Modular blockchain Hemi Labs has announced a mainnet worth $440 million in total (TVL).
Founded by early Bitcoin developer Jeff Garzick, Hemi plans to unify two of the oldest and largest blockchains, Bitcoin and Ethereum, into a “single supernetwork,” according to an email announcement.
Hemi is built on both Bitcoin and Ethereum, and combines the best quality of both, taking advantage of Bitcoin security and Ethereum’s programmatic nature. The project raised $15 million in a funding round led by Binance Labs last September.
This project is one of several that is trying to change the broader blockchain landscape, particularly with regard to distributed finance (DEFI), with some comfortable over all other digital assets combined with deep storage (BTC) deep storage (BTC) held in Bitcoin (BTC).
However, coding for Bitcoin does not have the ability to natively build some of the features Defi needs, such as Smart Contracts and Zero-Knowledge proofs, so this utility must be bridged from Ethereum.
The company has signed up dozens of protocols for deployment to HEMI, including Decentralized Exchange (DEX) Sushi, Liquid Staking Token Pump ButbCC, Oracle Redstone and Piss.
