Bitfinity Community, a Bitcoin Layer-2 answer suitable with the Ethereum Digital Machine (EVM), has formally launched its mainnet after elevating practically $12 million, in accordance with a Nov. 19 assertion shared with CryptoSlate.
The Layer-2 community goals to bridge the hole between Bitcoin and DeFi, providing enhanced interoperability and abstraction. Its purpose is to deliver Bitcoin-native DeFi to a broader viewers, making it simpler for customers to work together with Bitcoin-based decentralized purposes (dApps).
The mainnet launch comes on the heels of serious institutional backing and a profitable token sale. Bitfinity’s token is now listed on main exchanges like KuCoin, Huobi, and Gate.io, producing $5 million in over-the-counter (OTC) gross sales, primarily pushed by group participation.
Bitfinity additionally secured $7 million earlier this yr in a funding spherical backed by high buyers, together with Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Collection, and 9 Yards Capital.
In the meantime, Bitfinity mentioned it’s introducing Bitgems, a brand new function that rewards customers for social interactions. Individuals can mine digital gems by means of a Token Era Occasion (TGE) program, additional participating the group and increasing the ecosystem.
Leveraging ICP expertise
Bitfinity integrates Web Laptop Protocol’s (ICP) Chain Fusion Know-how to help Bitcoin-native property inside an EVM-compatible atmosphere. This integration goals to allow the safe improvement of Bitcoin good contracts, providing a extra decentralized and user-controlled ecosystem.
The community’s use of a threshold signature scheme creates a decentralized bridge to Ethereum, eliminating the necessity for centralized intermediaries and enhancing customers’ safety and management.
In the meantime, Bitfinity’s mainnet launch coincides with a surge in Bitcoin’s worth and a resurgence of curiosity in its DeFi ecosystem. This elevated exercise has drawn extra institutional consideration, fueling pleasure round Bitfinity’s potential to unlock new alternatives throughout the Bitcoin area.
Lomesh Dutta, the VP of Progress at Dfinity, emphasised that Bitfinity’s EVM compatibility might redefine Bitcoin’s DeFi panorama.
He acknowledged:
“The incredible community and investor support we’ve seen speaks to the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users.”
