❓FAQ

What's the different from MultiBit?

MultiBit is an excellent cross-chain product for BRC-20 to ERC-20 conversion. The major distinction between Merlin and MultiBit lies in the fact that Merlin has established the conversion standards for BRC-20 to ERC-20. In terms of protocol implementation, Merlin addresses more details and is closer to the BTC ecosystem. Merlin's standards include modules such as BRC-20 Indexer Oracle smart contract, Ordinals Teleburning Address, and inter-chain communication SVP Library, making it a comprehensive Inscription-to-FT conversion protocol.

What's the benefits of BRC-20 to ERC-20 conversion?

The current Bitcoin ecosystem closely resembles the Ethereum ecosystem landscape of 2017-2018, where projects revolved around ICOs, fundraising, and narratives during the crypto boom, ultimately leading to the disappearance of 99% of projects. The turning point occurred during DeFi Summer when a wave of excellent DeFi infrastructure demonstrated that blockchain technology could serve finance. This gave rise to the decentralized finance (DeFi) ecosystem, fostering a multitude of vibrant digital assets.

Assets born on the BTC ecosystem, such as BRC-20 tokens, face similar challenges. Waiting for the native infrastructure of Bitcoin to mature requires a lengthy period. Merlin's presence aims to facilitate a smooth transition for the entire ecosystem by leveraging the Ethereum Virtual Machine (EVM). This allows more users to enter the DeFi space ahead of time, akin to the early stages of DeFi Summer.

Adapt for EVM only?

Currently, the EVM ecosystem, led by ETH network, boasts the most comprehensive infrastructure and mature DeFi products. The Merlin development team will prioritize focus on adapting to the EVM ecosystem, allowing users to enjoy the benefits of DeFi ahead of time through the Merlin Protocol.

Simultaneously, Merlin's development team is monitoring the progress of BitVM and other innovations in the Bitcoin network. However, technological innovations need time and patience. Due to the unique characteristics of Bitcoin, achieving product-level asset transfers, similar to ETH networ, may not be feasible in the future. Bitcoin's Layer 2 may require methods with thresholds such as snapshots and airdrops for asset transfers. In such cases, Merlin will play the role of an adapter, assisting users in swiftly entering the target ecosystem they wish to participate in.