Introducing the Merlin Lab cryptocurrency project

5 min readJun 11, 2021

Introduce

Lately we have been hearing a lot about cryptocurrencies when prices fluctuated due to media influence from Elon Musk. However, compared to the price of 4 months ago, many investors were able to buy houses and cars. The psychology of new players fluctuates strongly, there are people who share with me that they feel panic when looking at 1 hour on the BTC chart when it loses more than 20% of its value. If you are a market participant since 2017 when the highest BTC price was just over $20,000 and started to go up from $3.8 thousand, yesterday’s market movements are just a correction that needs to happen so that BTC can reach 100 thousand dollars in the near future. If you follow the market regularly, you can see that when BTC increases, the price of many other coins also increases. So, how to optimize profits from your investments is a problem that many investors are looking for a solution to. To solve this problem, Merlin was born as an automated gross profit aggregator with an optimized ecosystem to focus on safe and sustainable maximum returns. Merlin takes care of gas costs, APY tracking, optimal yield strategy, security with the goal of maximizing DeFi users’ farming productivity at the lowest possible cost.

Problem

The rise of decentralized finance (DeFi) has been an amazing boon for the entire cryptocurrency sector. Despite the proliferation of DeFi products on Binance Smart Chain (BSC), no functional farming project has truly facilitated users comprehensively. Merlin combines profit maximization with functionality, providing a comprehensive DeFi platform. Merlin developers realize the exponential benefit of automatically compounding interest and value in the accumulation of important cryptocurrencies ( BTC, ETH, BNB, CAKE, etc.), so they built: A profit aggregator that helps you automatically poll your assets An ecosystem that helps you to earn more important cryptocurrencies (BTC, ETH, BNB, CAKE, etc) by staking $MERL .

What are flash loans and what are their characteristics?

Flash Loans are the first uncollateralized loan option in DeFi. Flash Loans enable you to borrow instantly and easily, no collateral needed provided that the liquidity is returned to the pool within one transaction block. Unique properties of Flash Loans include:

Smart contracts: Flash loans require the use of smart contracts which will allow funds to change hands when certain rules are met
Unsecured loan: This lack of collateral doesn’t mean the flash loan lender will not get its money back. It’s just sent back in a different way. Instead of offering collateral, the borrower needs to pay back the money right away, which brings us to our next point.
Instant: Flash loans are instantaneous. The smart contract of the loan must be fulfilled in the same transaction that is lent out
Price manipulation: A common method of flash loan exploits is through Price Oracle Attacks or Price Manipulation, which gives attackers an opportunity to bag profits through arbitrage

Due to their unique characteristics and their cost-effective and low-risk nature, flash loans are often used to accelerate attacks in the DeFi space.

Security & Auditing

Merlin is created and managed by a team of experienced blockchain, technology and cybersecurity experts. As part of Merlin’s steadfast commitment to providing a secure platform for our users, we conducted 3 audits from reputable blockchain security audit firms. Our first completed test from Hacken Cybersecurity passed in a splash of colour.

Cybersecurity Hacken — Complete ( Rating: Very Good-GUARANTEE )
Certik — In Progress
Haechi Labs — In Progress

Smart contract security

Smart contracts are an innovation in the blockchain space that allow cryptocurrencies and dApps to interact with each other. All Merlin smart contracts are audited by many well-known blockchain auditing security firms. Additionally, future product development releases will be tested each time before the final release to market for added security. Merlin has also implemented time locks on all of our smart contracts to protect our users and their funds. Time locks means that a period of time is required before any changes can be made to any smart contract. Merlin has implemented timelocks on all vaults for maximum user security.

Roadmap

1.Establish a comprehensive product suite not only in BSC but across all chains.

2.Increase value in MERL tokens by developing additional product features that will extend token utility and add a continuous deflation mechanism that will control token supply.

3.Optimize protocol security and robustness through audits, multi-signature schemes, and periodic security updates.

4.Create accessible blockchain products through user-centricity and continuous improvement.

Detail

1st quarter of 2021:
Complete DeFi model formation
Completing the risk assessment model formation
Complete the raising of the strategy ring
Additional core developers hire
Brand identity
UI/UX design of Merlin website

Second quarter of 2021:
Carry out pre-launch marketing activities such as Airdrop campaign and ambassador campaign
Complete Merlin smart contract development
Fully developed Zap feature
Deploy testnet for pre-launch testing
Interacting with an audit firm — Hacken Cybersecurity
Engage with audit firms — Certik and Haechi
Complete the test with Hacken Cybersecurity
Complete audit with Certik and Peckshield
Implement and amplify marketing activities
Launch of the Merlin Bounty Rewards Program
Interact with CEX to get listed
Complete public pre-sale on Bounce
Launch mainnet
Enable more wallet integration (TrustWallet, MathWallet, Binance Chain Wallet, WalletConnect)
Launch a multilingual website
Complete UI/UX for Lottery
Launch of new single asset deposit vault (allows automatic compounding for ETH, BTCB, BNB)
Add Merlin Teams with More Important Token Rewards
Added more LPs that accumulate automatically

3rd quarter of 2021:
Launch additional deflation mechanism, start burning contribution
Perfecting the development of the lottery
Lottery launch
Open buyback and burn reserve
Cross chain
Complete CEX listing process and prepare for CEX listing
Ongoing PR and marketing work to raise awareness
Additional product releases

Conclude

I am confident in the success of the project because of their professional handling of the recent incident. Some important information is still being kept secret, may be announced to the community in the near future. The team is working very hard to make the product . Besides, the implementers also always listen to users’ opinions to make the product more perfect, serving users in the best way via telegram channel. If you are interested in managing your investment in the crypto market then Merlin Lad could be your best choice.