What is M-Token?

M-Token is the voucher generated when assets are staked on Merlin Chain during the Merlin's Seal event, serving as a representation of Bitcoin Layer1 assets on Merlin. For instance, users that staked BTC would receive the equivalent amount of M-BTC in their Layer2 address.

On March 19, 2024, Merlin Chain opened M-Token claiming, allowing participants to mint M-Tokens with 0 gas fees. As a staking certificate, M-Tokens correspond to Layer1 assets as follows:

• Tokenized assets:

  • Participants receive an equivalent amount of M-Tokens on Layer2. For example, BTC stakers receive corresponding M-BTC, and USDT stakers receive M-USDT.

• NFT assets:

  • When issuing M-Tokens on Layer 2, metadata typically contains information such as the corresponding Layer 1 NFT number and inscription ID, facilitating correspondence with Layer1.

Eligible Staked Assets

• $BTC

• $BRC-20 ($ORDI, $SATS, $BTCS, $RATS, $MMSS, $AINN, $RCSV, $MICE, $TRAC, etc..)

• $Bitmap

• BRC-420 (Bluebox, Dragon Ball , Mineral, etc..)

• $ETH, $STONE

• $USDT / $USDC

Supported Wallets

• UniSat Wallet

• OKX Wallet

• Bitget Wallet

• Bybit Wallet

Currently, the Merlin’s Seal event has concluded, and users can exchange M-Tokens 1:1 for Layer 1 assets and bridge them out of Merlin Chain. Please note that if M-Tokens are sold or lost during the locking period, users will not be able to redeem their assets through un-staking. However, the Merlin’s Seal event points will remain unaffected. Reference: Unstaking