EMB: March 12, 16:00 UTC
Modular blockchain Hemi Labs’ unveiled its mainnet with $440 million in total value locked (TVL).
Hemi, founded by early Bitcoin developer Jeff Garzik, plans to unify Bitcoin and Ethereum, the two oldest and largest blockchains, into “a single supernetwork,” according to an emailed announcement.
Hemi is built on both Bitcoin and Ethereum to combine the best qualities of both, taking advantage of Bitcoin’s security and Ethereum’s programmability. The project raised $15 million in a funding round led by Binance Labs last September.
The project is one of several looking to transform the broader blockchain landscape, particularly with regard to decentralized finance (DeFi), through combining Bitcoin and Ethereum due in part to the deep stores of value held in bitcoin (BTC), which comfortably exceed those of every other digital asset combined.
However, Bitcoin’s coding lacks the ability to natively build some of the functions that DeFi requires, such as smart contracts or zero-knowledge proofs, hence the need to bridge this utility from Ethereum.
The company has signed up dozens of protocols for deployment on Hemi, including decentralized exchange (DEX) Sushi, liquid staking token pumpBTC and oracles RedStone and Pyth.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
