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Jeff Garzik’s Hemi Network Brings EVM Execution To Bitcoin Jeff Garzik’s Hemi Network Brings EVM Execution To Bitcoin

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Jeff Garzik’s Hemi Network Brings EVM Execution To Bitcoin – Crypto News

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The project introduces the Hemi Virtual Machine and leverages Proof-of-Proof consensus to inherit security from Bitcoin.

Jeff Garzik, a former Bitcoin core developer who previously worked alongside Satoshi Nakamoto, is launching a Layer 2 network.

On July 24, Hemi Labs, a development team co-founded by Garzik, announced Hemi Network, a modular Layer 2 network facilitating Ethereum smart contract functionality secured by the Bitcoin network.

“By approaching Bitcoin and Ethereum as components of a single supernetwork, Hemi delivers the capabilities of both,” Hemi Labs said. “Attempts to integrate and scale Bitcoin and Ethereum have tended to address the problem within their respective communities, resulting in a fractured ecosystem.”

Hemi’s incentivized testnet is already live, while Hemi Network will launch on mainnet during the Bitcoin 2024 conference in Nashville — which kicks off on July 25. Hemi is designed to host decentralized finance and artificial intelligence applications.

Hemi Network

Hemi Labs was also co-founded by Maxwell Sanchez, the co-founder of VeriBlock, a blockchain security and software development company.

The chain introduces the Hemi Virtual Machine (hVM), which integrates a full Bitcoin node within the Ethereum Virtual Machine (EVM) — Ethereum’s core smart contract engine.

HVM allows developers to create smart contracts that interact with Bitcoin’s state, unlocking Bitcoin-based DeFi applications including staking, lending markets, and “democratized MEV marketplaces.” Hemi Labs described trustlessly launching said Bitcoin-based applications as previously being “impractical or impossible.”

The network uses the Proof-of-Proof (PoP) consensus mechanism, which Sanchez pioneered, allowing Hemi to inherit its security from Bitcoin’s Proof of Work miners.

“Hemi inherits Bitcoin’s full security in a truly decentralized and permissionless manner, achieving better-than-Bitcoin finality, or ‘superfinality’ in just a few hours,” Hemi Labs said. “PoP’s modular nature enables Hemi to extend this security efficiently to other blockchains.”

Hemi Labs said its Tunnels protocol allows cross-chain asset transfers without using conventional bridges.

Bitcoin Layer 2s grow

Hemi’s launch comes as the race to bring DeFi functionality to Bitcoin is heating up.

Bitlayer recently emerged as the largest Bitcoin L2 by total value locked (TVL), with 15 protocols hosting $394.4 million, according to DeFi Llama. On July 23, Bitlayer announced the completion of an $11 million Series A funding round led by Franklin Templeton and ABCDE.

Merlin comes in second with $306 million, followed by the sidechains Stacks with $211.3 million, and Rootstock sidechain with $178.5 million. Bouncebit, a Bitcoin staking protocol, also boasts a TVL of $318.6 million.

Other Layer 2 projects promising to launch EVM functionality on Bitcoin include Citrea, Bitfinity, Botanix, and Conflux — all of which are currently live on testnet.

Related: Citrea Brings ZK Rollups To Bitcoin

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