As an experienced analyst, I’m excited about the recent development between Bitfinity and the Internet Computer (ICP) network. The integration of Ethereum Virtual Machine (EVM) into Bitfinity to allow for smart contracts and decentralized finance (DeFi) applications on Bitcoin is a game-changer.
Bitfinity, a Bitcoin protocol running on the Internet Computer (ICP), has integrated Ethereum Virtual Machine (EVM) for facilitating the execution of smart contracts and Decentralized Finance (DeFi) applications using Bitcoin via Runes. Developers can now deploy Solidity smart contracts centered around Bitcoin on Bitfinity EVM, enabling transactions with Bitcoin, Ordinal, or Runes.
As a crypto investor, I’m excited to share some intriguing news about Bitfinity, a Bitcoin sidechain built on ICP. Get ready for something major 🔥— DFINITY (@dfinity) May 17, 2024
The introduction of Runes, a fresh Bitcoin protocol, allows for the creation of interoperable tokens on the Bitcoin blockchain. This revelation during the halving event led to heightened network fees due to its robustness. With EVM compatibility integrated, Bitfinity intends to construct the BitFi platform, enabling development of a decentralized finance (DeFi) application based on Bitcoin and Rune.
As a researcher studying the innovative Blockchain project, Bitfinity, I can describe its functionality in the following way: Bitfinity taps into the Bitcoin network to acquire UTXO (Unspent Transaction Output) data. By employing the Industrial-grade Infura Connect (IC) technology stack for applications coded in Solidity language, Bitfinity enables the seamless operation of Bitcoin-based tokens on its platform. This feature paves the way for token interoperability with other blockchains and streamlines the integration process for cryptocurrencies.
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2024-05-18 01:24