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 November 19 statement shared with CryptoSlate.
The Layer-2 network aims to bridge the gap between Bitcoin and DeFi and provide improved interoperability and abstraction. The goal is to bring Bitcoin-native DeFi to a wider audience, making it easier for users to interact with Bitcoin-based decentralized applications (dApps).
The mainnet launch comes after significant institutional support and a successful token sale. Bitfinity’s token is now listed on major exchanges such as KuCoin, Huobi and Gate.io and is generating $5 million in over-the-counter (OTC) sales, mainly driven by community participation.
Bitfinity also raised $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.
Meanwhile, Bitfinity said it is introducing 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.
Using ICP technology
Bitfinity integrates Internet Computer Protocol’s Chain Fusion Technology (ICP) to support Bitcoin-native assets within an EVM-compatible environment. This integration aims to enable the secure development of Bitcoin smart contracts and provide 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 improving user security and control.
Meanwhile, Bitfinity’s mainnet launch coincides with a rise in Bitcoin’s price and a resurgence of interest in its DeFi ecosystem. This increased activity has attracted more institutional attention, fueling excitement about Bitfinity’s potential to unlock new opportunities within the Bitcoin space.
Lomesh Dutta, the VP of Growth at Dfinity, highlighted that Bitfinity’s EVM compatibility could redefine Bitcoin’s DeFi landscape.
He stated:
“The incredible community and investor support we’ve seen speaks to the impact of a platform designed to provide Bitcoin users with scalability, interoperability, and secure DeFi solutions.”
