Bitfinity Network has recently launched its new Layer-2 mainnet, bringing Bitcoin and Ethereum closer together. The project has successfully raised $12 million, showcasing significant institutional backing and community support. The main goal of the Layer-2 network is to enhance interoperability and abstraction, making it easier for users to engage with Bitcoin-based decentralized applications (dApps) within the DeFi space.
One of the key features of Bitfinity’s mainnet is the introduction of Bitgems, a reward system that incentivizes user engagement through social interactions. Users can mine digital gems through a Token Generation Event (TGE) program, fostering community growth and expanding the platform’s ecosystem.
Bitfinity leverages Internet Computer Protocol’s (ICP) Chain Fusion Technology to enable the development of Bitcoin smart contracts within an EVM-compatible environment. This integration aims to create a more decentralized and user-controlled ecosystem, eliminating the need for centralized intermediaries and enhancing security for users.
The project has already received significant funding from reputable investors such as Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital, further solidifying its position within the crypto space. Bitfinity’s token is now listed on major exchanges like KuCoin, Huobi, and Gate.io, with $5 million generated in over-the-counter (OTC) sales driven by community participation.
With the recent surge in Bitcoin’s price and growing interest in its DeFi ecosystem, Bitfinity’s mainnet launch comes at a crucial time. The platform’s potential to unlock new opportunities within the Bitcoin space has garnered excitement and attention from both retail and institutional investors.
Lomesh Dutta, VP of Growth at Dfinity, highlighted the significance of Bitfinity’s EVM compatibility in redefining Bitcoin’s DeFi landscape. He emphasized the platform’s ability to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users, which has been well received by the community and investors alike.
Overall, Bitfinity’s new Layer-2 mainnet represents a significant step towards bridging the gap between Bitcoin and Ethereum, offering innovative solutions to enhance user experience and foster community growth within the DeFi space. The project’s successful fundraising efforts and strategic partnerships position it well for future growth and development in the evolving crypto landscape.
