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Bitfinity Network, a Bitcoin Layer 2 compatible solution Ethereum Virtual Machine (EVM) has officially launched its mainnet after raising nearly $12 million, according to a November 19 statement shared with Cryptocellite.
The Layer-2 network aims to bridge the gap between Bitcoin and DeFi, providing improved interoperability and abstraction. Its goal is to bring Bitcoin-native decentralized finance to a wider audience, making it easier for users to interact with Bitcoin-based decentralized applications (dApps).
The mainnet launch comes on the heels of significant institutional support and a successful token sale. Bitfinity token has now been listed on major exchanges such as Q Queen, Hopiand Gate.io, generating $5 million in over-the-counter (OTC) sales, driven primarily by community engagement.
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 said it is introducing Bitgems, a new feature that rewards users for social interactions. Participants can mine digital gems through the Token Generation Event (TGE) program, further engaging the community and expanding the ecosystem.
Utilize ICP technology
Bitfinity integrates Internet Computer Protocol (ICP) Chain Fusion technology to support native Bitcoin assets within an EVM compatible environment. This integration aims to enable 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 central intermediaries and enhancing users’ security and control.
Meanwhile, the launch of Bitfinity’s mainnet coincides with a rise in the price of Bitcoin and renewed interest in it. DeFi ecosystem. This increased activity has attracted more institutional interest, generating excitement around Bitfinity’s potential to open up new opportunities in the Bitcoin space.
Lumesh Dutta, VP of Growth at Dfinity, emphasized that Bitfinity’s EVM consensus could redefine the DeFi landscape for Bitcoin.
He said:
“The incredible support we’ve seen from the community and investors speaks to the impact of a platform designed to provide scalability, interoperability and secure DeFi solutions for Bitcoin users.”
