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Internet Computer-Based 'Bitfinity EVM' Launches as Bitcoin L2, Supports Runes
The Bitfinity EVM is designed to allow developers to Bitcoin-based Solidity smart contracts, allowing them to transfer BTC and Runes.
May 17, 2024, 1:00 p.m. 1 min read
- Internet Computer-based Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains.
- ICP's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.
Bitcoin layer 2 Bitfinity has introduced its Ethereum Virtual Machine (EVM) to bring smart contracts Bitcoin protocols and harness Runes to enable Bitcoin DeFi apps.
Built on the Internet Computer (ICP) protocol, Bitfinity integrates with the Bitcoin network and allows asset bridging to other blockchains. Internet Computer's tech stack will allow applications that use Ethereum's smart contract programming language Solidity to access Bitcoin-based tokens.
The Bitfinity EVM is designed to allow developers to deploy Bitcoin-based Solidity smart contracts, allowing them to transfer BTC, Ordinals and Runes, according to an emailed announcement on Friday.
An EVM is a smart contract-executing software that powers the Ethereum protocol, similar to an operating system on a computer.
Bitfinity is attempting to capture the interest in new Bitcoin protocol Runes, which launched around a month ago coinciding with the halving event, through introducing smart contract capability in order to use them as a platform to create Bitcoin DeFi apps.
Runes, which allows fungible tokens to be minted on the Bitcoin blockchain, immediately sent network fees soaring following a flurry of activity following its launch. Activity has subsequently died down somewhat however.
Read More: Internet Computer's 40% Rally Led CoinDesk 20 Gainers Over Past Week: CoinDesk Indices Market Update
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