TechFlow reports that Bitcoin L2 network Merlin Chain has announced the launch of the Merlin's Seal event, through which users can earn Merlin Chain's governance token $MERL by staking assets and accumulating M Points.
This round of Merlin's Seal will offer four rewards: 20% $MERL staking rewards, additional benefits for providing liquidity to Merlin Swap, profits earned from participating in DeFi protocols, and $ETH yield from staking via StakeStone.
The M Points rules are as follows: An hourly snapshot captures staked assets and converts their value into $BTC. Users will earn daily M Points at a rate of (staked value in $BTC) * 10,000. Users may continuously stake new assets to accumulate more M Points. Ultimately, each user’s allocated amount of $MERL will be calculated as (their total M Points / total M Points across all users) * total $MERL supply.
