Bitfinity bridges Bitcoin and Ethereum with new Layer-2 mainnet, raises $12 million Bitfinity bridges Bitcoin and Ethereum with new Layer-2 mainnet, raises $12 million
New Bitgems feature on Bitfinity's Layer-2 mainnet rewards user engagement and fosters community growth.
2 min read
Updated: Nov. 19, 2024 at 10:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has 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 enhanced interoperability and abstraction. Its goal is 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. Bitfinity’s token is now listed on major exchanges like KuCoin, Huobi, and Gate.io, generating $5 million in over-the-counter (OTC) sales, primarily driven by community participation.
Bitfinity also secured $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 is introducing Bitgems, a new feature that rewards users for 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 Computer Protocol’s (ICP) Chain Fusion Technology to support Bitcoin-native 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 signature scheme creates a decentralized bridge to Ethereum, eliminating the need for centralized intermediaries and enhancing users’ security and control.
Meanwhile, Bitfinity’s mainnet launch coincides with a surge in Bitcoin’s price and a resurgence of interest in its DeFi ecosystem. This increased activity has drawn more institutional attention, fueling excitement around Bitfinity’s potential to unlock new opportunities within the Bitcoin space.
Lomesh Dutta, the VP of Growth at Dfinity, emphasized that Bitfinity’s EVM compatibility could redefine Bitcoin’s DeFi landscape.
He stated:
“The incredible community and investor support weโve seen speaks to the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum
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