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1/8 Merlin Chain H1 2024 Report: The Rise of Bitcoin's Largest Layer 2
2024 marked the year Merlin Chain burst onto the scene as the leading force in the Bitcoin ecosystem. @MerlinLayer2 is grateful for the incredible milestones achieved over the past 6 months since Mainnet launch, thanks to the unwavering support of our community and partners. Let us recap Merlin Chain’s transformative trajectory.
Read Merlin Chain’s full report here: drive.google.com/file/d/1PtD…
最近发现几家CEX，提供非常离谱的借币利率（吸引用户存币），来掩饰交易所链上代币远远小于用户实际控制的币。提币时间延长甚至冻结账户不让提币。
现在Merlin官方推出活动，只要提币到链上就给高年化奖励，不需要质押，随时可以充/卖。
MERL 交易所提币活动｜第一期
⚠️近期我们发现，大量二线及以下交易所存在明显的“空气砸盘”迹象： 部分交易所的 $MERL 日成交量长期高于其实际持币数量，甚至出现 1 万枚 $MERL 数天无法成功提币 的情况。这种“空气砸盘”行为直接影响了 $MERL 的正常价格表现。
为此，我们呼吁所有 $MERL 持币者：
👉 平时将 $MERL 提至链上自持，有交易需求再充币进交易所。
🎁活动奖励：
符合验证条件的登记地址在一个月后将获得空投奖励，空投奖励约为8%的年化收益
📄参与方式：
· 填写Google form，登记参与活动地址
🔗：forms.gle/ivCv6uiJRPXzgMac7
Jeff - Merlin Chain retweeted
Merlin Monday is back with @JeffBTC from @MerlinLayer2 for a full year end review of 2025 and a look at what is coming in 2026. Then we get straight into the big question, are Ordinals dead or just evolving.
Jeff breaks down how the ecosystem has changed, what still matters, and why builders are focused on real utility. We also dig into the alternate timeline question, if @rodarmor never created Runes, would BRC20 have actually succeeded.
Then we get into one of the biggest wins of the year, how @coinbase perpetual futures trading for Merlin Chain $MERL came together and why it is such a major milestone. We close with the direction Merlin is heading next, what needs to happen for a true 10x from here, and final words from Jeff.
⏱️ Time Stamps - OnChain Revolution Show
00:00:00 - Intro to Merlin Monday
00:03:30 - Jeff joins the show
00:04:00 - Jeff reflects on the year Merlin had in 2025
00:06:15 - Are Ordinals dead?
00:13:00 - If Casey never created Runes, would BRC20 have succeeded?
00:24:45 - How Coinbase perpetual futures trading for Merlin Chain $MERL happened, and why it is a massive accomplishment
00:29:43 - The direction Merlin is heading next
00:32:30 - What needs to happen for Merlin to 10x from here
00:35:30 - Final words from Jeff
00:37:00 - Wrap up + massive thanks to our partners, your support keeps this thing alive 💛
Why is Ordinals dying?
It started with putting content on Bitcoin Layer 1, which was a fun idea at that time and BRC-20 brought the explosion. But now everybody knows 'Ordinals are dead', without even saying it.
Who is the 'winner'?
People who made fake narratives, stole people's money like those 'swap on layer 1' (I am saying those projects only have words not actual products).
People who created jpg for sale, like 0.1 btc per jpg, and made thousands of Bitcoin in 1 day.
KOL who got paid and only shill those junk.
People who continued to print new assets and made money on those.
Who suffered?
Builders who built actual products like Unisat or GeniiData or IDclub. Those builders can't rob others, so they gradually just quit this ecosystem.
Users who actually had fun, using products, making friends, staying creative, those people I missed the most but also suffered the most.
Everybody who loved the game and participated for fun not for short term money, they all suffered.
I talked to many builders through out the years, and they somehow all 'hated' this toxic environment.
Too many politics. I talked to Casey about Bitmap 2 years ago at the Ordinals Summit, nobody cared. I am the biggest sponsor for every Ordinals Summit btw. Also I made 2 donation to DOG airdrop, the community don't care too. 'Major' podcasts / twitter spaces never talked about Bitmap, or what we built at all.
Too much shilling about fake ideas, by those 'builders' who never built actual stuff. They claimed they have the 'best technology' and continue to share 'dreams' about 'decentralized solution + smart contract on L1', lol, never succeeded. They criticized Merlin will rug all those Bitcoin, and now we survived and their project is gone.
They raised money from ICO. They raised money from minting. They made thousands of Bitcoin and stay 'legit and OG' of Ordinals lol.
But yeah, now I don't care anymore. The ecosystem is dead. Scammers are long gone, some are still here trying to launch a new mint (they never do free mint lol). I am just glad we continued to build on Merlin, and now $MERL is 9x $DOG, 11x $ORDI, 30x $SATS, and better than those ICO/MINT projects who just rugged. Merlin Token is also free, all airdrop circulation for the users.
Ordinals Are Dead.
