Not updated since Nov 2, 2026
Merlin Chain Price chart
Key stats
Performance
How the price moved over each period.
Supply
2.10B of 2.10B MERL are in circulation.
- Circulating
- 2.10B
- Total supply
- 2.10B
- Max supply
- 2.10B
ⓘ Circulating · Total supply · Max supply
Circulating supply: coins currently available to trade, as reported by the data provider.
Total supply: coins created so far, minus any burned. It includes locked or not-yet-released coins.
Max supply: the hard cap on coins that can ever exist. Shown as “No max supply” when the protocol sets no cap.
CryptoWave Health score
Five measurable signals. Each ring segment’s length is its weight; how full it is shows the score.
Volume is 12.46% of market cap. Trades easily.
$41.59M market cap, rank #358. Bigger is harder to push around.
100% of the maximum supply circulates. Little dilution ahead.
98.0% below its all-time high of $1.45.
Largest recent swing: 7.95% a day. Volatile.
Describes market structure today. Not a price forecast and not investment advice.
How this score is calculated
A weighted average of five signals computed from the market data on this page. Each signal is scored from 0 to 100:
- Liquidity (25%): 24-hour trading volume divided by market cap.
- Market depth (25%): market cap, on a logarithmic scale from $10 million to $1 trillion.
- Supply (15%): circulating supply divided by max supply, or by total supply when there is no cap. More supply already in circulation scores higher.
- Distance from peak (15%): the current price compared with the all-time high.
- Stability (20%): the largest recent price swing among the 1-hour move (×3), the 24-hour move and the 7-day move (÷2.6).
Bands: 75 and above strong, 55–74 fair, 35–54 weak, below 35 fragile.
Limits: the score describes current market structure only. It is not a price forecast, an audit or investment advice, and it does not consider the team, code or token unlocks. A missing input counts as a neutral 50.
Time machine
Drag the date. See what a one-off buy or a regular buy would be worth today. Real daily closing prices, fees not included.
Loading…
What is Merlin Chain (MERL)?
Merlin Chain is a Bitcoin Layer 2 network that describes itself as the native Bitcoin Layer 2. It is EVM-compatible and aims to bring Bitcoin-native assets and protocols into a smart-contract environment. The mainnet went live in February 2024, and the MERL token was generated in April 2024.
The network combines a ZK-Rollup, a decentralized oracle network for passing data, data availability and on-chain Bitcoin fraud-proof modules. Sequencer nodes handle data transmission through these oracles.
What MERL is used for
MERL is the native token of the Merlin ecosystem. The project's tokenomics page describes several roles.
- Staking: staked MERL helps secure the network by discouraging Sybil attacks and allowing malicious actors to be slashed. Holders can delegate to consensus nodes or run one.
- Governance: holders can vote on significant ecosystem proposals.
- Fees: MERL can be used to pay transaction fees on prospective Layer 3 networks built on Merlin Chain.
Merlin supports Bitcoin protocols including BRC-20, BRC-420, Bitmap, Atomicals, Pipe and Stamp, which is why many of its apps are built around Bitcoin-native assets.
Because Merlin is EVM-compatible, developers can deploy familiar smart contracts on it, while users can bring Bitcoin-linked assets into applications such as trading and lending. The project publishes its code under the MerlinLayer2 organization on GitHub.
MERL supply and token design
The total supply of MERL is fixed at 2,100,000,000, a figure that echoes Bitcoin's 21 million. The tokens unlock gradually over four years starting from the token generation event in April 2024. Participants in the Merlin's Seal event received 20% of the supply, and the ecosystem allocation is 40%. Live circulating supply is shown in the market data on this page.
MERL also exists as ERC-20 and BEP-20 tokens. The Ethereum and BNB Chain contract is 0xa0c56a8c0692bd10b3fa8f8ba79cf5332b7107f9. Confirm it on a block explorer before trading.
Official information is on merlinchain.io.
What to check before using MERL
- Bridge and Layer 2 risk: moving Bitcoin assets onto a Layer 2 depends on bridge design and the security of the sequencer and oracle components.
- Token unlocks: a four-year vesting schedule means new tokens keep entering the market until 2028.
- Staking risk: staked MERL can be slashed, and reward rates change, so any advertised rate is not guaranteed.
- Ecosystem concentration: activity depends heavily on Bitcoin-native token trends, which can fade quickly.
- Multiple token versions: MERL exists on several chains, so check which version you hold or send.
Merlin Chain project profile
- Open source
- No
Token contracts
- Merlin Chain:
0x5c46bff4b38dc1eae09c5b… - Ethereum:
0xa0c56a…7107f9 - BNB Chain:
0xa0c56a…7107f9
Always confirm links on the project's own official channels before connecting a wallet or sending funds.
Merlin Chain market analysis
With a market capitalisation of $41.59 million, Merlin Chain (MERL) is classed as a micro-cap asset and ranks #358 of 402 cryptocurrencies with a reported market cap on CryptoWave, larger than about 10.9% of them. It accounts for roughly under 0.01% of the combined tracked market value. Micro-cap assets are thinly traded in most cases: a modest order can move the price and spreads are often wide.
Over the last 24 hours roughly $5.18 million of MERL changed hands, equal to 12.46% of its market cap, which puts its trading volume ahead of about 54.7% of tracked assets. That is an active level of turnover for an asset of this size. Its turnover ratio is higher than that of about 89% of tracked assets.
Price action: MERL moved −5.40% in 24 hours and +4.35% over 7 days. It underperformed Bitcoin by 3.34 percentage points over 24 hours but outperformed it by 8.21 points over 7 days. Against the median tracked coin (behind by 3.43 points on the day and ahead by 9.00 points on the week), it has been a relative strength in recent sessions.
To overtake Cortex (CX) just above it, Merlin Chain would need to grow its market cap by about 0.4%; it is 0.4% larger than Score (SN44) just below. Its market cap is under 0.01% of Bitcoin's.
Based on market data; not investment advice.
Merlin Chain FAQ
What is Merlin Chain?
Merlin Chain is an EVM-compatible Bitcoin Layer 2 that uses ZK-Rollup technology and supports Bitcoin-native assets such as BRC-20 tokens.
What is MERL used for?
MERL is used for staking to help secure the network, for governance votes, and for paying fees on Layer 3 networks built on Merlin Chain.
How many MERL tokens are there?
The total supply is 2,100,000,000 MERL, released over four years from the token generation event in April 2024.
When did MERL launch?
The Merlin Chain mainnet went live in February 2024 and the MERL token was generated in April 2024.
Price history
| Date | Open | High | Low | Close |
|---|---|---|---|---|
Historical price data is not available yet for this asset. | ||||