Looking at the entire crypto era from an intergenerational perspective, everything becomes very interesting:

Bitcoin players (old players): Wealthy, low risk tolerance, tend to hold, focus on long-term value storage.

Ethereum ecosystem (middle generation): Enjoy "making money from money," pursuing returns through mechanisms like DeFi and NFTs, with moderate risk tolerance.

High-performance public chains like Solana (new generation): High risk tolerance, enthusiastic about highly volatile meme coins, enjoy "betting" on high return opportunities.

This generational division is certainly overly simplified and one-sided, but it can reveal certain facts. According to data from Galaxy Digital in November 2024, only 0.8% of Bitcoin in circulation participated in DeFi activities.

The flywheel of BTCFi is starting: The leap from HODL to productive assets

To drive the flywheel effect of BTCFi, the key is to break the HODL culture of Bitcoin players. The low DeFi participation rate of Bitcoin indicates that the enormous potential of Bitcoin as a productive asset has yet to be tapped. If BTCFi can provide safe, transparent, and high-return yield strategies, it may reshape Bitcoin's financial role.

The breakthroughs of BTCFi need to focus on the following directions:

Safety-first yield mechanisms

Simplification of user experience

Ecosystem integration and cross-chain collaboration

Therefore, I believe that Merlin 2.0 has taken a significant step in the right direction, clearly focusing on three core points:

1) BTC yield market, targeting trillion-dollar level

2) BTC cross-chain trading, supported by chain abstraction technology

3) AI assistant simplifying the trading experience, assisting users in executing operations

The significance of AI + cross-chain trading lies more in the narrative aspect; the most important thing is still BTC yield.

Under favorable conditions, the $MERL token, which has been declining for almost a year, is finally showing signs of rising. However, Merlin's historical baggage is somewhat heavy, and the road to rebuilding trust is long.

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