Exploration of Bitcoin's Future Development: BTCFi, Innovative Practices, and Key Guidelines for Web3 Developers
The first episode of the OnePiece Labs Web3 Talks series focuses on the future development of Bitcoin, elaborating on the role of Merlin Chain as a transformer of the Bitcoin ecosystem. It introduces the concept of BTCFi and its importance, highlighting the strategic priorities for shaping the Bitcoin ecosystem, aiming to provide comprehensive and in-depth references for industry stakeholders.Welcome to the Web3 Interview Series Podcast by OnePiece Labs, designed to bring you the latest insights from industry leaders, innovators, and pioneers in Web3. As a leading Web3 incubator, OnePiece Labs is committed to advancing the development and application of decentralized technologies. Our bi-weekly podcast features in-depth interviews with top talents in the Web3 space, providing you with valuable advice and insights to better understand the rapidly evolving blockchain ecosystem.
In this premiere episode, we are honored to invite Jeff Yin, the founder and CEO of Merlin Chain, who will share his insights on the future of Bitcoin, the rise of BTCFi, and how Merlin Chain's Ethereum Virtual Machine (EVM) compatible layer-2 solution is reshaping the Bitcoin landscape. This interview is hosted by Dafu Gao, a partner at OnePiece Labs, and delves into the challenges and innovations within the Bitcoin ecosystem, as well as Jeff's forward-looking views on the future of Bitcoin and Web3.
👉 Click here to watch the full interview: “Breaking Bitcoin Boundaries: Jeff Yin Discusses the Vision of Merlin Chain”
Merlin Chain: Reshaping the Bitcoin Ecosystem
Launched in February 2024, Merlin Chain is an EVM-compatible layer-2 solution aimed at bringing the powerful capabilities of smart contracts and decentralized finance (DeFi) into the Bitcoin realm. By leveraging the EVM framework, Merlin Chain enables Bitcoin users to access a range of innovative financial products, transforming Bitcoin from a simple transactional currency into a vibrant decentralized applications (dApps) platform.
Jeff Yin is a seasoned entrepreneur with years of experience in both Web2 and Web3, and he founded Merlin Chain to address the limitations of Bitcoin's current infrastructure. His vision for Merlin Chain is to create a decentralized financial ecosystem that connects Bitcoin with the broader DeFi landscape, unlocking the full potential of Bitcoin.
"Merlin's goal is to empower Bitcoin assets using EVM technology, making smart contracts and decentralized finance possible."
------Jeff Yin
BTCFi: A Core Element of Bitcoin's Future Development
In recent months, BTCFi has gained significant momentum, combining Bitcoin's unparalleled brand recognition with the emerging DeFi space. The term BTCFi refers to the concept of integrating Bitcoin into decentralized financial systems, unlocking new opportunities for Bitcoin holders. By utilizing innovative technologies and protocols such as Scroll, Linea, and Babylon, BTCFi has the potential to elevate Bitcoin from a mere digital store of value to a complete decentralized financial ecosystem.
"Almost everyone knows Bitcoin—from my grandparents to tech-savvy young people. This market trust and recognition give Bitcoin a significant advantage in the decentralized finance space."
------Jeff Yin
BTCFi opens a new narrative chapter for Bitcoin, providing users with a new way to interact with Bitcoin beyond its traditional role as a store of value. Merlin Chain is at the forefront of this development trend, integrating Bitcoin assets (such as ordinals and runic tokens) into its layer-2 solution to facilitate smart contract execution and access to decentralized applications.
Strategic Focus for Shaping the Bitcoin Ecosystem
To ensure Bitcoin continues to evolve and thrive within the Web3 ecosystem, Jeff has identified three main strategic focus areas for Merlin Chain:
- Advancing BTCFi: As the flagship project of BTCFi, Merlin Chain focuses on expanding the Bitcoin ecosystem to integrate with other DeFi protocols and platforms. By building bridges between Bitcoin and other blockchain ecosystems, Merlin Chain opens new pathways for Bitcoin to participate in the evolving decentralized finance landscape.
- Developing Bitcoin Native Assets: Merlin Chain emphasizes the creation of Bitcoin-native tokens like BRC-20, aimed at making Bitcoin more interactive for everyday users. These assets create a more engaging experience for users, allowing them to interact with the Bitcoin ecosystem in new ways.
- Promoting Accessible Applications: As with any emerging technology, user adoption is crucial for its development. Jeff believes that Merlin Chain's efforts to make Bitcoin more accessible and introduce innovative decentralized applications to the network will help broaden Bitcoin's appeal, especially to everyday users.
"Developing Bitcoin native assets is key to attracting retail users and enhancing the interactive experience."
------Jeff Yin
Key Technologies of Merlin Chain: BitVM and OP_CAT
Two groundbreaking technologies—BitVM and OPCAT—are poised to transform the Bitcoin ecosystem. BitVM is a trustless environment similar to Ethereum's layer-2, while OPCAT adds smart contract functionality to Bitcoin. Merlin Chain is dedicated to the development of these technologies to help shape the future of Bitcoin.
These advancements enable smaller teams to build decentralized applications on Bitcoin in a secure and scalable manner. By introducing these technologies, Merlin Chain lowers the barrier to entry for developers, creating an environment where more decentralized applications can thrive.
"Technologies like BitVM and OP_CAT not only simplify the development process but also ensure security, which is particularly important for small teams."
------Jeff Yin
Advice for Web3 Developers: Innovate, Don't Imitate****
As a visionary in the Web3 space, Jeff offers valuable advice to Web3 developers: "Create solutions that align with Bitcoin's unique attributes rather than copying concepts from other chains. By conceptualizing ideas that leverage Bitcoin's advantages, developers can contribute to a broader narrative of Bitcoin's development and make a lasting impact in this field."
"Developers should focus on Bitcoin's unique characteristics rather than simply imitating concepts from other chains. Only by fully utilizing Bitcoin's advantages can we truly inject new vitality into the Bitcoin ecosystem."
------Jeff Yin
BTC Runes Incubator: Supporting Early Bitcoin Ecosystem Projects
OnePiece Labs, in collaboration with Merlin Chain, Franklin Templeton, and OKX Ventures, has launched the Bitcoin Runes Incubator (BTC Runes Incubator) to support the next wave of early-stage Bitcoin projects. This initiative provides selected teams with mentorship, funding, and resources to help emerging runic projects overcome typical challenges such as limited infrastructure and market access.
The Bitcoin Runes Incubator offers personalized mentorship, networking opportunities, and funding support to accelerate the growth and innovation of selected teams within the Bitcoin ecosystem.
🎥 Check out the OnePiece Labs Bitcoin Runes Incubator online demo day: https://lu.ma/oplrunes
Subscribe to OnePiece Labs Web3 Talks
This episode marks the beginning of the OnePiece Labs Web3 Interview Series, dedicated to providing you with deeper insights into the people and technologies shaping the future of Bitcoin and Web3. Subscribe to our YouTube channel for regular updates and never miss an interview with leading Web3 innovators.
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This episode not only explores the evolving role of Bitcoin but also provides essential guidance for Web3 founders, developers, and enthusiasts passionate about the future of decentralized technology. Stay tuned for more actionable insights, tips, and real-world experiences from industry leaders.
