REVIEW: MERLIN, THE FASTEST GROWING AUTO-COMPOUNDING YIELD AGGREGATOR
For the bitcoin sector, the increase in decentralised financial services (DeFi) has been an extraordinary windfall. No functioning farm initiatives that actually benefit consumers holistically despite the increase of the DeFi goods on the Binance Smart Chain (BSC).
With its all-embracing DeFi platform, Merlin blends yield maximisation with functionality.
We know that the auto-composition benefits are exponential and the amount of major crypto-currencies are accrued (e.g. BTCB, ETH, BNB, CAKE etc). We have thus created:
A return aggregator to boost your investments automatically
An ecosystem that allows you get more important cryptocurrencies (including BTCB, ETH, BNB and CAKE.)
Mission
Merlin exists to provide everyone in the digital economy more freedom, accessibility, and asset sovereignty.
Long-Term Objective
Create a comprehensive product suite not only for BSC, but for all chains.
Increase the value of MERL tokens by implementing continuing deflationary measures to regulate token supply and building complementing product features that will boost token use.
Audits and a multisignature method are used to improve protocol security and resilience.
IS MERLIN SAFE?
We have commissioned 3 audits from prominent blockchain security auditing companies as part of Merlin’s constant commitment to provide our users with a safe platform. Our first comprehensive Hacken Cybersecurity audit has been completed with flying colours.
❖ Hacken Cybersecurity — Complete
Hacken is a renowned cybersecurity consulting firm that has a strong emphasis on blockchain security. Hacken provides a wide range of security services, including blockchain security consulting, web/mobile penetration testing, bug bounty programme coordination, crypto exchange ratings, and cybersecurity education.
Architecture review, functional testing, computer-aided verification, and manual review were all part of Hacken’s audit technique. The Merlin code was examined for the following reasons:
Reentry into society,Takeover of Ownership,Dependence on the Timestamp,Gas Capacity and LoopsDoS with a (Surprising) ThrowBlock etc.
❖ Secured Rating
❖ Certik — in advance.
❖ Haechi Labs — In Progress
A team of seasoned blockchain technology, and cybersecurity specialists creates and manages Merlin, hence your investment is totally secure.
Smart Contracts Security.
Smart contracts are a blockchain invention that allows cryptocurrencies and decentralised applications to communicate with one another. Merlin’s smart contracts have all been audited by a number of reputable blockchain audit security businesses. For further protection (check above for the security audit businesses), future product development releases will be audited each time before being released to the public.
To secure our users and their cash, Merlin has incorporated timelocks across all of our smart contracts. Timelocks imply that any modifications to smart contracts must be made after a certain amount of time has passed.
For optimal user protection, Merlin has installed timelocks on all vaults. However, in recent times, Merlin Lab’s Security Strategy Has Been Revised
To safeguard our community from the dangers of flash loan scams. To improve our security, the following changes have been made to the Merlin Lab code:
● Fair LP Price computation (by Alpha Homora), as well as the usage of Fair Asset Price via Decentralized Price Oracle — Chainlink. Merlin can determine the fair LP token price using a mix of fair asset pricing and fiar asset reserves, which is non manipulable and immune to attack vectors like flash loan assaults.
● Merlin smart contracts are protected from external smart contract engagement. Smart contracts are used to carry out flash loan assaults. Merlin has now put a halt to all external smart contracts attempting to communicate with Merlin’s contract. This signifies that we’ve taken steps to reduce the possibility of a flash loan attack in our procedures.
The Merlin team has taken additional security precautions to ensure that our community and users remain safe:
● Insurance plans are being introduced — Merlin Lab is in the midst of negotiating an insurance plan with Soteria. Once completed, Merlin Lab members will be able to purchase insurance to protect themselves against smart contract failure and any exploitation. We believe that this will give Merlin Lab users with an extra degree of security.
So, be rest assured because Merlin Lab has always prioritised user security. While their development team has conducted frequent tests of their smart contracts and code to ensure that the Merlin ecosystem maintains high security standards.
Road-Map
The Merlin road map may be seen below. Please note that the items on the roadmap are not listed in the intended order of completion. We’d like to share our mission and aims with you before we go into the details:
❖ In the first quarter of 2021, the DeFi model will be fully formed.
1. Forming a complete risk assessment model
2. Raise funds in a strategic round
3. Hires of additional core devs
4. The Merlin website’s brand identity and UI/UX design
❖ Second quarter of 2021:
1. Pre-launch marketing initiatives such as an Airdrop campaign and ambassador programmes should be carried out.
2. Merlin smart contracts have been fully developed.
3. The Zap function has been fully developed.
4. Set up a testnet for pre-launch testing.
5. Hacken Cybersecurity recommends working with an audit company.
6. Engage with audit firms — Certik and Haechi [in process audit]
7. Hacken Cybersecurity will conduct a full audit.
8. Certik and Peckshield were used to complete the audit.
9. Marketing actions should be deployed and amplified.
10. Merlin’s Bounty Rewards Program will be launched.
11. Engage in listing discussions with CEXs.
12. Pre-sale is now open to the general public on Bounce.
13. Start the mainnet.
14. More wallet integration should be enabled (TrustWallet, MathWallet, Binance Chain Wallet, WalletConnect)
15. Launch a website that is multilingual
16. Complete the Lottery’s UI/UX.
17. New single-asset deposit vaults will be launched (enable auto-compounding for ETH, BTCB, BNB)
18. Merlin pools with greater key token prizes should be added.
19. Increase the number of auto-compounding LPs.
❖ Q3 2021: Additions to deflationary mechanisms are implemented, and burn contributions begins.
