Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has officially launched its mainnet after successfully raising nearly $12 million. This news was shared with CryptoSlate on November 19th.
The main goal of the Layer-2 network is to bridge the gap between Bitcoin and decentralized finance (DeFi). By offering enhanced interoperability and abstraction, Bitfinity aims to bring Bitcoin-native DeFi to a wider audience. This will make it easier for users to interact with Bitcoin-based decentralized applications (dApps).
The mainnet launch follows significant institutional backing and a successful token sale. Bitfinity’s token is now listed on major exchanges such as KuCoin, Huobi, and Gate.io, with over $5 million generated in over-the-counter (OTC) sales, largely driven by community participation.
Earlier this year, Bitfinity secured $7 million in funding from top investors, including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
One of the new features introduced by Bitfinity is Bitgems, a program that rewards users for social interactions. Through a Token Generation Event (TGE) program, participants can mine digital gems, further engaging the community and expanding the ecosystem.
Bitfinity leverages Internet Computer Protocol’s (ICP) Chain Fusion Technology to support Bitcoin-native assets within an EVM-compatible environment. This integration enables the secure development of Bitcoin smart contracts, creating 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.
The mainnet launch coincides with a surge in Bitcoin’s price and a renewed interest in its DeFi ecosystem. This increased activity has attracted more institutional attention, sparking excitement around Bitfinity’s potential to unlock new opportunities within the Bitcoin space.
Lomesh Dutta, the VP of Growth at Dfinity, emphasized the significance of Bitfinity’s EVM compatibility in redefining Bitcoin’s DeFi landscape. He stated, “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.”