Hemi Labs Launches $440M Mainnet to Bridge Bitcoin and Ethereum Networks
Modular blockchain Hemi Labs has officially launched its mainnet with $440 million in total value locked (TVL). The project aims to merge Bitcoin and Ethereum into "a single supernetwork," according to the company's announcement, according to Coindesk reporting.
Founded by early Bitcoin developer Jeff Garzik, Hemi is built simultaneously on both Bitcoin and Ethereum blockchains. This dual architecture allows Hemi to leverage Bitcoin's robust security features while utilizing Ethereum's programmability capabilities.
The project received $15 million in funding last September in a round led by Binance Labs. Hemi represents one of several initiatives working to transform the blockchain landscape, particularly in decentralized finance (DeFi).
Hemi's approach addresses a key limitation in the cryptocurrency ecosystem. While Bitcoin holds more stored value than all other digital assets combined, its code lacks native support for DeFi functions like smart contracts and zero-knowledge proofs.
Hemi's launch comes amid growing institutional commitment to Bitcoin. StarkWare, the $8 billion company behind Ethereum Layer 2 solution Starknet, recently created a "Strategic Bitcoin Reserve," holding part of its treasury in Bitcoin alongside firms like Strategy, MARA, and Block.
By connecting Bitcoin to Ethereum's functionality, Hemi creates new possibilities for utilizing Bitcoin's value in more complex financial applications. This bridge could potentially expand the utility of Bitcoin beyond its traditional role as a store of value.
The platform has already secured partnerships with numerous protocols, including:
- Decentralized exchange Sushi
- Liquid staking token pumpBTC
- Oracle providers RedStone and Pyth
These early adopters suggest growing interest in cross-chain solutions that can bring together the strengths of different blockchain networks. The successful launch with substantial TVL positions Hemi as a notable player in the evolving blockchain integration space.
