EMB (News Flash): March 12, 16:00 UTC

Get ready for a major development in the blockchain world! Hemi Labs, a team focused on building modular blockchain solutions, has officially launched its mainnet. The buzz is real, and the numbers speak for themselves – they’re already seeing a staggering $440 million in total value locked (TVL)!

Spearheaded by Jeff Garzik, a name you might recognize as an early Bitcoin developer, Hemi’s ambitious goal is to bring together the best of both worlds. Imagine a “supernetwork” that unifies Bitcoin and Ethereum, the two original giants of the blockchain space. That’s exactly what they’re aiming for, according to their recent announcement.

So, what’s their secret sauce? Hemi is built on both Bitcoin and Ethereum, taking advantage of each platform’s unique strengths. Think of it as blending Bitcoin’s renowned security with Ethereum’s incredible flexibility for building applications. This innovative project caught the eye of some big players last September, raising $15 million in a funding round led by Binance Labs.

Hemi isn’t alone in seeking to revolutionize the blockchain landscape, especially when it comes to decentralized finance (DeFi). A key driver behind this movement is the immense store of value held within Bitcoin. In fact, Bitcoin’s value comfortably outstrips that of every other digital asset combined, making it a highly attractive foundation.

However, Bitcoin’s original code wasn’t designed with all of DeFi’s needs in mind. It lacks native support for things like smart contracts and advanced privacy tools such as zero-knowledge proofs. This is where Ethereum’s capabilities become essential, bridging the gap and unlocking new possibilities.

It looks like the industry is eager to jump on board! Dozens of protocols have already committed to launching on Hemi, including popular decentralized exchange (DEX) Sushi, innovative liquid staking token pumpBTC, and trusted oracle providers RedStone and Pyth. This growing ecosystem suggests a bright future for Hemi’s vision.