Thank you to everyone who joined AMA Blockelite x Merlin on 10th June at 01:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Vanessa – Global Market Lead of Merlin
Hello @MadamMerlin , welcome to Blockelite today
Vanessa – Global Market Lead of Merlin: Hi everyone! It’s nice to be here with everyone today 🙂 I am excited to share the Merlin Lab project with you all!
Yuno – Blockelite Host: Our pleasure 🙂
How are you today
Vanessa – Global Market Lead of Merlin: Hi Yunoo! Great – It’s always nice to share the project with such a passionate community 🙂
Yuno – Blockelite Host: Great
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Vanessa – Global Market Lead of Merlin: Yes, fire away!
Yuno – Blockelite Host: Let’s go
Q1: Can you tell us about the project?
Vanessa – Global Market Lead of Merlin: Merlin Lab (https://merlinlab.com/farm) is an auto-compounding yield aggregator on Binance Smart Chain. We proud ourselves as offering the highest APY auto-compounding vaults on the chain.
Here are some of our key tokens pools:
- CAKE pool is at ~200% APY
- CAKE-BNB pool is at ~120% APY
- Even stable pairs with no impermanent loss and price fluctuation risk is at 35% APY
Beyond this, you can already see some new additions we’ve added to our platform such as the Lottery (https://merlinlab.com/lottery) and NFT platform.
Merlin Lab’s vision is to become the all in one super crypto platform, where Merlin will offer all DeFi related services within one platform, creating a powerful ecosystem of product suites that are complementary to each other.
Yuno – Blockelite Host: Oh, nice
Thank you, for your introduction, our pleasure to have you join us today
Q2: Could you explain a bit about auto-compounding and how it works?
Vanessa – Global Market Lead of Merlin: Auto compounding gives users the advantage to not worry about manually collecting their rewards, converting into tokens and restaking to experience the magic of compound interest.
We want to bring simple user experience into the DeFi world while ensuring maximum yields for users. Our vaults automatically reinvests users’ rewards once every 2-4 hours to ensure exponential growth.
Yuno – Blockelite Host: Exponential growth 🙂
Sounds great, thank you
Q3: What makes Merlin different from other auto-compounding platforms?
Vanessa – Global Market Lead of Merlin: One of our key features and differentiator is our Cake Maximizer vaults. This is also the reason why we can offer higher than market APY rates.
Our Cake Maximizer vaults mean that one step is all you need. Once staked, Merlin’s smart contracts enable automated pool matching protocol that manages users’ rewards through multiple pools to ensure high yield.
Here is an example of how we transfer user’s rewards across multiple pools so you’re investing at the maximum yield:
- User stakes in BTCB-BNB pool
- BTCB-BNB pool produces CAKE rewards at an APY of 20%
- Instead of converting your CAKE rewards to BTCB-BNB to auto-compound like other yield aggregators in the market, Merlin automatically reinvests your CAKE into a higher APY CAKE pool at 140% APY
- By simply staking in the CAKE Maximizer pools, Merlin’s automated pool matching protocol brings higher APYs and simple auto-compounding solution for the users
It doesn’t end here. Merlin Lab is constantly looking for new ways to help users maximize their returns.
We will look to expand beyond CAKE maximizer vaults and start integration pools from other platforms such as Alpaca, AutoFarm and many more to come!
Yuno – Blockelite Host: Thanks for sharing, so detailed
Last question in segment 1
Q4: Could you explain to us Merlin’s token utility?
Vanessa – Global Market Lead of Merlin: Sure, $MERL is Merlin Lab’s native token.
By holding MERL tokens and staking in the MERL pool, users are entitled to a profit share of revenue generated via the platform. Right now, this means earning up to 600% APY and earning rewards in key cryptocurrencies such as, BNB, ETH and BTCB.
In the future, as we extend our product line, the profits generated from these products will further contribute to the rewards in the MERL pool, bringing users more value as token holders.
On top of the direct economic value, users can use MERLs to enter into our daily lottery draw. Each ticket cost 0.2MERL, for a chance to win our lottery pot!
The token utility does not end here, we are constantly developing and incorporating more ways for MERL token holders to benefit economically and functionally.
Yuno – Blockelite Host: Did Merlin have private and public sale before? and Where can we buy/sell $MERL now ?
Vanessa – Global Market Lead of Merlin: Yes, Merlin did a public sale prior to launch on Bounce at $15. Now, you can buy MERL token via PancakeSwap. https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xDA360309C59CB8C434b28A91b823344a96444278
Yuno – Blockelite Host: Will $MERL list on more exchange ?
Vanessa – Global Market Lead of Merlin: that’s definitely on the roadmap 🙂
Yuno – Blockelite Host: We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?
Q1: Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Vanessa – Global Market Lead of Merlin: Of course, a few deflationary measures have been introduced such as our Burn contribution and Lottery system to help curb inflation. Our latest Lottery system (https://merlinlab.com/lottery) gives users a chance to win MERL rewards every single night – one of our latest winners successfully won over $10,000 in one night.
Further, our plan for our NFT platform will contribute to the Buyback and Burn reserve through a portion of every sale proceeds. Other deflationary measures will also be introduced in the coming months with the introduction of more product features!
Yuno – Blockelite Host: Next question
Q2: We all know that recently there have been many BSC, NFT and Defi projects. How can Merlin Lab deliver a new breakthrough in the world of crypto?
Vanessa – Global Market Lead of Merlin: That’s a great question. Merlin Lab is looking to bring a whole new experience into the DeFi space. Starting off as a auto-compounding yield aggregator is only step 1.
