Merlin Lab future security upgrades

4 min readJun 7, 2021

Today, Defi projects are trending among investors .DeFi operates as an open and fully transparent decentralized blockchain ecosystem. As a result, DeFi has attracted a lot of investors interested and invested in legacy financial products. However, DeFi infrastructure also has many security holes. These vulnerabilities facilitate rapid loan attacks, one of the well-known mining protocols today also suffers from this problem. And coming to today’s post I will tell you all about that. about a project with a special mission to solve all the problems that all Defi projects are currently facing and what is it? How it works, today’s analysis article I will clarify and go into more depth about it.

What is Merlin ?

Merlin combines yield maximization with functionality, delivering an all-encompassing DeFi platform.

We recognize the exponential benefit in auto-compounding and the value in accumulating key cryptocurrencies (aka. BTCB, ETH, BNB, CAKE, etc.), so we’ve built:

A yield aggregator that helps you auto-compound your assets
An ecosystem that helps your earn more key cryptocurrencies (aka. BTCB, ETH, BNB, CAKE, etc.) by staking $MERL

Merlin Lab’s Advanced Security Strategy :

Merlin Lab’s Advanced Security Strategy

To protect the community from any risk of flash loan attacks. We have made the following changes in the Merlin Lab code to improve security:
1 . Implement Fair LP Price calculation (by Alpha Homora) and use Fair Asset Price through Decentralized Price Oracle — Chainlink. The combination of a fair asset price and a fiar asset reserve allows Merlin to calculate the price of LP tokens accurately, unmistakably, and securely from attacks such as flash loan attacks.

2 . Prevent external smart contract interference with Merlin smart contracts. Flash loan attacks are executed through smart contracts. Merlin has now stopped all external smart contracts from interacting with Merlin’s contracts. This means we have minimized the risk of any flash loan attacks in our protocol.

The Merlin team has implemented enhanced security measures to keep our community and users protected:

3. Introducing insurance policies — Merlin Lab is planning insurance with Soteria. Once done, we allow Merlin Lab users to purchase insurance to protect them against smart contract failure and potential attacks. We hope that this policy will provide an extra layer of security for users of Merlin Lab.

4. Upgrade the security of our smart contracts and code. We have collaborated with Certik and Haechi Labs. Our codebase will be reviewed and tested by two companies over the next week.

Merlin Lab’s top priority is user security. The development team performs periodic checks of smart contracts and code to ensure the highest security standards for the Merlin ecosystem.

Road map :

Q1 2021:

Complete DeFi model formation
Complete Risk assessment model formation
Complete strategic round raising
Additional core developers hires
Brand identity
UI/UX design of the Merlin website

Q2 2021:

Run prelaunch marketing activities such as Airdrop campaign and ambassador campaigns
Complete development of Merlin smart contracts
Complete development of Zap feature
Deploy testnet for prelaunch checks
Engage with audit firm — Hacken Cybersecurity
Engage with audit firms — Certik and Haechi [Audit in progress]
Complete audit with Hacken Cybersecurity
Complete audit with Certik and Peckshield
Deploy and amplify marketing activities
Launch Merlin Bounty Rewards Program
Engage with CEX’s for listing
Complete public presale on Bounce
Launch mainnet
Enable more wallet integration (TrustWallet, MathWallet, Binance Chain Wallet, WalletConnect)
Launch multi-language website
Finalise UI/UX for Lottery
Launch new single-asset deposit vaults (enable auto-compounding for ETH, BTCB, BNB)
Add Merlin pools with more key token reward
Add more auto-compounding LP

Q3 2021:

Launch additional deflationary mechanics, begin burn contribution
Complete development of lottery
Launch lottery
Open buyback and burn reserve
Cross-chain
Complete CEX listing process and prep for CEX listings
Ongoing marketing and PR work to raise awareness
Additional product releases

Tokenomics

Buyback & Burn: 50% of the Burn contribution is used to perform market buy-backs of $MERL tokens to stabilize price during market volatility
Lottery: 50% of the Burn contribution will be used to purchase $MERL and injected into the lottery pot. 20% of the pot is burnt
Further deflationary mechanics will be introduced for $MERL ecosystem to become deflationary .

Vaults

Vaults are automated investment instruments that utilize optimal strategies to maximize yield. Merlin uses vaults to automatically reinvest and compound deposited assets. Vaults comprise of either a single token or a pair of tokens that are invested into liquidity pools.

All displayed APYs on Merlin vaults take into account compounding and fees.

It can be said that the current defi project always has many holes and limitations, that’s why merlin lab was born with unique features that will bring users a lot of promise in the future.

► For more details, please visit the link below:

Website: www.merlinlab.com
Telegram Announcement: https://t.me/merlinannouncements
Telegram Community: https://t.me/merlinlab
Telegram Bounty Rewards Group: https://t.me/merlinbounty
Twitter: https://twitter.com/MerlinLab_

►The author
Bitcointalk username: ziennakarishma21
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2824865
BEP-20 Address: 0x59c8e8E3c0Af18d1E324A1D0B365e4ADa5ff1ba8

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► Disclaimer
Videos are for informational purposes only and are not calls to action.
⚠️ All responsibility for the safety of your money belongs to you.
⚠️ I am not responsible for your decisions.