MerlinLab: Security Upgrades

About

Merlin (MERL) is a newly developed AMM platform on Binance Smart Chain , optimized to ensure safety and provide the highest return for participants.

Ecosystem

The Merlin ecosystem begins with the Vaults. As users stake in the Merlin vaults, our algorithm optimized auto-compounding mechanism will compound users’ assets for maximum return. The vaults rewards will be in the form of LP rewards and $MERL. The $MERL portion of the reward is generated by the Boosted Yield Convertor. Boosted Yield Convertor maximizes user’s profits by converting 30% of their auto-compounding vault rewards with $MERL tokens, which will maximize users’ yield:

  • As the $MERL token appreciates, the users’ yield in turn increases
  • User can further stake their $MERL rewards to farm BTCB, ETH, BNB, CAKE rewards & more at high APYs
Merlin Ecosystem Flowchart

Security Upgrades

  • Smart contracts: Flash loans require the use of smart contracts which will allow funds to change hands when certain rules are met
  • Unsecured loan: This lack of collateral doesn’t mean the flash loan lender will not get its money back. It’s just sent back in a different way. Instead of offering collateral, the borrower needs to pay back the money right away, which brings us to our next point.
  • Instant: Flash loans are instantaneous. The smart contract of the loan must be fulfilled in the same transaction that is lent out
  • Price manipulation: A common method of flash loan exploits is through Price Oracle Attacks or Price Manipulation, which gives attackers an opportunity to bag profits through arbitrage
  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 unmanipulatable 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.

Token

Token Name: Merlin
Ticker: MERL
Token Standard: BEP20 — Binance Smart Chain
Smart contract address: 0xda360309c59cb8c434b28a91b823344a96444278

Roadmap

Q2/2021

  • Complete audit with Certik and Haechi
  • Implement Bounty Program for Merlin
  • Complete pre-sale on Bounce
  • Cryptocurrency wallet integration: Trust Wallet, MathWallet, Binance Chain Wallet, WalletConnect
  • Deployment of auto-compound vaults for BTCB, ETH, BNB
  • Mainnet Deployment
  • Implement deflation mechanisms for MERL tokens, start burning coins
  • Implement lottery function chức
  • Cross-chain support
  • Listing on CEX

Conclusion

Overall, as the title of the article says, this platform is just getting started, but now, https://www.merlinlab.com/ has also done a lot of specific work. The project’s appeal is good to see, and with that, https://www.merlinlab.com/ is looking to a future where I can change everything that I mentioned in the previous section. Through the article we hope that the content I provide will bring you more useful information. And to update the news related to this project, I will provide you with links about this project:

Author

ID: SoemOen
BSC Address: 0xc06e5a8dc34114742c4b7c90a98eda643eace24b
See you in the upcoming article !!!

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Oen Soem

Oen Soem

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I always believed that someday me and she would be back together. I’m miss her so much. ‘’ H ‘’