Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has officially 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 DeFi, providing improved interoperability and abstraction. Its goal is to bring Bitcoin’s native DeFi to a wider audience, making it easier for users to interact with Bitcoin-based decentralized applications (dApps).
The mainnet launch follows significant institutional support and a successful token sale. Bitfinity’s token is now listed on major exchanges such as KuCoin, Huobi, and Gate.io, generating $5 million in over-the-counter (OTC) sales, primarily through community participation.
Bitfinity also secured $7 million earlier this year in a funding round backed by major investors including Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
Meanwhile, Bitfinity 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 (ICP) Chain Fusion technology to support native Bitcoin assets in an EVM-enabled environment. This integration aims to enable the secure development of Bitcoin smart contracts, providing a more decentralized and user-controlled ecosystem.
The network’s use of a threshold signature system creates a decentralized bridge to Ethereum, eliminating the need for centralized intermediaries and improving security and user control.
Meanwhile, Bitfinity’s mainnet launch coincides with a surge in the price of Bitcoin and renewed interest in its DeFi ecosystem. This increased activity has attracted more institutional attention, fueling excitement around Bitfinity’s potential to unlock new opportunities in the Bitcoin space.
Lomesh Dutta, VP of Growth at Dfinity, highlighted that Bitfinity’s EVM compatibility could redefine Bitcoin’s DeFi landscape.
He declared:
“The incredible community and investor support we have seen is a testament to the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users.”
