According to CoinDesk, Bitfinity, a Bitcoin layer 2 built on the Internet Computer (ICP) protocol, has introduced its Ethereum Virtual Machine (EVM) to bring smart contracts to Bitcoin protocols. This move is aimed at harnessing Runes to enable Bitcoin DeFi apps. The integration of Bitfinity with the Bitcoin network will facilitate asset bridging to other blockchains. The Internet Computer's tech stack will permit applications that utilize Ethereum's smart contract programming language, Solidity, to access Bitcoin-based tokens.
The Bitfinity EVM is specifically designed to allow developers to deploy Bitcoin-based Solidity smart contracts. This will enable them to transfer BTC, Ordinals, and Runes, as per an announcement made on Friday. An EVM is a software that executes smart contracts and powers the Ethereum protocol, functioning similarly to an operating system on a computer.
Bitfinity is seeking to capture interest in the new Bitcoin protocol, Runes, which was launched about a month ago, coinciding with the halving event. The company is introducing smart contract capability to use Runes as a platform for creating Bitcoin DeFi apps. Runes, which allows for the minting of fungible tokens on the Bitcoin blockchain, caused network fees to skyrocket due to a surge in activity following its launch. However, this activity has since decreased somewhat.