadmap from the Merlin Team

Phase 1 (February): Users can stake various assets and claim M-points daily, with more assets to be supported later.

Phase 2: The system generating liquid staking tokens on Merlin Chain will launch within two weeks, facilitating interaction and profit generation.

Phase 3 (March): Users can claim $MERL rewards based on accumulated M-points.

Phase 4 (April): Users can withdraw staked assets using the M-Token.

Get started now

Join the Merlin Airdrop by staking your ETHS through the BIT App - the official partner of the Merlin Chain.

About BIT

BIT is a comprehensive cryptocurrency exchange designed for professional use, featuring advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin. BIT was launched in August 2020 as an affiliate of Matrixport, a prominent crypto financial services company.

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