Internet Computer-Based ‘Bitfinity EVM’ Launches as Bitcoin L2, Supports Runes

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
Edited by Bradley Keoun.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.