<img src="https://cryptoslate.com/wp-content/uploads/2024/11/bitcoin-evm.jpg” />
Bitfinity Network, an ethereum Virtual Machine (EVM)-compatible bitcoin Layer-2 solution, officially launched its mainnet after raising nearly $12 million, according to a Nov. 19 statement shared with cryptoslate.
The Layer-2 network aims to bridge the gap between bitcoin and DeFi, offering improved interoperability and abstraction. It aims to bring bitcoin-native DeFi to a broader audience, making it easier for users to interact with bitcoin-based decentralized applications (dApps).
The mainnet launch comes on the heels of significant institutional backing and a successful token sale. The Bitfinity token is now trading on major exchanges such as KuCoin, Huobi, and Gate.io, generating $5 million in over-the-counter (OTC) sales, driven primarily by community participation.
Bitfinity also raised $7 million earlier this year in a funding round backed by top investors including Polychain's Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
Meanwhile, Bitfinity said it will introduce Bitgems, a new feature that rewards users for their social interactions. Participants can mine digital gems through a Token Generation Event (TGE) program, further engaging the community and expanding the ecosystem.
Leveraging ICP technology
Bitfinity integrates Internet Computing Protocol (ICP) Chain Fusion technology to support native bitcoin assets within an EVM-compatible environment. This integration aims to enable the secure development of bitcoin smart contracts, offering a more decentralized and user-controlled ecosystem.
The network's use of a threshold signing scheme creates a decentralized bridge to ethereum, eliminating the need for centralized intermediaries and improving security and control for users.
Meanwhile, Bitfinity's mainnet launch coincides with a rise in the price of bitcoin and a resurgence of interest in its DeFi ecosystem. This increase in activity has attracted more institutional attention, fueling excitement around Bitfinity's potential to unlock new opportunities within the bitcoin space.
Lomesh Dutta, VP of Growth at Dfinity, emphasized that Bitfinity's EVM support could redefine bitcoin's DeFi landscape.
He stated:
“The incredible community and investor support we have seen speaks to the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to bitcoin users.”
