The Internet Computer-based Bitfinity integrates with the Bitcoin network and allows assets to be bridged to other blockchains;
ICP’s technology stack will allow applications using Ethereum’s smart contract programming language Solidity to access Bitcoin-based tokens.
Bitcoin layer 2 Bitfinity launched the Ethereum Virtual Machine (EVM) to introduce smart contract Bitcoin protocol and leverage Runes to enable Bitcoin DeFi applications.
Bitfinity is built on the Internet Computer (ICP) protocol, integrating with the Bitcoin network and allowing assets to be bridged to other blockchains. The Internet Computer’s technology stack will allow applications using Ethereum’s smart contract programming language Solidity to access Bitcoin-based tokens.
According to an email announcement on Friday, the Bitfinity EVM is designed to allow developers to deploy Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals, and Runes.
The EVM is the smart contract execution software that powers the Ethereum protocol, similar to an operating system on a computer.
Bitfinity is trying to attract interest in the new Bitcoin protocol Runes, which was launched about a month ago in conjunction with the halving event, by introducing smart contract functionality in order to use it as a platform for creating Bitcoin DeFi applications.
Runes, which allows for the minting of fungible tokens on the Bitcoin blockchain, saw an immediate spike in network fees amid a flurry of activity following its launch, however, activity has since subsided.
Internet Computer's 40% surge drives CoinDesk 20 index higher this past week: CoinDesk Index Market Update
CoinDesk Indexes (CDI) publishes biweekly market updates highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).
The CoinDesk 20 Index closed at 2705.61 yesterday, up 4.8% week-over-week, but still 2.7% below the index’s high of 2779.34 earlier this month. The index is up 57% year-to-date.
Layer 1 smart contract platform Internet Computer (ICP) led the CoinDesk 20 this past week, gaining 40% and reaching a market cap of more than $8.8 billion.
Only three assets are lower this past week: Avalanche (AVAX), Solana (SOL), and Polkadot (DOT).
The CoinDesk 20 tracks the top digital assets and is investable across multiple platforms, with the broader CoinDesk Market Index comprising about 180 tokens and seven crypto sectors: currencies, smart contract platforms, DeFi, culture and entertainment, computing and digital.
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