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After reviewing the technical principles of Merlin, it is still due to the fact that the BTC blockchain is inherently designed only for accounting purposes. No matter how you compress data and process off-chain, its performance is much worse than ETH layer2!
These miners who were eliminated by ETH's transition to POS, collectively manipulate the market in order to raise BTC transaction fees and continue the high-profit model of the ETH 1.0 era.
When the gas fee for BTC is high, the funds on BTC will flee to other coins through staking, just like in the ETH 1.0 era.
From this perspective, the development of BTC layer2 is actually favorable for other POS ecosystems such as ETH, SOL, BSC;
In the last bull market, ETH had high gas fees due to the popularity of layer2, and in the second half, funds were staked and converted to U to leverage BTC for a pump.
This round is changed to BTC because of high gas fees, capital outflows to leverage ETH with lower gas fees and pump, BTC layer2 provides stake lending functionality, which also clears the last barrier for capital outflows.