What is the current price of Merlin Chain?
The current price of Merlin Chain is $0.0266 with a 4.83% change in the last 24 hours.
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Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
Merlin Chain is a Bitcoin-oriented network that runs an Ethereum-compatible virtual machine while using bitcoin as its gas asset. Users bridge BTC, BRC-20 tokens, and Bitcoin-native collectibles onto Merlin, then interact with ordinary EVM smart contracts at a fraction of Bitcoin's cost and confirmation time. The goal is to give Bitcoin's assets and communities an application layer without changing Bitcoin itself.
MERL is the network's ecosystem token, used for governance, staking, delegation to consensus nodes, and as liquidity and collateral. One point is often misreported: MERL is not the base gas token. Transaction fees are paid in bitcoin, referred to in the documentation as Merlin_BTC, although MERL can pay gas inside the account-abstraction wallet the project supports.
Official sources:
Merlin Chain launched in January 2024 out of Bitmap Technology, a company founded by Jeff Yin. Bitmap Tech was already active in the Bitcoin inscription ecosystem, and the chain's early growth was driven by that community.
The network bootstrapped through a deposit campaign called Merlin's Seal, in which participants committed Bitcoin assets before the chain was fully live. That campaign is the largest single line in the token distribution, at 20 percent of supply. The MERL token generation event followed later in 2024, alongside a small public sale through a launchpad.
Merlin's execution layer is built on the Polygon Chain Development Kit, operated in validium mode, which is visible directly in the project's repositories: a CDK validium node, CDK validium contracts, a CDK data availability component, a zkEVM prover, and a Layer 1 synchronizer. In practice, transactions are executed by a sequencer, proved with zero-knowledge proofs, and settled against Bitcoin, while transaction data is kept off-chain rather than published in full to a base layer.
The documentation describes five modules:
The ZK-rollup network Transactions are batched and compressed, proofs are generated by a zkProver built from state machines using polynomial constraints, and aggregated proofs and state roots are written to Bitcoin using Taproot.
The decentralized oracle network Sequencer nodes batch transactions and produce compressed data, state roots, and proofs. The oracle network publishes state roots to Bitcoin and retains the raw data so users can retrieve and verify aggregated transactions.
Data availability Work with external data availability networks to provide public availability guarantees for block data.
A two-step zero-knowledge proof submission mechanism Based on a design from Lumoz, provers commit a hash of their proof first and submit the full proof in a later window, which discourages proof-racing.
Bitcoin-based fraud proofs A challenge-response scheme in which a prover converts a program into a binary circuit, commits its Merkle root to a Taproot address, and must answer challenges from verifiers.
Several of these modules are written in future or planned tense, so treat the trust-minimizing components as design direction and check current docs for what is live rather than assuming Bitcoin-enforced security is already in force.
rpc.merlinchain.io and a Blockscout-based explorerValues read directly from the network:
eth_chainId call against the public endpointMERL has a fixed maximum supply of 2,100,000,000 tokens, released over four years from the token generation event. The published distribution is: Merlin's Seal participants 20 percent, public sale 1 percent, private investors 15.23 percent across two rounds, advisors 3 percent, team 4.2 percent, community 16.57 percent, and ecosystem 40 percent. Seal and public sale buyers received half at generation with the remainder over five months, while investor, advisor, and team allocations carry cliffs and multi-year schedules, and the community and ecosystem allocations release over 48 months.
The documented uses of MERL are:
The clearest differentiator is the asset set it targets. Merlin was built for BRC-20 tokens, Ordinals collections, and the inscription communities that emerged on Bitcoin in 2023 and 2024, and its bridge supports those asset types directly rather than only wrapped BTC. Paying gas in bitcoin while writing ordinary Solidity is the second distinguishing choice, and it makes the chain immediately usable with standard Ethereum tooling.
Against Ethereum rollups, the difference is where state is anchored and where data lives. Merlin settles proofs against Bitcoin and keeps transaction data off-chain in validium fashion, which lowers cost but means data availability rests on a separate network rather than on a base layer with full publication.
Against Bitcoin sidechains such as Stacks or Rootstock, Merlin chose full EVM equivalence and an existing rollup stack rather than a bespoke virtual machine, shortening the path for Ethereum developers at the cost of a more conventional design. Against custody-centric Bitcoin yield platforms, it is a general-purpose execution environment rather than a single product, though it shares with them the reality that bridged bitcoin ultimately depends on an off-chain signer set.
The key qualification is that the practical security of bridged funds depends on the multi-party computation signer set rather than on a Bitcoin-enforced exit. A user cannot unilaterally withdraw from Merlin using only Bitcoin consensus rules.
Bitcoin holds an enormous amount of value that historically had nowhere productive to go on-chain. Merlin is one of the more substantial attempts to change that, with a working EVM environment, a functioning bridge for Bitcoin-native asset types, and a live network with a steady block cadence and a real application ecosystem. It is best judged honestly: today it behaves like a Bitcoin-anchored EVM network with a trusted bridge and a permissioned sequencer, and the trust-minimizing pieces of its design remain partly ahead of it.
MERL is listed on centralized exchanges and is also traded on decentralized exchanges within the Merlin ecosystem and on BNB Chain. Availability and pairs vary by jurisdiction. The native token can be inspected on the Merlin explorer, and the Ethereum representation on Etherscan.
MERL is often available on:
Common pairs include MERL/USDT and MERL/BTC where supported.
After purchase, MERL can be held on an exchange, which is custodial, in an EVM-compatible wallet configured for Merlin mainnet (chain ID 4200) or for Ethereum or BNB Chain if holding a bridged version, or in a hardware wallet paired with an EVM wallet interface.
Because MERL exists on several chains at different addresses, confirm both the network and the contract address before any deposit or withdrawal.
You can compare MERL with related networks on Coinrithm:
Track Merlin Chain live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Merlin Chain on CoinRithm before using real money.
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Read the complete paper trading guideThe current price of Merlin Chain is $0.0266 with a 4.83% change in the last 24 hours.
The daily trading volume is $343,366 representing a 53.74% change in the past 24 hours.
The market capitalization of Merlin Chain is $38,033,770, ranking #370 globally.
The fully diluted valuation (FDV) of Merlin Chain is $55,861,161, calculated assuming the maximum supply of 2,100,000,000 MERL is in circulation.
Circulating: 1,429,811,256. Total: 2,100,000,000. Max: 2,100,000,000.
In the last 24 hours, Merlin Chain traded between a low of $0.02492 and a high of $0.02708.
MERL/USDTTether USDT0.0266 USDT
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