Bitfinity Network, a groundbreaking Bitcoin Layer-2 solution that is compatible with the Ethereum Virtual Machine (EVM), has officially launched its mainnet after a successful fundraising round that raised nearly $12 million. This exciting development was announced in a statement shared with CryptoSlate on November 19.
The primary goal of the Bitfinity Network is to bridge the gap between Bitcoin and decentralized finance (DeFi) by offering enhanced interoperability and abstraction. By doing so, the network aims to make it easier for users to interact with Bitcoin-based decentralized applications (dApps) and bring Bitcoin-native DeFi to a wider audience.
The mainnet launch of Bitfinity comes following significant institutional backing and a highly successful token sale. The network’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. Additionally, Bitfinity secured $7 million earlier this year in a funding round backed by renowned investors including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
In a move to further engage the community and expand its ecosystem, Bitfinity has introduced a new feature called Bitgems. This feature rewards users for their social interactions and allows participants to mine digital gems through a Token Generation Event (TGE) program.
One of the key technologies that Bitfinity leverages is the Internet Computer Protocol’s (ICP) Chain Fusion Technology, which enables the support of Bitcoin-native assets within an EVM-compatible environment. This integration facilitates the secure development of Bitcoin smart contracts and creates a more decentralized and user-controlled ecosystem.
The network’s use of a threshold signature scheme establishes a decentralized bridge to Ethereum, eliminating the need for centralized intermediaries and enhancing users’ security and control. The mainnet launch of Bitfinity comes at a time when Bitcoin’s price is surging, and interest in its DeFi ecosystem is experiencing a resurgence. This heightened activity has attracted more institutional attention, sparking excitement about Bitfinity’s potential to unlock new opportunities within the Bitcoin space.
Lomesh Dutta, the VP of Growth at Dfinity, expressed his enthusiasm for Bitfinity’s EVM compatibility and its potential to reshape Bitcoin’s DeFi landscape. He emphasized the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users.
In conclusion, the launch of Bitfinity’s mainnet marks a significant milestone in the evolution of the Bitcoin ecosystem, offering innovative solutions that have the potential to redefine the future of Bitcoin-based decentralized finance.