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9:19 PM · Nov 19, 2024 – Bitfinity Network, a groundbreaking Bitcoin Layer-2 (L2) solution, has officially launched its mainnet after securing $12 million in funding. This innovative platform leverages the Internet Computer Protocol (ICP) and boasts Ethereum Virtual Machine (EVM) compatibility, opening up a new era of decentralized finance (DeFi) possibilities for Bitcoin.
Bitfinity's launch marks a significant step towards bridging the gap between Bitcoin and Ethereum, allowing developers familiar with the Ethereum ecosystem to build Bitcoin-enabled decentralized applications (dApps). This interoperability aims to accelerate the growth of the Bitcoin ecosystem by enabling the seamless handling of Bitcoin Ordinals, BRC-20 tokens, and EVM assets.
Key Features and Benefits:
- Bitcoin L2 Scalability: Bitfinity addresses Bitcoin's scalability limitations by implementing a high-performance sidechain architecture that utilizes sharding. This design enables faster transaction speeds and lower costs compared to the Bitcoin mainnet.
- EVM Compatibility: Ethereum developers can leverage their existing skills and tools to build on Bitfinity, fostering a rapid expansion of the Bitcoin DeFi landscape. This compatibility lowers the barrier to entry for developers and accelerates the development of new dApps.
- Seamless Bridging: Bitfinity utilizes the open-source BitFusion bridge, employing threshold signatures for secure and efficient transfer of assets between the Bitcoin mainnet and the Bitfinity L2.
- Runes and Ordinals Integration: The platform integrates Runes (tokenized assets) and Ordinals (NFT-like functionality) to enrich the ecosystem and enable more sophisticated asset management capabilities.
- Future BTC Staking: Bitfinity's roadmap includes the integration of BTC staking, offering users the opportunity to earn rewards while contributing to the network's security.
- Fast Finality and Block Times: Bitfinity offers impressive performance with 2-3 second finality and 3-second block times, making it one of the fastest Bitcoin L2 solutions available.
Funding and Investors:
The $12 million funding round comprises $7 million from institutional investors, including Polychain’s Beacon Fund, ParaFi, Draft Ventures, and Warburg Serres, demonstrating strong confidence in Bitfinity's vision. An additional $5 million was raised through over-the-counter (OTC) token sales, primarily driven by community support and prominent crypto influencers. This combined backing underscores the project's potential and the growing demand for Bitcoin-centric DeFi solutions.
Ecosystem Growth and Projects:
Bitfinity has already attracted a vibrant ecosystem of projects, including:
- Omnity Runes Bridge: Connecting Bitcoin Runes to the EVM.
- BitGems Mining: A rewards platform for Bitcoin and Bitfinity users.
- ICP and ICRC Bridge: Bridging ICRC tokens to the EVM.
- ChapSwap DEX: A decentralized exchange for trading, earning, and winning.
- Lendfinity: A decentralized lending and borrowing protocol.
- betBTC: A prediction market platform.
- Sonic V3: An open DeFi suite.
Team and Leadership:
Bitfinity is led by a seasoned team of blockchain experts, including:
- Robert Lauko, CEO
- Artia Moghbel, COO
- Jacob Philips, Co-Founder & VP
- Arthur Falls, Former Director
- Michael Lee, VP Marketing
Developers, users, and anyone interested in exploring the future of Bitcoin DeFi are encouraged to visit the Bitfinity website (https://bitfinity.network/), join the Discord community, and follow Bitfinity on Twitter to stay updated on the latest developments.
About Bitfinity Network:
Bitfinity Network is a leading Bitcoin Layer-2 solution built on the Internet Computer Protocol. By providing EVM compatibility, fast transaction speeds, and low costs, Bitfinity empowers developers to build the next generation of decentralized applications on Bitcoin.
Compiled by CMO Intern team
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