Why Ordinals, BRC-20 and Runes Died (and how to bring it back to life) 🧵
In the beginning it all felt like an opportunity. Low cost to entry. You could get an airdrop for making a single transaction on Ordinals Wallet (Pixel Pepe, Space Pepe). You could inscribe $100 in transaction fees for ORDI or BITMAP mints and have infinite upside. The vibes were insanely high, and there was a big enough market to support the few good ideas that existed.
Then big names came in and started to sell things at extremely high costs. Mints that costed 5 figures to enter (OMB, BTC DeGods, Yuga Labs, etc.,). Then Runes hit the scene, inflating attention in a market with too few participants. Nobody knew where to look: backwards towards their Ordinals and BRC-20 bags, or forwards towards the new Runes scene.
It went from a market with a few good ideas with infinite upside to an over-inflated space where nobody knew where to give their attention and focus.
Now we are seeing the results of moving from an experimental scene with cool ideas that people could speculate on --> to exponential greed and clout chasing. Prices of expensive mints are falling below 50% of mint price (Taproot Wizards, NodeMonkes), some of them went essentially straight to $0 (twelvefold, BTC DeGods) as there's zero liquidity for these collections.
Some of you will have to come to terms with the reality that many of these collections will never return to their highest values. Others have potential, but founders will have to come out of retirement to spend some of those millions they extracted and give it back to the community.
The only way Ordinals comes back is if the opportunity returns, and the vibes feel like they did – upside, fun, new ideas, exciting propositions for people.
It's time for everyone to come to terms with the reality that nonstop extraction doesn't lead to new participants looking to come in. We need to bring back airdrops, free mints and fun memes or this space will be dead forever.
No, it's not going to come back if we do nothing and wait for "retail" and hype.
No one is coming to buy your bags. We have to create the opportunity.
Okay, this was recorded 3 months ago, and I lost 25 pounds since..
📌 KBW에서 KING 을 만나다 - Merlin Chain Jeff 사장님
📷 KING 이란? @ROKMCFIREANT l @Edward__Park l @eBlockmedia l @tokenpost l @Bridge34__ 가 크립토 시장의 리더들과 함께 다양한 대화를 나누고 그들의 생각을 알아보는 자리입니다.
✅ KING Event 에어드랍 미션
1. @ROKMCFIREANT l @Edward__Park 불개미, 코같투 트위터 팔로우
2. 해당 게시물 좋아요, 리트윗, 댓글
3. 해당 폼 작성 : forms.gle/E3KWrNwD6ezNPzYA6
💵 Merlin chain편 에어드랍 : 1만원 상품권 x 300명
* 하락장을 맞이하여 긴급 재난지원금을 살포합니다!
Jeff - Merlin Chain retweeted
Merlin Chain $MERL 的永续期货交易将于 2025 年 12 月 18 日上线Coinbase
Perpetual futures trading for Merlin Chain $MERL will go live on 18 DEC 2025.
The opening of our MERL-PERP market will begin on or after 9:30 am UTC, if liquidity conditions are met, in regions where trading is supported.
Perpetual futures are available to retail traders in select jurisdictions via Coinbase Advanced. Institutions in select jurisdictions can access perpetual futures directly via Coinbase International Exchange.
在这轮烂到透顶的行情里，你能发现两种人 -
1. 无论如何都支持，信任，愿意长期缓慢收获的伙伴
2. 你做的再好也没用，反正其他项目都亏死了，就逮着你一个人往死里薅
快速认清人也算是这个行业为数不多的好事了
Jeff - Merlin Chain retweeted
Perpetual futures trading for Merlin Chain $MERL will go live on 18 DEC 2025.
The opening of our MERL-PERP market will begin on or after 9:30 am UTC, if liquidity conditions are met, in regions where trading is supported.
Perpetual futures are available to retail traders in select jurisdictions via Coinbase Advanced. Institutions in select jurisdictions can access perpetual futures directly via Coinbase International Exchange.
Jeff - Merlin Chain retweeted
🚨 LATEST: Only 10% of the top 100 tokens are green over the past 90 days.
I am very happy that @get_truenorth has taken another big step in their amazing journey. Also I am honored to invest in this company as well, to explore more opportunities for AI & Merlin in the future.
@WillyChuang is a close friend of mine and co-founder of TrueNorth, congrats to him as well!
TrueNorth raises USD 3M pre-seed to put the world's best traders in your pocket
We're building AI agents modeled after professional traders, backed by @cyberfund, @delphi_labs, @GSR_io, @snzholding and @ocularvc
Here's what we're fixing 🧵
45% APR
Who staked 6 month ago with $0.1 price, now gets $0.33 + 45% apr.
I know it’s hard to believe in anything this cycle, but sometimes it pays off.
2020年底还在上海，比特币14000-15000的时候朋友问我，还能买吗？会太贵了吗？
我告诉他，比特币会像火车一样从你面前呼啸而过，再也不回头，五年内必到10w。
回头看，比特币确实没有回到过15000，也确实到了10w。
I like my new name and handle.
The handle I got it for free from @XHandles .
