4 months ago
Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has officially launched its mainnet aft raising astir $12 million, according to a Nov. 19 connection shared with CryptoSlate.
The Layer-2 web aims to span the spread betwixt Bitcoin and DeFi, offering enhanced interoperability and abstraction. Its extremity 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 motorboat comes connected the heels of important organization backing and a palmy token sale. Bitfinity’s token is present listed connected large exchanges similar KuCoin, Huobi, and Gate.io, generating $5 cardinal successful over-the-counter (OTC) sales, chiefly driven by assemblage participation.
Bitfinity besides secured $7 cardinal earlier this twelvemonth successful a backing circular backed by apical investors, including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
Meanwhile, Bitfinity said it is introducing Bitgems, a caller diagnostic that rewards users for societal interactions. Participants tin excavation integer gems done a Token Generation Event (TGE) program, further engaging the assemblage and expanding the ecosystem.
Leveraging ICP technology
Bitfinity integrates Internet Computer Protocol’s (ICP) Chain Fusion Technology to enactment Bitcoin-native assets wrong an EVM-compatible environment. This integration aims to alteration the unafraid improvement of Bitcoin astute contracts, offering a much decentralized and user-controlled ecosystem.
The network’s usage of a threshold signature strategy creates a decentralized span to Ethereum, eliminating the request for centralized intermediaries and enhancing users’ information and control.
Meanwhile, Bitfinity’s mainnet motorboat coincides with a surge successful Bitcoin’s terms and a resurgence of involvement successful its DeFi ecosystem. This accrued enactment has drawn much organization attention, fueling excitement astir Bitfinity’s imaginable to unlock caller opportunities wrong the Bitcoin space.
Lomesh Dutta, the VP of Growth astatine Dfinity, emphasized that Bitfinity’s EVM compatibility could redefine Bitcoin’s DeFi landscape.
He stated:
“The unthinkable assemblage and capitalist enactment we’ve seen speaks to the interaction of a level designed to bring scalability, interoperability, and unafraid DeFi solutions to Bitcoin users.”
The station Bitfinity bridges Bitcoin and Ethereum with caller Layer-2 mainnet, raises $12 million appeared archetypal connected CryptoSlate.
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