Bitfinity Network officially launched its mainnet on November 19, 2024, introducing its Bitcoin Layer 2 solution to the public. In January 2024, Bitfinity raised $7 million in funding, achieving a valuation of $130 million. This funding was secured through two token-based rounds: an initial seed round in 2021 that raised approximately $1 million, followed by a growth round concluding in June 2023.
By November 2024, the total funding had increased to $12 million, with significant contributions from institutional investors such as Polychain Capital and ParaFi Capital.
Bitfinity Network Roadmap and Development
Bitfinity's development has been marked by several key milestones:
> Testnet Phase: Prior to its mainnet launch, Bitfinity underwent a testnet phase to rigorously test and refine its network functionalities.
> Mainnet Launch: The mainnet was officially launched on November 19, 2024, enabling the integration of Ethereum-compatible DeFi capabilities with Bitcoin.
> Integration with Internet Computer Protocol (ICP): Bitfinity utilizes ICP's Chain Fusion Technology to facilitate seamless interaction between Bitcoin-native assets and Ethereum's ecosystem.
> Security Enhancements: The network employs a proof-of-stake protocol enhanced by Chain-Key technology, ensuring robust security for transactions and smart contracts.
Looking ahead, Bitfinity plans to expand its ecosystem by hosting decentralized applications (dApps) such as Sonic, Chapswap, Lendfinity, and Omnity Bridge. The platform also aims to introduce advanced DeFi solutions, further enhancing its offerings.