Bitfinity Network has launched with $12 million in funding as a new Bitcoin layer-2 (L2) solution to provide Ethereum Virtual Machine (EVM) compatible decentralized finance (DeFi) functionality. The project was supported by institutional investors such as Polychain and ParaFi, as well as a $5 million OTC token sale from the community.

As Bitcoin’s price exceeds $92,000, new L2 solutions are expanding Bitcoin’s use cases. Bitfinity is developing sidechain infrastructure to increase scalability and provide cross-chain functionality.

Security is provided by a proof-of-stake protocol powered by Chain-Key technology. Bitfinity aims to expand its ecosystem with DApp hosting plans.

What do you think about these developments? Let’s discuss in the comments.