Hemi Raises $30M, Bridges Bitcoin and Ethereum Ecosystems
Hemi, a modular Layer 2 protocol, has made waves by raising $30 million and integrating key features to bridge Bitcoin and Ethereum ecosystems. Its native token, HEMI, saw a 550% rally upon launch.
Hemi's core mission is to solve interoperability, enabling dApps to utilise Bitcoin's security and Ethereum's smart contract capabilities. It achieves this through a Hemi Virtual Machine (hVM) with a built-in Bitcoin node for native data access.
The protocol's security is ensured by a Proof of Proof (PoP) consensus mechanism, anchored to the Bitcoin blockchain. It also supports scalability and interoperability through features like hBK.
Hemi has garnered significant attention from investors, with a $15 million seed round led by YZi Labs. The HEMI token allocation includes Community and Ecosystem (32%), Investors and Partners (28%), Team (25%), and Foundation (15%).
Upon launch, HEMI saw a 550% rally to an all-time high of $0.12, driven by Binance listing and airdrop hype. The token is used for governance, gas fees, and staking to secure the network and earn rewards.
Hemi's successful funding round and integration of key features position it as a promising player in the interoperability space. With a strong token performance and significant investor confidence, the project's future looks bright.
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