In the long run, we will be bringing in more diverse product categories that will be on multi chain, beyond simply being a yield aggregator. This will ultimately provide increasing token utility for $MERL and a refreshed user experience and offering on our platform. These include the recently introduced NFT platform, and more up and coming online games, analytics tools, etc.
Yuno – Blockelite Host: Got it 🙂
Q3: How do you keep your platform safe for Investors, and is your platform protected from hackers? And how do you manage if there’s an attack on your platform, including the personal data of your platform’s users? Is your platform ready for this ?
Vanessa – Global Market Lead of Merlin: Security is our top priority here. We have completed a comprehensive code review and improved our code security. The below changes have been implemented in the Merlin Lab codes to upgrade our security:
1) Implementation of Fair LP Price calculation (by Alpha Homora) and the use of Fair Asset Price via Decentralized Price Oracle — Chainlink. The combination of fair asset price and fiar asset reserves enables Merlin to derive the fair LP token price that is not manipulatable and safe from attack vectors such as flash loan attacks.
2) Prevention of external smart contract interaction with Merlin smart contracts. Flash loan attacks are executed through smart contracts. Merlin has now implemented a stop on all external smart contracts to interact with Merlin’s contract. This means we have mitigated the risk of any flash loan attack within our protocol.
3) On top of that, we have engaged a White Hat expert who will be working with us ongoingly to ensure our platform security.
4) Our project has successfully passed the Hacken audit. The latest code updates have been shared with Certik and Haechi Labs, who will be sharing our audit reports this week.
Yuno – Blockelite Host: wow, Hacken ,Certik, that’s great
Best security 🙂 thanks for sharing
Q4: What is your team doing in marketing and business development ?
Vanessa – Global Market Lead of Merlin: We have quite a comprehensive plan to introduce the Merlin brand internationally. Whilst we are only a 3 week old organisation, we have already been featured in National newspaper and celebrity tweets. This is only the beginning, our immediate marketing priorities include:
- Continue to progress on regional marketing operations and long term publication and KOL partnerships, we already have 50+ KOLs on our collaboration list
- Run global AMAs across multiple crypto communities and languages (We have 5 lined up just for this week and 3 lined up next week)
- Continue expanding into language regions and increase Merlin Lab brand awareness
In terms of partnerships, we have been busy working in the background with multiple established DeFi brands. Whilst we are unable to disclose all of them yet, you can already see our latest NFT partnership with SCV Finance – we are offering a limited edition NFT series for a limited amount of time.
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: What important milestones does Merlin aim to achieve by the end of this year and in the future? How will it help you and how will Merlin be successful in 2021 and beyond??
Vanessa – Global Market Lead of Merlin: Some exciting new products and features are expected to be introduced by the end of the year:
- Expansion of vault options and integrations
- Expand our NFT platform to be the ultimate curated limited edition NFT offering for global artists
- Launch more games beyond lottery, stepping into the online games space
- Launch Merlin analytics tools
- Integration of multi chain compatibilities to Merlin
- We have 2 other stealth products which we won’t be able to share yet, but there are definitely a lot of work happening here
In terms of the outlook of 2021 and beyond, the larger our product ecosystem, the stronger the MERL token will be – this is also why we are focusing so much on product development and category expansion.
There are a lot of exciting news coming. This is just the very beginning of our journey.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate ?
Vanessa – Global Market Lead of Merlin: Sure, we currently have a weekly bounty program where users can get a chance to earn MERLs by sharing approved content through their chosen channels.
You can find more details on our Bounty Program via our Bounty channel: https://t.me/merlinbounty
Can you elaborate on the experience of the development team who developed Merlin?
Vanessa – Global Market Lead of Merlin: Merlin Lab is an international team with team members from Australia and Singapore. Whilst the Merlin team is anonymous, our team members bring expertise from reputable backgrounds such as MIT, KPMG and JP Morgan. We’ve been working on this project for over 6 months now and it’s finally came to live and achieve $100M TVL in just 3 days of launch. We are very excited to keep developing the platform for the community!
What are your key features that you are very proud of and feel very confident about that makes you ahead over any project out there?
Vanessa – Global Market Lead of Merlin: Right now our key feature is definitely being the highest yield aggregator on BSC right now. You can stake CAKE and auto-compound at ~200% APY, compare to 120% on PancakeSwap.
This is not the only pool with higher than market rate APY.
You can find out more about our pools here: https://merlinlab.com/farm
What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?
Vanessa – Global Market Lead of Merlin: The main problem we see right now is a singular focus in building a category of products.
Merlin Lab is looking to be the super platform for DeFi, where we will build a series of product categories on one website that will ultimately elevate the value in MERL due to increasing benefits and utility!
Which area are you focusing on at the moment? (DeFi, Stake,Dapps..Yield Farming,,NFTs,,Gameing) and what is your goals in this year ?
Vanessa – Global Market Lead of Merlin: Everything you have listed here would be our focus this year. Our team work in a structure where we don’t just focus on one product at a time. Our workstream is focussed and diverse to enable a holistic level of growth across the platform. We will continue building on:
- Expanding vaults and integrations
- Multi Chain compatibilities
- NFT platform development
- A series of Online Games
- and many more! Stay tuned!😉
Yuno – Blockelite Host: Great, have you done ?
Vanessa – Global Market Lead of Merlin: Yes, Thank you so much for having me. It was lovely sharing our project with the community!
Please be sure to follow our community for more updates:
💻 Website: https://merlinlab.com/farm
📣 Telegram Groups
Vietnamese 🇻🇳: https://t.me/merlinvietnam
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!