Bitcoin Layer2 Merlin Chain, which has grown by more than $3 billion in TVL in less than two months, announced yesterday (25th) on the X platform that BTC locked in staking has been unlocked.
The unlocking of BTC staking, as well as BRC-20 and Ordinals NFT, is still pending.
According to a tweet by Merlin Chain, the unlocking of BTC staking is divided into two categories:
1. Users who have not claimed M-BTC can choose to unlock BTC staking to Layer 1 (Bitcoin mainnet) addresses. This process requires gas fees and will be bridged back to Layer 1 within 3 days.
2. Users who have claimed M-BTC can exchange M-BTC for BTC at a 1:1 ratio, and the BTC will be stored in their wallets. Additionally, users can also use the Merlin bridge to bridge BTC out, but they need to ensure that their wallets have sufficient gas fees.
Merlin Chain also reminded users that congestion may occur on the Merlin Chain due to excessive transactions, so users can wait for non-peak hours to make the exchange.
Furthermore, some dApps accept the use of M-BTC, but currently, there is no channel for exchanging BTC to M-BTC on the Merlin Chain. Therefore, if users want to participate in M-BTC activities, they can consider temporarily holding M-BTC, as the channel for exchanging M-BTC to BTC remains valid.
On the other hand, Merlin Chain announced that it will soon support the unstaking of BRC-20 tokens, followed by Ordinals NFT.
The governance token of Merlin Chain, MERL, has experienced a 3% decline within 24 hours. Although there was a slight increase in MERL at the time of the announcement of BTC unstaking, it subsequently decreased along with the overall market downtrend. According to CoinGecko data, MERL, the governance token issued by Merlin Chain, has dropped by 3% in the past 24 hours and is currently trading at $0.8.
MERL Price Source: CoinGecko
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