EMB: March 12, 16:00 UTC
Hemi Labs, a modular blockchain, has launched its mainnet with a total value locked (TVL) of $440 million.
Founded by early Bitcoin developer Jeff Garzik, Hemi aims to integrate Bitcoin and Ethereum, two of the oldest and largest blockchains, into what it calls “a single supernetwork,” as stated in a recent announcement.
The Hemi platform leverages both Bitcoin and Ethereum to harness the strengths of each, utilizing Bitcoin’s robust security features alongside Ethereum’s programmability. The project secured $15 million in funding in a round led by Binance Labs last September.
This initiative is among several that aim to reshape the broader blockchain ecosystem, particularly in the realm of decentralized finance (DeFi), by bridging the capabilities of Bitcoin and Ethereum. This strategy is partly motivated by the significant value stored in Bitcoin (BTC), which greatly exceeds that of all other digital assets combined.
However, Bitcoin’s coding does not inherently support several functionalities that DeFi relies on, such as smart contracts or zero-knowledge proofs, making it essential to incorporate Ethereum’s capabilities.
The platform has already partnered with numerous protocols for deployment on Hemi, including the decentralized exchange (DEX) Sushi, liquid staking token pumpBTC, and oracles RedStone and Pyth.