How Much Bitcoin Is Actually Locked in Merlin Chain Right Now?

Merlin Chain has gained rapid attention as one of the rising BTC-layer solutions, but one question keeps coming up: how much Bitcoin is actually locked inside the network? With inconsistent numbers circulating online, users are looking for a clear, reliable breakdown of what can be confirmed and what remains uncertain.

While several platforms report Merlin’s TVL, none provide a precise number for how much of that value is specifically locked BTC. This guide explains what is known, what is missing, and how users can verify locked BTC through on-chain methods.

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What We Know About Merlin Chain TVL

Most public sources report Merlin Chain’s Total Value Locked using USD-based calculations, rather than asset-specific breakdowns.

Current key figures include:

• DeFiLlama shows Merlin Chain with around 43.68 million USD in TVL
• Older reports referenced much larger TVLs, including 700 million USD or even 3.6 billion USD
• These higher numbers appear outdated or may reference aggregated assets rather than BTC alone

It is important to note that TVL reflects total assets and liquidity across the network, not specifically the amount of Bitcoin locked.

MERL Supply Is Not the Same as Locked BTC

Merlin Chain’s token, MERL, has a supply of approximately 2.1 billion tokens. About 1.04 billion tokens are unlocked and 1.06 billion remain locked.

This refers only to MERL token distribution and does not correlate to the amount of Bitcoin deposited in the chain. Tokenomics data cannot be used to infer locked BTC levels.

Read Also: Bitcoin L2 Narrative Heats Up: MERL, BTHYPER, OP NET Compared

Why We Cannot Confirm Locked BTC Amounts

Although interest in Merlin Chain is high, there is currently no publicly verified figure stating exactly how much BTC is locked on the network.

Limitations include:

• TVL reports do not break down values by asset type
• No accessible dashboard or audit identifies BTC reserves specifically
• Inconsistent reporting from older articles creates confusion
• Cross-chain bridges often combine multiple token types into a single TVL metric

Without an official reserve disclosure or transparent bridge analytics, the exact BTC number remains unknown.

Read Also: How to Bridge to Merlin Chain After the Mainnet Upgrade

How to Check Locked BTC Yourself

Users who want accurate data can verify it using on-chain tools and bridge explorers. This involves checking specific addresses rather than relying solely on third-party aggregate TVL sources.

Possible methods include:

• Reviewing the official Merlin Chain bridge page for BTC deposit contracts
• Searching for wrapped BTC assets such as MBTC on the Merlin network
• Using explorers or dashboards that track bridged Bitcoin across Layer 2 solutions
• Watching for official transparency or reserve reports from the Merlin team

These approaches offer a more reliable way to estimate locked BTC compared to outdated articles or generic TVL statistics.

Read Also: MERL Up 121%: Bitcoin L2 Upgrade Impact Explained

Final Thoughts

At this time, no publicly verified source provides the exact amount of Bitcoin locked inside Merlin Chain. While TVL metrics offer a general snapshot of network value, they do not break down how much of that value is BTC. Anyone seeking accurate numbers should verify bridge activity, review on-chain reserves, and monitor official dashboards as the ecosystem evolves.

FAQ

Does Merlin Chain publish the exact BTC locked on the network?

Currently, no official public dashboard reports the specific amount of BTC locked.

Why do different sources show different TVL numbers?

Older reports and aggregated estimates often include various assets, leading to inconsistent figures.

Is TVL the same as locked BTC?

No. TVL includes all assets on the network, not just Bitcoin.

How can I check locked BTC myself?

You can inspect bridge contract addresses or look for wrapped BTC tokens using Merlin Chain explorers.

Are high TVL numbers reliable indicators of BTC reserves?

Not always. TVL may reflect liquidity pools or other assets rather than actual locked Bitcoin.