Merlin Chain’s token (MERL) has experienced a significant surge, reaching a multi-month high of $0.1622 and a 132% increase from its year-to-date low. This remarkable jump coincides with an increase in the total value locked (TVL) within the network to $343 million, exceeding this month’s low of $85 million, according to DeFi Llama data. The growth can be attributed to a surge in assets on Solv Protocol and MerlinSwap, both surpassing $283 million and $26.5 million respectively. The token price has also been bolstered by the launch of a prize competition with Binance, where users stand to win up to $1 million through trading MERL tokens. The top 10,000 traders will receive an allocation of 9,840,000 MERL tokens, each worth approximately $160.