Bitfinity Network, a Layer 2 (L2) for Bitcoin (BTC), has officially launched its mainnet with $12 million in funding.
Built as an Ethereum Virtual Machine (EVM) Layer 2 solution for Bitcoin, Bitfinity offers developers the ability to create smart contracts directly on the Bitcoin network, similar to Ethereum (ETH). This integration aims to expand the reach of Bitcoin-native decentralized finance (DeFi) to a wider user base while eliminating reliance on centralized custodians.
As our Mainnet goes live today.
We are thrilled to announce that #Bitfinity has partnered with over 60 leading projects to support a stronger cross-chain ecosystem.
We’re excited to share the amazing projects that are now part of the Bitfinity ecosystem!
pic.twitter.com/8tl87Lmeda
— Bitfinity Network (@bitfinitynet) November 19, 2024
Strong Investor Backing
According to the company’s Nov. 19 press release shared with CryptoNews, the launch coincides with the listing of the Bitfinity token (BTF) on major cryptocurrency exchanges including KuCoin, Huobi, MEXC, HTX, and Gate.io.
Additionally, Bitfinity raised over $12 million in combined funding and token sales. This sum includes $5 million through over-the-counter (OTC) sales, primarily from the community, along with support from Crypto Banter, AshCrypto, KuCoin Labs, and ParaFi.
The funding builds on a prior $7 million round earlier in 2024 which saw participation from industry heavyweights like Polychain Capital, Draft Ventures, and Warburg Serres, among others.
Boosting Bitcoin Speed and Security
Bitfinity’s Layer-2 solution offers significantly faster transaction speeds compared to the traditional Bitcoin network, with block times “of just 1-2 seconds”, as per the press release.
Bitfinity also leverages the Internet Computer Protocol’s (ICP) Chain Fusion technology. This technology uses a special method called threshold signature, which eliminates the need for central authorities. This way, users have more control and security over their transactions.
In addition, Bitfinity integrated Bitcoin Runes with the ICP ecosystem through the Omnity Bridge, improving the functionality and accessibility of Bitcoin-native assets. The design of this integration, which distributes Bitcoin private keys across 34 different signers, reduces the risk of a single point of failure.
Building on the Internet Computer
Bitfinity is built on the Internet Computer to deploy smart contracts and other complex programs on the Bitcoin network.
The latest report issued by the DFINITY Foundation, a Swiss-based organization behind the Internet Computer blockchain, highlights a significant surge in the adoption of the ICP ecosystem.
Its Chain Fusion protocol, which enables seamless communication between different blockchains like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year. Additionally, the number of messages processed through Chain Fusion surged by 2,040%.
This growth reflects a broader trend within the Internet Computer ecosystem. Overall network activity increased by 150% year-over-year, and the number of full-time developers working on the platform grew by 30%.
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