Bitfinity Network Launches Mainnet After Raising $12M to Bridge Bitcoin and DeFi

Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has officially launched its mainnet

Bitcoin Layer-2 solution Bitfinity, which is compatible with the Ethereum Virtual Machine (EVM), has finally launched its mainnet after raising nearly $12 million, according to a Nov. 19 statement shared with CryptoSlate.

The Layer-2 network aims to bridge the gap between Bitcoin and decentralized finance (DeFi), offering enhanced interoperability and abstraction. Its goal 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 launch comes on the heels of significant institutional backing and a successful token sale. Bitfinity’s token is now listed on major exchanges like KuCoin, Huobi, and Gate.io, generating $5 million in over-the-counter (OTC) sales, primarily driven by community participation.

Bitfinity also secured $7 million earlier this year in a funding round backed by top investors, including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.

The network also announced the introduction of Bitgems, a new feature that rewards users for social interactions. Participants can mine digital gems through a Token Generation Event (TGE) program, further engaging the community and expanding the ecosystem.

Leveraging ICP technology

Bitfinity integrates Internet Computer Protocol’s (ICP) Chain Fusion Technology to support Bitcoin-native assets within an EVM-compatible environment. This integration aims to enable the secure development of Bitcoin smart contracts, offering 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.

Meanwhile, Bitfinity’s mainnet launch coincides with a surge in Bitcoin's price and a resurgence of interest in its DeFi ecosystem. This increased activity has drawn more institutional attention, fueling excitement around Bitfinity's potential to unlock new opportunities within the Bitcoin space.

Lomesh Dutta, the VP of Growth at Dfinity, emphasized that Bitfinity's EVM compatibility could redefine Bitcoin's DeFi landscape.

“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,” he stated.

Mentioned in this article

Oluwapelumi Adejumo

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

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