Project Merlin

Project Merlin is another cryptocurrency, and that already tells you the main appeal: it is meant to be a transferable digital asset, not a full product with a neat everyday use case. By our assessment, its upside is the same thing that defines the whole class, namely open-ended participation and the chance of network effects if people gather around it. The downside is equally familiar: the user has to care about wallets, chains, exchange access, and the fact that the value story can be more fragile than the branding suggests. Project Merlin belongs to a category where the technology is often cleaner than the reason for owning the token, and that is where the ceiling sits.