Let’s take a deeper look at how Merlin ensures the safety of funds.
Fund security is directly related to the life and death of the public chain. As one of the hottest Bitcoin-native second-layer networks today, Merlin Chain has attracted an astonishing total locked value (TVL) of US$3.5 billion in just 30 days since its launch, and attracted the construction of more than 200 projects. However, what follows is a serious challenge to financial security. How to protect the safety of these 3.5 billion US dollars has become an urgent focus for all users.
Merlin Chain has taken a series of strict security measures to ensure the safety of funds. First of all, in terms of architecture design, Merlin took security into consideration and cooperated with multiple security teams such as SlowMist to build a secure and transparent system through layers of encryption such as decentralized Oracle, diversified asset support, proxy pledge, real-time monitoring and exit mechanism.
Secondly, Merlin shares the data storage layer (DA) security with Celestia, enhancing the transparency and credibility of the network through the public data availability guarantee provided by Celestia, ensuring the verifiable release of block data.
In addition, Merlin adopts a solution based on Taproot's aggregated zero-knowledge proof and Rollup data writing to the Bitcoin mainnet, so that all second-layer data is submitted to Bitcoin's first layer for security verification, inheriting the security of Bitcoin.
In addition, Merlin’s asset management adopts Cobo’s co-management mechanism and uses its MPC wallet solution to achieve institutional-level security, free from the impact of single point failure of private keys.
Finally, Merlin established the Merlin Security Committee and cooperated with multiple security companies to audit ecological projects, while supporting users to monitor their ecological security through third-party independent platforms such as mistTrack.
In general, fund security is crucial to the survival of the public chain. Merlin Chain not only invests a lot of resources in security and continues to increase it, but also encourages individuals and teams to discover vulnerabilities and contribute to ecological security to ensure the long-term prosperity of the ecosystem.