251222 Merlin Monday Summary 🔮📰 Read Full Recap: paragraph.com/@merlin-commun… 🐾 Merlin’s Path & Coinbase Listing ∙ Grew from fair launch & inscriptions into BTCFi mainstream. ∙ Coinbase perpetual listing confirms execution, compliance, and scale, not hype. 🍂 Ordinals & BRC-20 Reality Check ∙ Ordinals weren’t “dead,” they sparked experimentation, then attention moved on. ∙ BRC-20 declined due to fee leakage, fragmentation, and no shared liquidity, not Runes. 🔶 Bitcoin Ecosystem Gaps ∙ Lacks coordination, leadership, and collaboration compared to ETH/Solana. ∙ Too many isolated standards, too little ecosystem-level thinking. 🧙 Merlin’s Direction: Independent, Bitcoin-Native ∙ Staying rooted in Bitcoin while building BTCFi, liquidity, and L2 bridges. ∙ 2026 focus: liquidity first, risk-managed BTCFi, quietly incubating AI for the right moment.