Hemi, Backed by Binance Labs, Launches $440M Mainnet to Bridge Bitcoin and Ethereum

Hemi Labs has onboarded multiple protocols, including decentralized exchange (DEX) Sushi, liquid staking token pumpBTC, and oracle providers RedStone and Pyth.

Key Points:

• Modular blockchain Hemi has launched its mainnet with a total value locked (TVL) of $440 million.
• Hemi aims to "unify" Bitcoin and Ethereum into a "single supernetwork."
• Built on both Bitcoin and Ethereum, Hemi leverages Bitcoin’s security and Ethereum’s programmability.

Jeff Garzik, co-founder of Hemi Labs (TEDx video)

Modular blockchain Hemi Labs has launched its mainnet with $440 million in total value locked (TVL).

Founded by early Bitcoin developer Jeff Garzik, Hemi aims to integrate Bitcoin and Ethereum—the two largest and oldest blockchains—into "a single supernetwork," according to an emailed announcement.

Hemi is designed on both Bitcoin and Ethereum, leveraging Bitcoin’s security and Ethereum’s programmability to offer a robust blockchain solution. The project secured $15 million in funding last September, led by Binance Labs.

Hemi is among several initiatives aiming to reshape the blockchain ecosystem, particularly in decentralized finance (DeFi), by integrating Bitcoin and Ethereum. This approach capitalizes on Bitcoin’s vast store of value, which surpasses all other digital assets combined.

Bitcoin’s code lacks native support for key DeFi functionalities, such as smart contracts and zero-knowledge proofs, making it necessary to bridge these capabilities from Ethereum.

To enhance its ecosystem, Hemi has onboarded multiple protocols, including decentralized exchange (DEX) Sushi, liquid staking token pumpBTC, and oracle providers RedStone and Pyth.