TL;DR

BTSE Listing (THE·BITMAP·TOKEN & Party)

• Converting Bitmap to fungible format enhances tradeability.

• CEX listings increase accessibility, liquidity, and bring new users.

• Bridging tokens like Runes and BRC-20 to ERC-20 via Merlin simplifies infrastructure and expands reach.

Merlin x WBTC DAO

• Partnership bridges WBTC to Merlin, strengthening BTCFi and connecting Bitcoin to EVM.

• Merlin leads in pushing BTCFi forward through integrations and partnerships.

• Focus on consolidating trusted assets like WBTC for safer, broader BTCFi adoption.

Merlin Chain Updates

• Wizard advancing with May launches.

• Permissionless model and AI framework enable scalable integrations for projects.

Expanding the Reach of Bitmap and Bitcoin-Based Assets through CEX Listings and Token Infrastructure

Jeff: Fewer exchanges are currently interested in BRC-20 and Runes, but some still see long-term value. BTSE, a major Asian exchange, reached out for token recommendations, and THE·BITMAP·TOKEN was among those suggested. Converting it from a non-fungible format to a fungible one was essential, since NFT on Layer 1 are difficult to trade. CEX listings help make THE·BITMAP·TOKEN more accessible, introducing it to broader audiences and allowing new users to buy with stablecoins. This drives more attention and demand, contributing to a healthier market and better price discovery. Since many CEXs struggle to integrate Bitcoin Layer 1, bridging tokens like Runes or BRC-20s onto ERC-20 via Merlin solves real infrastructure problems. That’s why Merlin has worked to integrate with over 20 exchanges, creating a smoother path for listing and trading. These bridges not only improve accessibility but also maintain connection to Layer 1, meaning demand on CEXs can still lead to replenishment from the original Bitcoin network. This is part of a long-term effort to grow liquidity, awareness, and infrastructure for Bitcoin-native assets.

Wrapped Bitcoin DAO Partnership and the Future of BTCFi

**Jeff:**Wrapped Bitcoin (WBTC) is one of the most foundational and trusted assets in the crypto space, with over $10–12 billion in value and deep integration across major DeFi protocols. Its importance in enabling Bitcoin to participate in the broader EVM ecosystem has long been established, and through a partnership with LayerZero, WBTC is now accessible via Merlin Chain. The goal is to bridge the established trust and liquidity of WBTC with the emerging BTCFi movement, an ecosystem that is gaining traction whether or not people agree with its philosophy. While new protocols like SolvBTC, MBTC, and Babylon are innovating rapidly, WBTC’s wide acceptance and legacy position it to become a keystone of BTCFi if re-energized.

Being invited to join the Wrapped Bitcoin DAO—with only nine cosigners including Uniswap, AAVE, and MakerDAO, which is a major milestone. This seat at the table brings governance rights and signals deep involvement in shaping Bitcoin’s role in DeFi.

When looking at what truly matters in Web3, three things stand out: stablecoins, DeFi, and wrapped Bitcoin. These are the real drivers of utility and adoption, and they form the foundation for what will come next.

Merlin Chain’s Role in Joining the Wrapped Bitcoin DAO and Advancing BTCFi

Jeff: We’ve been early and consistent builders in the Bitcoin ecosystem, even when others doubted its existence. While many projects are caught up in politics—choosing sides between platforms or attacking competitors—we’ve stayed neutral and focused on long-term value. Unlike others that dilute BTC with their own tokens, we’ve remained committed to wrapped Bitcoin and its decentralization. WBTC stands out because of its transparency, with on-chain proof-of-assets and a decentralized key structure. That’s why we initiated collaboration months ago—not to work for WBTC, but to co-build with it. As the only DAO member actively pushing BTCFi forward, we plan to take a leading role—not just signing transactions, but driving adoption among retail users, building real integrations, and creating two-way partnerships between WBTC and the emerging BTCFi ecosystem.

WBTC and BTCFi LPs: The Core Strategy for Yield Optimization

Jeff: MBTC is still emerging, while WBTC remains the most established asset in the space. The aim is to let users mint MBTC using WBTC to earn yields, while integrating other assets like UniBTC, SolvBTC, LBTC, and CBBTC. Right now, BTCFi is too fragmented—with too many protocols and bridges—causing security and usability issues. Rather than creating new wrapped Bitcoin tokens, the space should consolidate around a few trusted standards like WBTC or BTCB. This would enable innovations like liquid restaking tokens (LRTs) to be built on top. A good example is Solana’s Jupiter, where users can stake WBTC directly for yield without needing a new token. The future of BTCFi should simplify and unify core assets to drive safer, broader adoption.

Strengthening BTCFi Ecosystem & Potential Alpha

Jeff: Being part of the WBTC DAO isn’t just about brand reputation — it’s about ensuring long-term value for the ecosystem. Last year, BTCFi brought record-high APRs, benefiting treasuries, users, and builders alike. If participants across the board are earning, the ecosystem becomes stronger and more sustainable. It’s not about chasing hype like listings or trendy sectors, but about building a foundation where real yield keeps users engaged. That’s why ensuring the treasury and community both profit is key to driving long-term alignment.

On the project side, early BTCFi experiments — from Solv to Babylon — have proven that even passive strategies can outperform the market, and that yield opportunities using MBTC across platforms like Avalon and Bedrock still have significant upside. The next step is to push for more Bitcoin-native DeFi primitives like stablecoins and staking models. With over a year of secure, high-performance BTCFi activity, doubts should start to fade. It’s time for more users and builders to actively support BTCFi to unlock the true value of Bitcoin-based assets.

Merlin Chain & Wizard Updates

Jeff: The AI products are progressing well, with more launches planned for May. We're exploring a permissionless model where any project — like Particle Network or Solv Protocol — can integrate with Merlin Wizard without needing to build their own AI. Since most project info is public, Merlin AI could auto-aggregate and go live within 30 minutes based on a few inputs, even without the team’s involvement. This isn’t a traditional B2B model — it’s about making Merlin Wizard a scalable, open tool that empowers projects to better serve their communities without heavy lift.