Earlier this month, ICP Sidechain, Bitfinity closed a $7m raise from the likes of Polychain Capital and ParaFi Capital, to build out accessible DeFi infrastructure on Bitcoin.
Bitfinity is developing an EVM-compatible Bitcoin sidechain on ICP that will give builders a solid shot at building consumer facing products and dApps on the bitcoin blockchain, without the prerequisite of bridging to BRC-20 tokens. Like most Layer 2 solutions, Bitfinity is said to be boasting break-neck speeds and low fees - with the added benefits of EVM compatibility
Through this, ICP is giving the industry what it needs, and that is easy access to DeFi on Bitcoin, using the power of ICP and EVM smart contracts to bring sophistication and flexibility to the grandfather of cryptocurrency.
How can you access the Bitfinity Ecosystem?
Currently Bitfinity is in testnet, with mainnet launching imminently. Users can access the Bitfinity testnet through Metamask, acquiring tokens through the web faucet.
Currently, there are over 40 projects on the network, ranging from infrastructure to DeFi. The network's governance is dictated by 3 key stakeholders. The Bitfinity team (who are under direct supervision of the DAO), principal investors and ecosystem partners. This is to ensure all governance votes have aligned interest in the network, and that all proposals are in line with those who have the most vested interest in the network.
To attract top talent to Bitfinity and the ICP ecosystem, the Bitfinity team have opened up their Bitfinity Grants Program, awarding 2 separate grant variations:
- Fork grants - $6k
- Partnership grants - $25k
They believe that the “Grants-Program will connect us with some of the very best talent in the ecosystem and will kickstart exponential growth of DeFi on the EVM and IC chains.”
Waves3 Hub, a portal to Bitfinity?
The Waves3 Hub Portugal is Europe’s latest addition to the ICP collective. On a mission to build out the ICP ecosystem from their base in Portgual, Waves3 Hub are helping founders build, launch and scale their projects on the ICP network, all guided by Lunar Strategy exec, Tim Haldorsson
Through tight-knit networking events and builder-focused workshops, Waves3 is dedicated to forging a community of forward-thinking and synergistic founders and creators, providing them with the necessary support for their ventures.
The Internet Computer Protocol (ICP) stands at the forefront of blockchain innovation, shaping the future landscape of internet architecture and infrastructure. Established by the DFINITY Foundation, ICP equips builders and developers with the essential resources and foundations to contribute to the new era of inclusive and decentralized digital economies - envisioning an open internet where participation is universal and end users have autonomy over their data
Bitfinity is going to house the next iteration of the ICP Ecosystem. For builders who need some help getting started, be sure to reach out to Waves3 Hub on X/Twitter
