Bitfinity Integrates EVM for Bitcoin DeFi with Runes

Last updated: May 18, 2024 12:34 PM

Published May 18, 2024 3:00 AM

Last updated: May 18, 2024 12:34 PM

Published May 18, 2024 3:00 AM

Bitfinity, a layer 2 Bitcoin protocol operating over the Internet Computer (ICP), has Deployed EVM to allow for the transaction of smart contracts and DefI apps on Bitcoin through Runes. Bitfinity EVM allows the developers to deploy BTC-centered Solidity smart contracts so they can transmit BTC, Ordinal, or Runes.

Attention Devs

Bitfinity, a Bitcoin sidechain on #ICP, is cooking something BIG 🔥

Bitfinity launches its EVM, enabling Solidity-based dapps to access tokens like BTC & runes on the #Bitcoin Network. This also upgrades ICP's capabilities to support Solidity.

More to come 👀 pic.twitter.com/VUWdSaZsht
— DFINITY Foundation (@dfinity) May 17, 2024

This integration is to capitalize on the new Bitcoin protocol called Runes that enables the minting of fungible tokens on the Bitcoin blockchain. The unveiling of Runes during the halving celebration caused a significant increase in network fees due to its stability. With the EVM functionality implemented, Bitfinity aims at building a BitFi platform for building an app version of Bitcoin DeFi using Rune.

Bitfinity streams UTXO data from the Bitcoin network and uses the tech stack of IC for the apps written in Solid language to work on the Bitcoin-based tokens. This functionality facilitates token bridging across other blockchains and integrates the cryptocurrency.

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