Bitfinity bridges Bitcoin and Ethereum with new Layer-2 mainnet, raises $12 million

Bitfinity Community, a Bitcoin Layer-2 resolution suitable with the Ethereum Digital Machine (EVM), has formally launched its mainnet after elevating practically $12 million, in line with a Nov. 19 assertion shared with StarCrypto.

The Layer-2 community goals to bridge the hole between Bitcoin and DeFi, providing enhanced interoperability and abstraction. Its objective 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 great 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 neighborhood participation.

Bitfinity additionally secured $7 million earlier this 12 months in a funding spherical backed by prime traders, together with Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Sequence, and 9 Yards Capital.

In the meantime, Bitfinity mentioned it’s introducing Bitgems, a brand new function that rewards customers for social interactions. Members can mine digital gems via a Token Technology Occasion (TGE) program, additional participating the neighborhood and increasing the ecosystem.

Leveraging ICP know-how

Bitfinity integrates Web Pc Protocol’s (ICP) Chain Fusion Expertise to help Bitcoin-native belongings inside an EVM-compatible setting. This integration goals to allow the safe growth of Bitcoin sensible 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 value 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 inside the Bitcoin area.

Lomesh Dutta, the VP of Development at Dfinity, emphasised that Bitfinity’s EVM compatibility might redefine Bitcoin’s DeFi panorama.

He said:

“The unimaginable neighborhood and investor help we’ve seen speaks to the influence of a platform designed to deliver scalability, interoperability, and safe DeFi options to Bitcoin customers.”

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