Why I put @MerlinLayer2 in the Bear category.
➣ Decreasing TVL
Its TVL has been in a downtrend since May 2024, the TVL dropped by ~10x, from $534. to $51m.
➣ No App Activity
Besides Solv, Merlin Swap, and Surf Protocol, no active apps are driving TVL, volume, and fees to the chain.
➣ Campaign-driven Metrics
Its overall metrics and activity started fading after the campaigns, proving most of its activity wasn't organic.

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