Pioneering protocol bridges Bitcoin's Runes tokens and Internet Computer ecosystem to expand DeFi across networks
Zürich, Switzerland -- 5th November, 2024 - Bitfinity Network, the next-generation EVM Layer-2 for Bitcoin and other Bitcoin on-chain assets, today announces two major milestones: integration of Runes via the Omnity Bridge and establishing a groundbreaking connection to the Internet Computer Protocol (ICP) ecosystem. Unlike traditional players in the Bitcoin Layer 2 space that rely on merged mining, Bitfinity distinguishes itself by utilizing an EVM-based platform that enables Bitcoin assets to operate seamlessly within an Ethereum-compatible ecosystem.
At the core of Bitfinity's technological innovation is its threshold signature scheme, derived from Internet Computer's Chain-Key Technology, allowing for fully decentralized bridging without centralized intermediaries. Backed by industry heavyweights like Polychain Capital and ParaFi, Bitfinity's mission is to bring Bitcoin back into the hands of users in a fun, accessible way. Central to this is Bitgems, a platform that rewards users for social interactions by allowing them to mine digital gems.
Runes integration: A new era for bitcoin-backed assets
Runes, introduced by Casey Rodarmor (creator of Bitcoin Ordinals), represent a new token protocol that promises scalability and efficiency, surpassing the older BRC-20 standard. By leveraging Taproot addresses, Runes record token transfers in a lightweight and scalable way. The integration allows for a variety of Runes tokens -- like DOGE (Runes), currently boasting a $400 million market cap (as of October 7th) -- to be bridged onto the Bitfinity network. This opens up new possibilities for decentralized finance (DeFi) applications, bridging meme tokens and other assets, and unlocking greater liquidity potential.
Blockchain interoperability
Bitfinity and its partners are not stopping there. Omnity Bridge, who have collaborated with Bitfinity on ICP bridging design, have facilitated Chain-key Bitcoin (ckBTC) -- a fully decentralized Bitcoin token built on the Internet Computer (ICP) -- to be used within the Cosmos ecosystem via the DEX Osmosis. For the first time, a secure, non-custodial BTC token will be accessible in Cosmos, a blockchain ecosystem with a $1.6 billion market cap and a robust interconnected architecture.
This move arrives at a pivotal moment, as institutional investors, encouraged by the potential approval of Bitcoin ETFs, may seek new opportunities for Bitcoin exposure across multi-chain ecosystems. Similarly, early developers and adopters of technologies like Runes and Ordinals are recognizing early opportunities in the growing Bitcoin ecosystem, with tokens like ORDI having reached $1B market-cap status.
In another milestone for Bitcoin's presence on Internet Computer, Liquidium, the largest lending protocol for Ordinals, has begun building on ICP. With a combined market cap in the millions, tokens on these platforms could soon be bridged, creating liquidity flows between Ordinals on Bitfinity and in broader blockchain ecosystems.
With Bitcoin's $1.2 trillion market cap increasingly attracting DeFi developers, Bitfinity's ability to bridge ckBTC to Cosmos offers new liquidity avenues, particularly in the wake of concerns surrounding Wrapped Bitcoin (WBTC). Unlike WBTC, which is custodially managed and faces scrutiny due to its ties to Tron's Justin Sun, ckBTC is fully decentralized, offering a more secure alternative.
Driving community engagement through Bitgems
Bitfinity is ramping up community engagement with Bitgems, a gamified platform where users mine gems and interact with decentralized apps (dApps). Coupled with the Omnity Bridge, this drives seamless cross-chain and Bitcoin transactions, accelerating the platform's growth. As the mainnet launch nears, and with the integration of Runes, Bitfinity is poised to make a major impact in the Bitcoin Layer 2 space.
Bitfinity is a platform offering swift execution for Bitcoin and various cross-chain assets. Built upon the Internet Computer Blockchain, Bitfinity harnesses threshold signature schemes, facilitating seamless integration of assets from different blockchains. Boasting an average block time of just two seconds and a capacity exceeding 1000 transactions per second (TPS), Bitfinity holds promise in enhancing the scalability of smart contract execution. It joins the ranks of other notable players in the Bitcoin-rollup ecosystem, such as RSK, Stacks and Threshold-BTC, all dedicated to pioneering scaling solutions for BTC. Bitfinity aims to stand apart from these solutions, by offering greater transparency in its bridging code, and also by simplifying the UX when accessing BTC assets.
About Internet Computer
The Internet Computer (ICP) represents a fully decentralized web3 cloud platform, enabling developers to deploy code directly onto the blockchain without relying on servers or centralized infrastructure. This fast, cost-efficient, and highly scalable protocol redefines the operational paradigm of a decentralized web3 platform. ICP offers the same functionalities as centralized clouds but with economically efficient computation, heightened security, and rapid processing speeds intrinsic to decentralized technology.