Merlin
Overview
Status
Mainnet
Type
Alt. Rollup
Fee Token
WBTC
BTC Supply
₿0
Merlin is an implementation of Polygon CDK chain. It likely is running its rollup chain on top of a permissioned fork of the EVM.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
Trust Assumption Review
BTC Custody
Very High
🛑
Merlin MBTC
Users deposit funds into a MPC wallet managed by a custodian
When users deposit funds into Merlin, they deposit funds into a MPC wallet managed by Cobo, a institutional custodian. Information on how many signers participate in this MPC scheme is not available. Merlin has stated that more players are being added into this custody scheme.
Source
Source
Data Availability
Critical
🛑
State data is stored and made available by a permissioned network. The identities of its members are under review
Merlin's parent chain is a private network. We cannot verify who is responsible for making data available. Users should remain cautious when interacting with this chain.
Network Operators
Critical
🛑
Blocks are produced by a centralized sequencer and forced inclusion mechanism is unverified
Merlin chain blocks are currently produced by a centralized sequencer. It posts state updates to its parent chain which is a private network. We cannot review its trust assumptions. Users should remain cautious when interacting with this chain.
Finality Guarantees
Critical
🛑
Sequencer batches and validity proofs posted to a permissioned network
Merlin's parent chain is a private network. We cannot verify smart contracts related to Merlin. Users should remain cautious when interacting with this chain.
Bitcoin Security
Merlin currently inherits no security from Bitcoin
Merlin's L1 contracts and data availability mechanism point to participants in an alternative consensus protocol that is not Bitcoin.
MERL token is live, but not currently used to pay transaction fees
Gas on the Merlin chain is currently paid in a BTC-synthetic. It is unknown if Merlin will use the MERL token for network security in the future.
No MEV introduced to Bitcoin, but a centralized sequencer can reorder transactions
Merlin does not introduce any MEV on the Bitcoin L1. Users trust the Merlin sequencer to not reorder their transactions to extract MEV.
Merlin does not contribute to the security budget
Merlin does not currently contribute to the Bitcoin security budget.
🚨 Project is not a sidesystem
This project will be moved to the Alternative category
Projects that do not meet our requirements to be considered a sidesystem will be moved to the Alternative category. They have until June 30th to implement the technical requirements to be considered a sidesystem.
Additional Considerations
Merlin's L1 contracts cannot be verified
Merlin Chain contracts are all currently upgradeable by an admin. The contracts it has listed on its CDKValidium can not be verified on its respective L1 blockchain.
Withdrawals
Withdrawals are processed by a custodian
Withdrawals from Merlin chain are processed by a custodial operator. Users trust that the Merlin sequencer will include their withdrawal request in a block, and that the custodial operators of the bridge will facilitate an exit from the system.
Technology
EVM-compatible
Rollux uses an EVM-compatible virtual machine. The Ethereum Virtual Machine is software responsible for smart contract execution for a number of blockchains, namely the Ethereum Network. It uses Solidity/Vyper as its coding language, which is the dominant environment for smart contract execution in the cryptocurrency ecosystem. Rollux is EVM-compatible, which means that a developer from Ethereum would have less difficulty deploying their applications on Rollux compared to other execution environments.
Use Cases
Onchain applications
Onchain applications are supported. Onchain applications including borrowing and lending protocols, onchain exchanges (commonly referred to as decentralized exchanges), and more. These applications are supported with more expressive smart contract environments.
Knowledge Bits
Learn more