Whether it is Merlin or other Bitcoin L2, they are all playing a game of pledge nesting dolls, but their commonality is to use the big cake in your hand to exchange for the XX coin they launched, so the question goes back to the previous point, where does the money come from? The first airdrop era: BCC, BTG, SBTC, Bitcoin God and other hard fork airdrops that did not require staking for holding Bitcoin were much more reasonable than the current L2. The second airdrop era was represented by Uni, and the main focus was on using airdrops.
So what are the current L2 pledge risks? I believe everyone has their own answer in their hearts, such as reduced liquidity, risk of bankruptcy, dilution of large households, etc.
The way to participate is to give it to you for free from the project party in exchange for market recognition and pricing power. Because it is free, you can recommend or sell the tokens that are passively given to you. The total amount is based on Bitcoin, 21 million.
As for the current Bitcoin L2, the amount of points you get for the amount of pledged points used to be given to you on your own initiative, but now I will give you points if you come to me to deposit money. The amount of money depends on how much assets you have, and the total amount needs to be determined by the project party, and the amount of airdrops is also determined by the project party. So where does this money come from? Will the market highly recognize the value? For example, blur, which Daewoo recommended before, is an example. In my opinion, Bitcoin L2 is a game of capital. The Bitcoin ecosystem opens the era of ownerless currency with inscriptions. Whether it is SATS, Ordi or other inscription tokens, I think this is the real "new narrative"
Instead of moving the infinite nesting dolls on Ethereum over, harvesting user assets and market pricing power in disguise in the name of airdrops, this is no different from the traditional process of issuing coins, pricing, selling, retail investors interpreting the market, and the project party's villa is close to the sea. Those who got the points this time are very lucky, but those who didn't get the points should think about where the money comes from. If you figure it out, you won't take over this so-called Bitcoin L2 ecological coin
This is not an ecology, it's just another way of wealth transfer (issuing coins).
$BTC $SOL $WLD
