About Merlin
overview
Merlin (MERL) is a new AMM platform developed on Binance Smart Chain, which is optimized to ensure safety and provide the highest return for participants.
Merlin’s competitive advantage lies in the fact that the platform will bear its own gas fees, monitor APY, organize security and build the most effective investment strategies with the goal of maximizing yield farming profits for users. (all APYs and APRs shown are inclusive of fees).
Not stopping there, realizing the benefits of auto-compounding as well as staking to receive high-value cryptocurrencies, Merlin will automatically calculate interest for the amount you have received. from yield farming, as well as allowing staking of the project’s MERL token to get back the top coins with the highest value, such as BTCB, ETH, BNB, CAKE, etc.
Merlin Lab vaults will use the LP pricing of Alpha Homora and get oracle data from Chainlink.
Security
With an AMM platform that operates on a smart contract mechanism like Merlin, security is the first and most important factor because it directly affects users’ assets – especially after multiple attacks on Binance Smart Chain took place consecutively in the past 5 months.
Therefore, Merlin paid a lot of attention to security for his project, doing not only 1, but 3 times. smart contract audit implemented by reputable units in the blockchain field. The first audit conducted by Hacken Security certified Merlin as “good security”. The next two audits by Certik and Haechi Labs are currently underway.
Next, the project is under discussion to buy insurance with Soteria. Once completed, Merlin users will be able to purchase insurance against smart contracts being hacked or platforms compromised.
Finally, using a combination of Alpha Homora’s LP pricing and oracle data from Chainlink will ensure that LP token prices on Merlin will be completely unmanipulated, prevent the risk of flash loan attack. Not stopping there, the project has decided to minimize the ability of external smart contracts to interact with Merlin, further reducing the risk of flash loan attacks by bad actors.
Route
Q2/2021
- Complete audit with Certik and Haechi
- Implement Bounty Program for Merlin
- Complete pre-sale on Bounce
- Cryptocurrency wallet integration: Trust Wallet, MathWallet, Binance Chain Wallet, WalletConnect
- Deployment of auto-compound vaults for BTCB, ETH, BNB
- Mainnet Deployment
Q3/2021
- Implement deflation mechanisms for MERL tokens, start burning coins
- Implement lottery function chức
- Cross-chain support
- Listing on CEX
Tokenomics of the MERL . token
Main parameters
- Token name: Merlin
- Ticker: MERL
- Token standard: BEP20 – Binance Smart Chain
- Smart contract address: 0xda360309c59cb8c434b28a91b823344a96444278
- Total supply: Unlimited, can be changed later. The MERL will be issued based on the amount of BNB available on the platform.
Uses of tokens
- Staking: Staking MERL into supported vaults to get BTCB, ETH, BNB, CAKE and other valuable tokens.
- Administration
- Join the MERL lottery (coming soon)
- Get rewards from cross-chain vaults (coming soon)
Deflation mechanism
Merlin will implement many deflationary mechanisms to create bullish momentum for MERL.
- Coin Burn: 50% of the burned amount will be used to buy back MERL in the market to stabilize the price in times of market volatility.
- Lottery: 50% of the burned amount will be used to redeem MERL as a lottery reward. 20% bonus funds will then be burned.
Instructions on How to create a wallet and Buy MERL token tokens
Step 1: Install MetaMask and link MetaMask wallet to Binance Smart Chain. See Coinlive’s detailed instructions HERE.
Step 2: Deposit BEP20 tokens of Binance Smart Chain into the wallet. Users should also prepare an amount of BNB to buy MERL and as a transaction fee.
Step 3: Buy MERL tokens on PancakeSwap via the MERL-BNB pool: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xDA360309C59CB8C434b28A91b823344a96444278
Instructions for using PancakeSwap: https://coin68.com/pancakeswap-la-gi/
Instructions for Staking MERL on Merlin
Before going into the guide to staking MERL on Merlin, you need to meet some of the following requirements:
- Convert network on MetaMask to Binance Smart Chain (see instructions at here)
- There is a $MERL token in the wallet
- Have $BNB tokens in your wallet to pay gas fees
Step 1: Go to merlinlab.com and connect a MetaMask wallet that already has MERL.
Step 2: Click on the first 2 items in the image below depending on your desired reward, then select the amount of MERL tokens and approve the transfer.
Step 3: Confirm the transaction on Metamask and you’re done.
Instructions for providing liquidity on Merlin
Before going into the above guide to providing liquidity on Merlin, you need to meet some of the following requirements:
- Have BNB in your wallet to pay gas fees
- The value of the two tokens you want to provide liquidity must be equal or approximately the same
Step 1: To enter Pool on Pancakeswap to make liquidity provision
Step 2: Select “Add Liquidity”
Step 3: Connect the wallet
Step 4: Choose 2 tokens that you want to provide liquidity with on the condition that these pairs are available on Merlin’s website
Step 5: Confirm the amount of 2 tokens
Step 6: Select Supply and confirm the transaction on MetaMask
Epilogue
Through the overview article about Merlin, Coinlive hopes that readers can get information about the project as well as know how to Staking and provide liquidity on Merlin. Moreover, Merlin will be audited by Certik, Hacken and Haechi Audit so you can rest assured when using Merlin. However, in the Crypto market, all events are possible, all information contained in Coinlive’s article should not be considered investment advice. Coinlive wishes you success!