TLDR:
- Bitfinity Network celebrates the commencement of its Bitcoin Layer-2 network, backed by a substantial $12 million capital investment.
- Leveraging the cutting-edge Chain Fusion Technology of the Internet Computer Protocol, the platform assures seamless compatibility with Ethereum's Virtual Machine (EVM).
- The project amassed $7 million from leading financial institutions and an additional $5 million through strategic community over-the-counter sales.
- An innovative Bitgems feature has been rolled out, aimed at enhancing user interaction through rewarding engagement.
- The network facilitates an advanced Bitcoin-native DeFi environment fortified by the proprietary Chain-Key technology, ensuring heightened security.
Bitfinity Network has officially launched its mainnet With this initiative, a new bridge has been established, effectively integrating Bitcoin with the Ethereum-driven DeFi landscape. The infusion of $12 million heralds a significant stride in the evolution of cryptocurrency frameworks.
Funding sources are diversified, encompassing $7 million raised from institutional investment giants such as Polychain’s Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital, supplemented by $5 million from dynamic community-based OTC sales.
The wait is over! 🤩 #Bitfinity The mainnet has officially gone live as of today, November 19th, marking a significant milestone.
We extend immense gratitude to our wonderful community for their unwavering support and to our brilliant developers whose efforts have brought this milestone to fruition.
This development marks a thrilling new chapter in the realm of blockchain technology. pic.twitter.com/Em9IDR7Soh
— Bitfinity Network (@bitfinitynet) November 19, 2024
Harnessing the Internet Computer Protocol’s (ICP) Chain Fusion Technology, Bitfinity’s new platform harmonizes Bitcoin-native assets within an Ethereum-friendly ecosystem, allowing the crafting of Bitcoin smart contracts with robust security and decentralization.
The network adopts an innovative threshold signature scheme, establishing a decentralized reach to Ethereum and eliminating dependency on central intermediaries, thus providing users with enhanced asset control and security.
Prominent in the platform's arsenal is the Chain-Key technology, pivotal for managing sizable signing bodies adept at processing Bitcoin Schnorr and ECDSA transactions, delivering superior security contrasted with conventional multi-signature solutions prevalent in other Layer-2 setups.
The launch also sees the advent of Bitgems, a novel engagement model aimed at rewarding users through interaction. Participants can mine virtual gems during a Token Generation Event (TGE), contributing to the growth and vibrancy of the platform's community.
Already, Bitfinity’s token has secured positions on notable crypto exchanges like KuCoin, Huobi, and Gate.io, facilitating easier user participation within the network
The platform envisions hosting an array of decentralized applications — Sonic, Chapswap, Lendfinity, and Omnity Bridge — aimed at expanding the services available to Bitcoin enthusiasts within the Bitfinity ecosystem.
Bitfinity's debut comes at a strategically opportune moment, coinciding with surging dynamism within the Bitcoin market. as the price of BTC recently exceeded $94,000. Current market trends underline a renewed drive to expand Bitcoin's utility beyond merely being a store of value.
The development team behind the platform enjoys vital backing, notably from the Liquity protocol's founder—a platform that achieved remarkable billion-dollar asset volume in lending and borrowing. Similar solutions are anticipated for rollout on Bitfinity.
Recent statistics reveal a staggering 1,230% year-on-year spike in usage of ICP's cross-chain messaging protocol, Chain Fusion, integral to Bitfinity and driven by a surge in Bitcoin-native apps deploying ICP for smart contracts.
Lomesh Dutta, Dfinity's VP of Growth, underscored the platform's transformative potential, acknowledging the robust community and investor endorsement. The platform stands poised to overcome scalability and interoperability hurdles in the Bitcoin sphere.
The Dfinity Foundation has stated that Chain Fusion enables seamless interaction with Bitcoin directly, without relying on trusted intermediaries, broadening the horizons for complex computational endeavors in the Bitcoin network.
Bitfinity's debut marks an epoch-making step forward in Bitcoin’s DeFi landscape, offering unprecedented ways for users to interact with Bitcoin-based decentralized applications while maintaining vital security and decentralization.
Continuing to grow its ecosystem, Bitfinity remains committed to bolstering its array of DeFi services and applications, ensuring a steadfast focus on security and user autonomy.
