How to explore the frontline trends of Web3? Web3Caff Research will carefully select the latest publicly disclosed Web3 financing projects for you, and provide interpretation and comments. Look at the essence through the phenomenon - follow us immediately to sniff the market dynamics.
Author: ShirleyLi, Web3Caff Research Researcher
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On November 19, according to Cointelegraph, the Bitcoin Layer2 solution Bitfinity Network has completed a $12 million financing round. This round of financing includes $7 million from well-known supporters, including Polychain Beacon Fund, ParaFi, Draft Ventures and Warburg Serres, and another $5 million from off-chain Token sales.
For a long time, the Bitcoin network has been felt limited by developers due to the lack of support for smart contracts, which has also seriously hindered the expansion of its application scenarios. However, with the flourishing development of the Ethereum Layer2, the developers in the Bitcoin ecosystem have drawn rich inspiration from it and are working hard to explore the possibility of closer integration between Bitcoin and Ethereum. Bitfinity Network, the Bitcoin Layer2 solution announced for financing this issue, is planning to create DeFi capabilities compatible with EVM for the Bitcoin ecosystem, aiming to facilitate the circulation of Bitcoin ecosystem assets in the Ethereum-compatible ecosystem.
