Bitcoin Layer 2s Bootstrap $2.7 bn In DeFi Deposits
DeFi deposits on the Bitcoin network have reached over $2.7 billion, up 723% from the start of the year, largely due to Merlin Chain, a Bitcoin layer 2 network.
Merlin Chain is running a campaign called Merlin’s Seal, where users can deposit Bitcoin, stablecoins, and over a dozen Bitcoin-related assets to earn M-points.
Users can claim MERL governance token rewards based on their M-points and withdraw their staked assets in April. Merlin Chain currently sends deposits to a wallet, but it plans to operate as a separate blockchain using zero-knowledge proofs. B² Network has already accumulated over $500 million of deposits.
Filecoin liquid staking protocol GLIF plans to give out points to those who stake the Filecoin blockchain’s FIL token, increasing the value of crypto locked in GLIF’s Filecoin liquid staking protocol.
(With inputs from Shikha Singh)
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