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…
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