Bitfinity Network Launches $12M Bitcoin Layer-2 Platform, Bridging Bitcoin and Ethereum Ecosystem

TLDR

Bitfinity Network launches Bitcoin Layer-2 mainnet with $12 million in total funding Uses Internet Computer Protocol chain fusion technology for EVM compatibility Raises $7M from institutional investors and $5M in community OTC sale Introduces Bitgems feature to reward user participation Network enables Bitcoin-home Define With improved security through chain key technology

Bitfinity Network has officially launched its main network, introducing a new Bitcoin Layer-2 solution that bridges the gap between Bitcoin and Ethereum-based decentralized finance (DeFi). The platform has received $12 million in total funding, marking a major development in the cryptocurrency infrastructure space.

The funding came from multiple sources, with $7 million raised from institutional investors including Polychain Beacon Fund, Parafi, Draft Ventures, Warburg Series and 9 Yards Capital. The remaining $5 million was raised through an over-the-counter (OTC) token sale from the community.

The wait is over! 🤩 #Bitfinity Mainnet is officially live today, November 19th!

To our amazing community ❤️ for your support and to the talented developers who made this a great success 💻✨

This marks an exciting new chapter for blockchain… pic.twitter.com/Em9IDR7Soh

— Bitfinity Network (@bitfinitynet) November 19, 2024

Bitfinity's new platform uses Internet Computer Protocol (ICP) chain fusion technology, allowing Bitcoin's native assets to run in an Ethereum-compatible ecosystem. This integration allows for the development of Bitcoin smart contracts while maintaining security and decentralization.

The network implements a login signature scheme to create a decentralized bridge to Ethereum, eliminating the need for centralized intermediaries. This approach gives users more control over their assets while improving security measures.

A key feature of the platform is the chain-key technology that supports large signature committees capable of handling Bitcoin Schnorr and ECDSA transactions. This provides stronger security compared to traditional multi-signature solutions used by most Layer-2 networks.

The launch includes the introduction of Bitgems, designed to reward user engagement. In this program, participants redeem digital gems as part of a Token Generation Event (TGE), helping to build and maintain the platform's community.

Bitfinity's token has listed on several major cryptocurrency exchanges, including KuCoin, Huobi and Gate.io. These lists provide easy access to users who want to participate in the network ecosystem.

The platform plans to host a variety of decentralized applications, including Sonic, Chapswap, Lendfinity, and Omnity Bridge. These applications expand the functionality available to Bitcoin users in the Bitfinity ecosystem.

The timing of Bitfinity's launch coincides with activity in the Bitcoin market, as the price of BTC was recently above $94,000. This market activity has sparked renewed interest in expanding the use of Bitcoin beyond its traditional role as a store of value.

The platform development team includes support from the founder of Liquity, a protocol with billions of dollars in total value locked in lending and lending (TVL). Similar solutions are planned to be implemented on the Bitfinity platform.

Recent data shows that Chain Fusion, the ICP's crosschain messaging protocol used by Bitfinity, has seen a 1,230% year-over-year increase in usage. This development is for Bitcoin-native applications using ICP for smart contract deployment.

Lomesh Dutta, VP of Development at Definity, described the platform's potential impact and pointed to the strong community and investor support the project has received. The platform aims to solve scalability and interoperability challenges in the Bitcoin ecosystem.

The Definity Foundation has confirmed that Chain Fusion enables direct interaction with the Bitcoin network without relying on trusted bridges, expanding complex programming options on the Bitcoin network.

The launch of Bitfinity represents a technical advance in Bitcoin's DeFi capabilities, offering new ways for users to interact with Bitcoin-based decentralized applications while maintaining security and decentralization.

The platform continues to develop its ecosystem with a focus on expanding DeFi services and applications while maintaining its commitment to security and user control.