introduction
There are a series of Defi platforms rising up recently with the motives of providing solutions to the challenges facing the Defi systems. These platforms have not really introduced measures that will give lasting solutions to the Defi system challenges. There are still trust issues and low increases in the socioeconomic lives of the participants in the cryptosystem. These challenges are what moved a group of zealous experts in the cryptosystem to come together and pool their years of experience in the establishment of the Merlin Defi community, with the zeal of providing lasting solutions to these challenges.
Merlin platform will introduce and establish great and unprecedented products with unique features that will assist its users to optimize their aims of participating in the cryptosystem. There will be adequate and maximized yield return on investment for users in the Merlin community. The primary focus of the Merlin team is on reducing gas fee costs, APY tracking, securing the motives of Defi users which is to maximize their yield farming at a very low cost.
Merlin platform is based on smart contracts that is built on blockchain technology which will assist to protect and maintain the values of the platform.
Merlin has instituted special lucrative products across the crypto blockchain, there are also mechanisms that will entice both existing and new crypto investors to utilize MERL tokens, and also regulate the quantity of tokens circulating in the ecosystem in order to improve its value. There will be frequent auditing cum checks and balances conducted on the community activities to guarantee security of the system and assets
They have established a yield aggregator that will enhance auto-compounding of assets (such as notable cryptocurrencies like BTCB, BNB, ETH, CAKE, etc). They have also developed an ecosystem that will help users to earn more cryptocurrencies.
Merlin Mission
The Merlin community is moved by an objective of actualizing financial freedom, access, and sovereignty for every participant in the cryptosystem. They initiated and implemented strong set ideas to achieve this which include:
Establishment of special great unique products across the crypto blockchains
Developing product features that will enhance token utility and ushering in mechanisms that will regulate the amount of tokens circulating in the ecosystem so as to improve and maintain its value.
Constant auditing and conducting security checks of the community activities to guarantee security of the system and assets.
Instituting accessible blockchain products through user-centricity
Controlling Merl Supply
There is no exact quantity of MERL tokens that will be supplied to the community by the management team. This may be a source of worry and threat to the asset of the users during market volatile conditions. It is minted in the proportion of BNB earned on the platform. Therefore, the team has some measures implemented to control the supply of the tokens in order to protect its value. Such include:
Burning
The team sets aside 50% of the community proceeds for the purpose of buying back MERL tokens during volatile situations in the industry in order to stabilize its value.
Lottery
The team also sets aside 50% of the proceedings and use it to acquire MERL tokens for staking in a lottery pot.
Merlin Ecosystem
Merlin community operates a yielding program whereby it accepts deposits from its users and re-stakes these deposits. Merlin stakes these funds as financial instruments in vaults. These vaults compound interests every 2-4 hours.
Proceeds from the vaults are used for rewarding the investors and also in the development of the community.
30% of the vault's collections are converted into MERL tokens used to compensate the investors in the form of LP generated by the Boosted Yield Convertor. This improves the earnings of its users.
Upgrading Merlin Lab Security
There are instituted mechanisms by the Merlin community to prevent and protect the community from fraudulent attacks and hackers activities.
Implementation of Fair LP Price calculation
This is a process of instituting a good MERL price by the comparison of the fair asset price with fair assets reserve to realize a fair LP token price. This process saves it from attacks and fraudulent manipulations.
Outside Smart contract interaction Ban
Management has banned the interactions between Merlin smart contracts and smart contracts outside its community. This measure will regulate and reduce flash loan attacks that may result through smart contracts,
Introduction of insurance policies.
Merlin community and its smart contracts transactions will be covered with an insurance policy to cushion the effects of the failure of the contracts. The team has engaged Sotera to provide the insurance services.
The management will persistently conduct checks on the smart contracts to ensure its security and improve its standards.
Security And Audits
The Merlin platform is built on smart contracts based on blockchain technology. Blockchain technology enhances the security data and information of its transactions. Merlin established a regular audit of its blockchain contracts by a reputable audit firm. The smart contracts timing is locked by the management, stating the period of time required to effect changes in any contract.
Lotto
A lottery program will be launched by the Merlin community to compensate its members and enhance the socioeconomic activities on on the community.
Any member who desire to participate in the lottery program will have to purchase the lottery ticket with 0.2 MERL. The management limits the amount of tickets that can be purchased at a time to 50 tickets.
Each ticket is assigned a 4 digit number, which will be used to compare the lottery drawn winning numbers. The 4 numbers on the ticket must match exactly with the drawn number for the user to hit the jackpot. There will be compensation prizes for ticket(s) with 2 or 3 matching numbers that match with the drawn lottery numbers.
The lottery program is designed that 50% of the reward prize is won by the ticket(s) with the correct matching 4 numbers. It will be split among the winning tickets, it there are more than one ticket.
The ticket(s) with 3 matching numbers is allocated 20% of the lottery prize.
10% of the prize is allocated to the ticket(s) with 2 matching numbers.
The remaining 20% of the pot is burnt.
The lottery tickets are drawn randomly every 24hours, i.e once daily.
Roadmap
These are steps taken in the establishment of the Merlin community. They are as follows:
Q1 2021
Defi formation
Establishment of risk assessment model
Strategic round raising
Hiring Additional core developers.
Brand identity
UI/UX design of the Merlin website
Q2 2021
Executing pre launch activities such as Airdrop and ambassador campaign.
Development of Merlin smart contracts
Development of Zap feature.
Deploy testnet for pre launch checks
Engagement of audit firm - Hacken Cyber security and complete auditing.
Complete audit with Certik and Peckshield
Deploy market activities
Launch Merlin bounty reward program
Engage CEXs for listing
Conducting public presale
Launching of mainnet
Enable wallets integration
Establishment of multi-language website
Finalise UI/UX for lottery
Launch new single-asset deposit vaults
Add Merlin pools with more key token rewards
Adding more auto-compounding LP
Q3 2021
Launching more deflationary mechanics and burn contribution
Development and launching of lottery
Open buyback and burn reserve
Cross chain
Processing of CEX listing
Creation of awareness through marketing and PR activities.
Additional project release
Useful Links : Telegram Announcement: https://t.me/merlinannouncements
Telegram Community: https://t.me/merlinlab
Telegram Bounty Rewards Group: https://t.me/merlinbounty
Twitter: https://twitter.com/Merlinlab
Reddit: https://reddit.com/r/MerlinLab
Medium: https://merlinlab.medium.com/
Website: https://www.merlinlab.com
Writer Details :
Bitcointalk Username : Seasleep
Bitcointalk Forum Profile : https://bitcointalk.org/index.php?action=profile;u=2768222