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About M-Token

M-Token serves as the voucher for your staked assets. For instance, if you stake BTC, you'll receive M-BTC; if you stake USDT, you'll get M-USDT.After the conclusion of the Merlin's Seal event (already concluded by the end of April), M-Token could be swapped back to the original assets at a 1:1 ratio. If you sell or lose your M-Token, you won't be able to retrieve your staked assets, but your Merlin's Seal points will remain unchanged.

Claim M-Token

1. It's recommended to use the Revoke to check if you've signed any contracts with security vulnerabilities.
2. If you want to sell your M-Token, choose a DEX and confirm the price yourself. If you trade or lose M-Token, you won't be able to retrieve your staked assets.
3. If any application requests the use of your M-Token, confirm multiple times. Once you use M-Token, you won't be able to retrieve your staked assets.
4. If your M-Token is lost due to personal contract authorization or private key leakage, it cannot be recovered. Please consider carefully.

https://twitter.com/BitmapTech/status/1770019570855903544

On March 19th, Merlin Chain opened M-Token claiming, where users can mint M-BTC with 0 Gas fees. Other types of M-Tokens will be available for minting soon. The staked tokens on Merlin Chain generate corresponding mapping assets called M-Tokens. As a staking certificate, M-Tokens correspond to Layer1 assets as follows:

• Tokenized assets:
  • Equivalently minted M-Tokens on Layer2, for instance, BTC stakers will receive corresponding M-BTC, and USDT stakers will get M-USDT.
• NFT assets:
  • When issuing M-Tokens on Layer2, corresponding metadata usually contains information such as the Layer1 NFT number and inscription ID, facilitating correspondence with Layer1.

「Atypical」 Staking

In the traditional sense, staking involves forcibly locking assets to allow participants to "sit back and enjoy the benefits." However, for Merlin Chain in its early stages, the traditional staking model would "deplete" participants' assets. Once all assets are "locked up" in the staking pool, early participants find it challenging to experience applications or participate in alpha version testing within the Merlin ecosystem.

Therefore, Merlin chooses to release M-Tokens, providing stakers with the necessary liquidity to experience ecological products through a one-to-one staking certificate.