Hemi Labs Launches Mainnet with $440 Million TVL, Pioneering Bitcoin and Ethereum Interoperability

Hemi Labs, a modular blockchain supported by Binance Labs, has officially launched its mainnet, boasting a total value locked (TVL) of $440 million. Co-founded by early Bitcoin developer Jeff Garzik, Hemi aspires to merge Bitcoin and Ethereum into “a single supernetwork, ” leveraging Bitcoin’s security alongside Ethereum’s programmability. In September, the project secured $15 million in a funding round led by Binance Labs and is part of a growing number of initiatives focused on integrating Bitcoin into the decentralized finance (DeFi) space. Although Bitcoin is recognized as the largest store of value in the crypto market, it lacks built-in capabilities for smart contracts and zero-knowledge proofs, which are crucial for DeFi applications. Hemi addresses this gap by facilitating interoperability with Ethereum. An increasing number of protocols, including decentralized exchange (DEX) Sushi, liquid staking token pumpBTC, and oracle providers RedStone and Pyth, have committed to launching on Hemi. By enhancing connectivity between Bitcoin and Ethereum, Hemi aims to transform the broader blockchain ecosystem and create new opportunities for DeFi. With its mainnet now operational, Hemi joins the movement towards improved blockchain interoperability, striving to connect the two largest crypto networks in the world.
Brief news summary
Hemi Labs has launched its mainnet, garnering $440 million in total value locked (TVL). Co-founded by Bitcoin pioneer Jeff Garzik, Hemi aims to create a “supernetwork” by integrating Bitcoin’s robust security with Ethereum’s programmability. The project received $15 million in funding from Binance Labs last September and focuses on embedding Bitcoin into decentralized finance (DeFi). Despite Bitcoin's dominance as a store of value, it lacks native support for smart contracts and zero-knowledge proofs essential for DeFi applications. Hemi seeks to bridge this gap through interoperability with Ethereum. Notable protocols like decentralized exchange Sushi and oracle providers RedStone and Pyth are set to launch on the Hemi platform. With its mainnet now live, Hemi is poised to improve blockchain interoperability and foster new possibilities within the DeFi landscape, creating a more connected environment between the two leading cryptocurrency networks.
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