DUBAI, United Arab Emirates, April 22, 2024 (GLOBE NEWSWIRE) -- WOO has announced a strategic partnership with Merlin Chain, a leading Bitcoin Layer 2 protocol with over $3.6 billion in locked value, with a joint goal of dominating the fast-emerging Bitcoin DeFi market via driving BTC L2 adoption.
VP of Ecosystem Ben Yorke also announced BitGenie as the pilot project to receive the grant under the WOO Innovation Hub, a comprehensive DEX platform offering a one-stop shop for Ordinals, Runes, and Bitcoin-native assets.
“We are proud to announce our partnership with WOO, which aligns with Merlin Chain and WOO’s core DNA of promoting transparency and community involvement. Together, we aim to drive BTC Layer 2 adoption, capturing market share in the BTCFi sector,” said Jeff Yin, founder of Merlin Chain.
“Together, we are proud to support BitGenie, the first Runes, and Ordinals DEX on a BTC L2, offering seamless swapping and liquidity provision, as well as staking opportunities for rewards, incentivizing early users. More importantly, BitGenie will actively list other Merlin assets to expand the platform's offerings and improve awareness of BTC Layer2 activities,” Yorke, for his part said.
BitGenie, first DEX on BTC L2
At launch, BitGenie will support swap functionality for assets on Merlin Chain, becoming the first Layer 2 to support bridged Runes and Ordinals. BitGenie will feature a 0.3% Swap Fee, with all proceeds directed to liquidity providers; the protocol will not retain any fees. BitGenie expects to drop its native token (WISH) to early liquidity providers and users, to quickly bootstrap the platform.
Furthermore, BitGenie will offer staking services from day one, initially supporting staking for $MBTC and $MERL. Plans are in place to incorporate additional assets for staking, to attract more communities and partners within the BTC ecosystem.
Bitcoin-native DeFi growth
“We're witnessing explosive growth in the Bitcoin-native DeFi sector and our partnership with Merlin Chain is positioning for this opportunity by addressing the unique challenges within Bitcoin Layer 2 verticals. For our part, WOO X will provide Merlin Chain access to an expansive user base, bolstered liquidity, robust marketing assistance, and strategic counsel, igniting rapid advancement for both entities,” Ben Yorke, VP of Ecosystem said on the sidelines of the Token2049, an annual meeting of the crypto ecosystem's decision-makers.
“As Bitcoin continues to assert its dominance, in light of institutions coming in to get a slice of the cryptocurrency market, the rise of Bitcoin-native DeFi represents a significant evolution in decentralized finance, and this partnership aims to be at the forefront of these developments,” Yorke noted.
The recent growth of Bitcoin-native DeFi has been propelled by innovations like Merlin Chain, by adopting a decentralized oracle network, on-chain BTC fraud-proof modules, and zero-knowledge (ZK) rollups, offering a robust infrastructure for Bitcoin-native DeFi applications. Merlin Chain's compatibility with the Ethereum Virtual Machine (EVM) and support for Bitcoin native protocols like BRC-20, Ordinals, and Runes, expands the possibilities for decentralized applications (dApps) and smart contracts on the Bitcoin network.
WOO is an ecosystem of aligned products, including WOOFi, a leading DEX protocol with over $13B cumulative trading volume and 250k+ monthly active users, and WOO X a top global crypto centralized exchange - all centered around providing innovations and tools to users while creating more utility for the WOO token. Plans are underway to bridge WOO to the Merlin Chain, aiming to increase adoption and utility within Bitcoin's $1.2 trillion ecosystem.
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