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#BingVentures #ChartoftheDay Recently, the #Bitcoin #Layer2 network Merlin Chain announced the launching of its set of wrapped tokens, collectively called M-Token, and started minting M-BTC, the bridged wrapped token you will receive for staked BTC. Over 3,000 #BTC were moved into Merlin Chain over bridges and converted into M-BTC in 48 hours. M-Token is a validation for the assets users have staked before. After the Merlin's Seal event (a launch campaign for its governance token $MERL) ends (expected to be the end of April), users can exchange M-Token for the original assets at a 1:1 ratio. Compared to assets staked on L1, M-Token on L2 has more use cases, including opportunities to participate in Merlin’s future airdrops. Following the M-Token’s launch, many projects in the Merlin Chain ecosystem have announced token launch plans or major updates one after another, vying for the inflow of liquidity, including Merline’s first Runes asset $RUFI, DEX project MerlinSwap, and gaming project Dragonverse Neo. Merlin’s TVL has reached $3.73 billion, of which $2.4 billion is BTC assets. The liquidity war in the #Bitcoin ecosystem has kicked off, but the overall liquidity in the market is not ample. We expect capital to flow back and forth among different projects depending on the incentives. How to retain capital within its ecosystem and grow it will be a question for all projects.

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