1. Lottery development in its entirety
2. Organize a lottery
3. Reserve burn and open buyback
4. Chains that cross each other
5. Prepare for CEX listings by completing the CEX listing process.
6. Continued marketing and public relations efforts to build awareness
7. Releases of new products
BENEFITS MERLIN OWNERS GETS TO HAVE
1. MERLIN LOTTERY: Every day, everyone has a chance to win the lottery with our Merlin Magical Lottery.
What is the principle behind it?
The cost of a single lottery ticket is 0.2 Merlin (This may be adjusted over time depending on Merlin price)
Lottery phases
Phase 1 — Buy Tickets; Users who purchase one ticket will receive a random four-number combination, with each digit ranging from 1 to 14, such as “3–6–3–9.”
Phase 2 — Lottery Draw! (1 PM UTC)
Phase 3 — Felicitation and Distribution (1 PM — 2 PM UTC).
One of numerous deflationary games that Merlin will play in the next months, is the Merlin Magical Lottery. Stay tuned, every day the Merlin team works hard to expose you to fresh features.
2. CMERL RECOVERY POOL: The Merlin team is presently working for the release of the cMERL Recovery Pool. The cMERL Recovery Pool was scheduled for 3PM +UTC live 29 May 2021.
As of 26th, May 2021, all MERL holders and stakers are eligible for cMERL. When the pool is available, cMERL gets staked automatically in the recovery pool.
The Recovery Pool contains -
● The total Amount Paid
● Reward
● Timer
● And total amount claimed
The total amount paid is the aggregate value that cMERL holders have received since the Recovery Pool launched. Only once consumers claim the benefits will the sum be increased constantly. The cMERL:MERL ratio is 1:1. This amount is immediately put into the cMERL pool and stacked for you until 26 May 2021, when you were a MERL holder or stacker.
Meanwhile the reward, Includes the BNB and MERL total you have acquired and have not yet claimed. You may claim your rewards in other pools and put them in place as you progress. This allows customers to earn additional benefits by placing their MERLs in the MERL pad for better APY.
A total of 40 days from the start date is required for the cMERL pool. While the Total amount claimed is the total amount of money you’ve actually claimed. The dollar value is merely an estimate of the token worth you’ve earned based on current token values. As a result, it may differ from the dollar worth of your awards at the time you claimed them.
3. Enhanced Security System
4. Improved Reward System which is notable in the improved tokenomics
We will be doing periodical burns and buybacks to rebalance the token economics on top of the Recovery Pool, as outlined in the Our Road Ahead post. We’ve already burned 2290 MERL tokens in our first buyback and burn.
TOKENOMICS
Previous Merlin Lab tokenomics:
● Boosted Yield Converter (a.k.a. Performance Fee) 50%
● 25 MERL per BNB
Improved Merlin Lab tokenomics:
Due to the Merlin minter experiencing an economic exploit that resulted in an overabundance of tokens being produced. Though there were no vaults that were broken into and the team guaranteed that All funds were secure. All Merlin minting had been put on hold during that period and Vaults are auto-compounding as normal, with rewards exclusively available in the native token.
Recovery plans were made by the team on May 26 2021 and these were the conclusions, The events of that week, as well as the terrible occurrence, have provided the Merlin team with a valuable lesson. They have thus taken advantage of the opportunity to restructure their internal procedures and have hired a security consultant to help strengthen the security procedures. Merlin emerged stronger as a result of this, and has continued to provide a secure DeFi environment for our community. Evident in its new tokenomics
● Boosted Yield Converter (a.k.a. Performance Fee) 30%
● 35 MERL per BNB
How to Purchase $MERL
Requirements — For the gas cost, you must have BNB in MetaMask on BSC.
Have another cryptocurrency to trade in MetaMask on BSC for MERL?
What is the best place to buy MERL tokens?
You can trade MERL via Pancakeswap exchange.
You may buy MERL from the PancakeSwap MERL-BNB pool here: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xDA360309C59CB8C434b28A91b823344a96444278
MERL token contract address: 0xda360309c59cb8c434b28a91b823344a96444278
We’re also working on expanding the number of CEX and DEX exchanges where MERL may be traded.
Recently, Merlin Team launched a new program called, “Merlin, $200,000 USDT Bounty Reward Program.” the rationale behind the program was to encourage a strong and active community.
And now the bounty phase 1 has ended, we hope to anticipate for phase 2 in the nearest future
More information can found below
Article written by: d0nsly
Telegram username: t.me/d0nsly
BSC wallet address: 0x99fa04750fF40D10EaD3351985658a673A6fD44F
