DeFi
Bitfinity integrates EVM for Bitcoin DeFi with Runes
Bitfinity, a layer 2 Bitcoin protocol running on Internet Computer (ICP), has deployed EVM to enable the transaction of smart contracts and DefI applications on Bitcoin via Runes. Bitfinity EVM allows developers to deploy BTC-centric Solidity smart contracts so they can transmit BTC, Ordinal, or Runes.
Attention developers
Bitfinity, a Bitcoin sidechain on #ICPit’s cooking something BIG 🔥
Bitfinity launches its EVM, allowing Solidity-based dapps to access tokens like BTC and runes on the #Bitcoin Network. This also upgrades ICP’s capabilities to support Solidity.
More to come 👀 pic.twitter.com/VUWdSaZsht
– DEFINITY (@dfinity) May 17, 2024
This integration aims to capitalize on the new Bitcoin protocol called Runes which allows the minting of fungible tokens on the Bitcoin blockchain. The unveiling of the Runes during the Halving celebration caused a significant increase in network fees due to their stability. With the EVM functionality implemented, Bitfinity aims to create a BitFi platform to create an application version of Bitcoin DeFi using Rune.
Bitfinity streams UTXO data from the Bitcoin network and uses the IC technology stack for applications written in the Solid language to run on Bitcoin-based tokens. This feature makes it easier to bridge tokens between other blockchains and integrate cryptocurrency.
Read also : Injective’s inEVM partners with Arbitrum Orbit