TL;DR

Market Outlook

• Bitcoin is near a critical point (maybe a possible breakout), while Ethereum lacks strong momentum in this cycle.

• Altseason will be limited to selecting tokens with real growth potential.

MERL's Binance Alpha Listing

• Boosted MERL visibility and user growth, especially in Asia.

• Alpha offers seamless on-chain exposure with easy CEX access, enhancing liquidity.

New Staking Pool: 45% APR for 6-month lockup

• Ideal for long-term holders and traders using hedging/arbitrage strategies.

• Experienced traders can apply the "W" strategy—staking while shorting perpetuals

Summary

Market Insights

Market Turning Point or Bull Trap?

Jeff: We’re at a critical moment near Bitcoin’s previous ATH, raising questions about a double top vs. a true bull run. Seasoned traders shifting from stablecoins to BTC is a bullish signal. However, with countless new token launches, this likely won’t be a broad altcoin season—only select narratives and tokens will break out. The key is identifying which ones will truly gain traction.

Ethereum’s Uncertain Path to New HighsJeff: I'm unsure if ETH will break its ATH this cycle. While some tokens like Doge and Trump have already neared or hit ATHs, Ethereum lacks clear momentum. Unlike past cycles driven by Layer 2s, ZK, and identity, there’s no strong narrative right now. I still support ETH—it represents real builders—but even major chains using ETH for gas are dumping it for revenue, which doesn’t help ETH’s price. We need meaningful innovation and fewer hype-driven projects.

Binance Alpha & DYDX Listing

Merlin’s Binance Alpha Airdrop & Trading SurgeJeff: One of the biggest recent events was our Binance Alpha launch. We did a major airdrop on BNB Chain, resulting in over 20 million tokens bridged between BNB Chain and Merlin. MERL on Binance Alpha is now #2 in 24h volume with ~$415M, even higher on CMC. Notably, a large share of tokens is held in a Binance Alpha wallet—suggesting many users are holding rather than dumping. The airdrop successfully boosted both user growth and trading volume, with strong social traction and momentum.

Merlin’s Rising Visibility Post-Binance Alpha Campaign

Jeff: The main goal was to boost awareness and prove the project is active—especially to counter doubts. High trading volume on BNB Chain not only strengthens our LPs but also attracts attention from major exchanges. One large exchange, lacking Merlin Chain integration, now plans to list MERL via the BNB Chain standard. This sets a path for easier listings elsewhere. We’re also working on more campaigns with Binance, and visibility there is key—big exchanges don’t always track emerging ecosystems closely. All this momentum could lead to more good news soon.

What Is Binance Alpha and Why It Matters

Jeff: Binance Alpha is a major feature in Asia but still under the radar in the West. Projects want to be on Binance Alpha primarily for liquidity and visibility. Unlike Coinbase, where listings don’t always drive price action, Binance gives tokens real buying power. On the Binance app, Alpha tokens are prominently featured—right beside Bitcoin and ETH—and Binance provides the LP itself. Even though MERL isn’t officially listed, users can already buy it through their CEX account, without needing a wallet or direct on-chain interaction. Binance handles everything on the backend, making the user experience incredibly simple. It’s a smart way to onboard mainstream users into on-chain assets without them even realizing it.

Is Hyperliquid Forcing Binance to Go On-Chain?

Jeff: I’m not exaggerating—Binance Alpha is on fire, especially in Asia. They're now competing on three major fronts. First, they’re overtaking tier-2 exchanges like Bybit and MEXC by becoming the go-to place for airdrops—running about five per week and effectively killing the tier-2 airdrop scene. Second, BNB Chain is now dominating on-chain trading volume, accounting for around 93% of all Layer 1 activity and even hitting $6 billion in daily volume recently. Third, Binance is directly competing with on-chain platforms like Hyperliquid by launching a hybrid model that blends centralized UX with on-chain execution. Binance Alpha might be their most strategic move this cycle, and every project is now trying to get in. It’s a brilliant, aggressive play.

Is the dYdX Listing a Turning Point for MERL?

Jeff: Definitely. We expect even more listings soon. Last week alone, MERL’s perpetual trading volume hit around $300 million across just OKX and Bybit—$200 million from OKX and $100 million from Bybit. We're focused on pushing perpetuals because many retail users in this cycle prefer leverage trading over spot or holding tokens. So yes, this marks a strong and positive shift for us.

MERL Staking

New Fixed Staking Option with 45% APR

Jeff: We're launching a new staking mechanism next week, with a 45% APR and daily yield distribution. We're announcing it now so users can unstake in time, since the current model has a 7-day unstaking period. While I don’t recommend it for everyone—since it involves a six-month lock-up—it’s ideal for long-term holders who believe in the Bitcoin ecosystem’s growth. This setup rewards commitment while allowing users to sell their daily yield if they wish.

Advanced Strategies for 45% Fixed Staking

Jeff: Yes, users can get creative with the 45% fixed staking. For example, experienced traders often use the “W” strategy—staking while shorting the token via perpetuals. This way, they hedge their position and profit regardless of price direction. After six months, they get their staked tokens back and can sell at that time. It's a win-win when executed properly. As for choosing between the 45% fixed and 15% flexible staking, it depends on user strategy. Institutional-style holders—those with 5 to 10 million MERL—tend to favor the fixed option because they’re long-term believers and often use arbitrage on CEXs to grow their position, even during price dips.