No wonder I had lunch in the morning,

My friend said he has already built a position in $MERL during this time.

The position of $MERL really makes it hard not to think seriously.

In the past two years, BTCfi has gradually moved from being unknown to entering the mainstream spotlight, with projects such as Solv, Bedrock, Babylon, and TimonFun being launched one after another.

Gradually verify the "staking → earning → liquidity conversion" process of BTC. In the early stages of this process, Merlin Chain was almost the only fully self-developed project that successfully ran BTC earning on-chain.

The TVL once reached a maximum of $3.8B, with over $1.2B in assets locked in just the Solv and Bedrock platforms, which proves the true capacity of its on-chain closed loop.

Now, with the official release of Merlin 2.0, the asset positioning of BTC is shifting from "purely a store of value" to "a long-term, interest-bearing productive asset":

Hold → Earn → Invest
0 Exchange currency to participate in native yield, APR can reach 7.99%
One pledge, multi-chain deployment, AI-assisted strategy execution
Support users to participate in farm / IDO / AI asset allocation without pain.

I believe this is not just an update, but an upgrade of the entire BTC ecosystem narrative.

Of course, looking at the valuation will be clearer:

$MERL current market cap ≈ 100 million USD, FDV ≈ 260 million, far lower than the previous cycle high;

Compared to other BTCfi projects, Babylon alone has pushed the FDV over 400 million, while $MERL is a truly integrated platform with TVL, strategy execution, and cross-chain interaction capabilities.

The total market capitalization of BTC has now exceeded $1.3T. If the activation rate of the BTCfi market reaches 10% in the future, that would represent a potential scale of $100 billion, far beyond the current valuation.

If we consider the current Merlin as being in the same position as Lido for BTCfi, then its valuation ceiling will not only be in the on-chain BTC market but also has the chance to become the "largest global BTC liquidity financial system."

What is your choice regarding this position, this valuation, and this fundamental?