Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Source Fxstreet
  • Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. 
  • Bitcoin Layer 2 assets noted double-digit losses in the past week. 
  • Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

Merlin Chain, a Bitcoin Layer 2 solution, has amassed $814 million in total value of assets locked (TVL) in under two months, according to DeFiLlama data. The increase came despite Bitcoin’s decline to the $61,000 level, which dragged down the prices of other BTC Layer 2 solutions such as Stacks (STX), Elastos (ELA), SatoshiVM (SVM) and BVM (BVM). 

New Bitcoin Layer 2 chain announces airdrop, amasses over $800 million TVL

Bitcoin Layer 2 chain Merlin experienced a 20% increase in its TVL this week despite the broad correction in BTC and its ecosystem tokens. BTC price has declined by around 13% in the weekly timeframe, dragging down its Layer 2 tokens with it. 

STX, ELA, SVM and BVM prices declined between 25% and 30% in the past week, according to CoinGecko data. Despite these developments in Bitcoin, Layer 2 solution Merlin chain has amassed $814 million in TVL, with a steady increase throughout this week. 

Merlin

Merlin TVL 

The increase in Merlin Chain could be attributed to the fact that its governance token MERL is expected to go live on several crypto exchanges, including OKX, on Friday. Alongside its exchange listing, Merlin announced an airdrop for eligible users on the OKX exchange, announced in an official tweet on X. 

Traders need to exercise caution when participating in airdrops and when clicking on links associated with airdrop announcements. There have been several scams where participants lose their investment when attempting to claim airdrops, due to phishing scams and fake accounts on X. 

The upcoming Bitcoin mining difficulty adjustment, known as the halving event, is likely the driver of the market correction. BTC holders and traders are likely offloading their risk assets prior to the scheduled halving on April 20. 

In the last two weeks of March and the first ten days of April, Bitcoin rallied in response to net positive inflow to the Exchange Traded Funds (ETFs) and institutional interest in the asset. The halving and macroeconomic events have likely catalyzed the recent decline in the asset’s price, with Layer 2 assets and ecosystem tokens feeling the ripple effect. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Price Forecast: BTC extends gains after third consecutive week of ETF inflowsBitcoin (BTC) extends gains, trading above $73,000 at the time of writing on Monday, following a bullish breakout from the consolidation pattern it had been trading since roughly the past six weeks.
Author  FXStreet
10 hours ago
Bitcoin (BTC) extends gains, trading above $73,000 at the time of writing on Monday, following a bullish breakout from the consolidation pattern it had been trading since roughly the past six weeks.
placeholder
Breaking: Gold falls below $5,000 as oil-driven inflation fears weighGold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran. 
Author  FXStreet
20 hours ago
Gold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran. 
placeholder
Yen Nears 160 Mark Again, Is Japan Intervention Imminent? As the US dollar continues to strengthen, the yen is once again approaching a key psychological level. During the Friday Asian trading session, USD/JPY (USDJPY) rose to near the 160 level
Author  TradingKey
Mar 13, Fri
As the US dollar continues to strengthen, the yen is once again approaching a key psychological level. During the Friday Asian trading session, USD/JPY (USDJPY) rose to near the 160 level
placeholder
WTI climbs above $95.50 as Iran says the Strait of Hormuz must remain closed West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.
Author  FXStreet
Mar 13, Fri
 West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.
placeholder
Goldman Sachs Raises Oil Price Forecasts and Warns Oil May Break All-Time Highs if Strait of Hormuz Disruption PersistsTradingKey - As tensions in the Middle East continue to escalate, concerns over supply disruptions in the energy market are heating up rapidly. Goldman Sachs' latest report raised its crude oil price
Author  TradingKey
Mar 12, Thu
TradingKey - As tensions in the Middle East continue to escalate, concerns over supply disruptions in the energy market are heating up rapidly. Goldman Sachs' latest report raised its crude oil price
Related Instrument
goTop
quote