Overview of Hemi, the modular L2 led by Binance Labs: How to combine the security of Bitcoin with the flexibility of Ethereum?
The Hemi incentive test network is now online (with tutorial), and the mainnet is expected to launch in the fourth quarter.整理：Scof，ChainCatcher
What is Hemi?
Hemi is a modular blockchain network designed to provide scalability, security, and interoperability, unifying Bitcoin and Ethereum into a single super network. The Hemi virtual machine allows developers to build smart contracts compatible with Bitcoin and Ethereum, as well as the Hemi Bitcoin Kit, enabling individuals to create proof-of-stake, MEV markets, and other Bitcoin-native applications through direct access to granular Bitcoin states.
Hemi positions itself as "the Layer 2 network tunnel between Bitcoin and Ethereum," integrating Ethereum's advanced programmability with Bitcoin's security.
Currently, Hemi's incentive testnet is live, with the mainnet expected to launch in Q4 2024.
The co-founders of Hemi are renowned early Bitcoin developer Jeff Garzik and blockchain security pioneer Max Sanchez.
On September 18, Hemi network developer Hemi Labs announced the completion of a $15 million funding round, featuring overseas venture capital firms focused on Bitcoin and Bitcoin OGs, led by Binance Labs, Breyer Capital, and Big Brain Holdings.
Breyer Capital is an early investor in Facebook, Circle, and Spotify. Big Brain Holdings is a leading Web3 fund, investing in projects such as Solana, The Graph, and Arweave. Other participants in this funding round include Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Bitcoin Deer founder Wu Jihan, Portal founder George Burke, and Beluga founder Sonny Singh.
Core Features and Operations of Hemi
Hemi Virtual Machine (hVM): Integrates a full Bitcoin node within the Ethereum Virtual Machine (EVM), allowing developers to build smart contracts compatible with Bitcoin and Ethereum using familiar tools while maintaining full backward compatibility with existing EVM dApps and wallets.
Bitcoin Programmability: The Hemi Bitcoin Kit (hBK) unlocks direct access to granular Bitcoin states for smart contracts, enabling truly trustless Bitcoin-native applications such as staking, lending markets, and MEV markets, which were previously impractical.
Superfinality: Hemi's Proof-of-Proof (PoP) consensus inherits the complete security of Bitcoin in a fully decentralized and permissionless manner, effectively providing Bitcoin security as a service to other blockchain networks.
Trustless Cross-Chain Portability: Hemi's tunnel provides a secure method for transferring assets between chains, improving upon traditional cross-chain methods.
Asset Programmability: Features include on-chain routing, time-locking, password protection, and gasless transfers, enabling seamless asset flow.
Hemi Launches Incentive Testnet
Hemi has now launched the Season 1 Incentive Testnet, allowing users to participate in building the Hemi ecosystem. The specific allocation for the incentive testnet is not yet clear. The incentive testnet allows users to transfer ETH from the Sepolia testnet to the Hemi Sepolia testnet, completing tasks ranging from technical development to community expansion and marketing to earn points. Additionally, sharing invitation codes to recommend friends can also earn rewards.
Interaction Steps:
- Register. Access the official testnet, connect your wallet, enter an invitation code (optional), and bind your Twitter to complete registration.
- Claim Sepolia ETH and cross-chain to the Hemi Sepolia test network. Users can choose from various methods to claim test coins and bridge ETH to the Hemi test network via the official cross-chain bridge. To maximize points, it is recommended to transfer at least 2.1 ETH for the first cross-chain transaction to cover transaction fees and earn 2000 points in one go.
Use the test tokens on Hemi to complete various tasks and earn points. Note that data refreshes every 4 hours, not in real-time.
In addition to interacting with the testnet, Hemi can also earn points through mining participation. For specific participation steps, refer to Hemi's official documentation.
Hemi Roadmap
Hemi has not released a detailed official technical roadmap, but its official documentation outlines some future plans to enhance the ecosystem through three quarters of progress:
Season 1: Testnet
Goal: To lay a solid foundation for the Hemi network by attracting and incentivizing users, developers, and creators during the testnet phase.
Incentive Structure
- On-chain participation: Points are allocated for transactions and other on-chain activities.
- Off-chain participation: Contributions to social platforms and community engagement that support network growth will also earn points.
Reward Focus
- Network utilization and user participation: Prioritize actions that enhance network usage and effectively integrate new participants.
- Positive community contributions: Recognize significant off-chain community involvement and impactful contributions.
Strategic Initiatives
- Customized financial support: Develop specially designed grants and investments to align with Hemi ecosystem's strategic goals.
- Open innovation applications: Simplify the process for developers to propose and deploy on-chain solutions, encouraging widespread participation and lowering entry barriers.
Season 2: Mainnet + Token Generation Event (TGE)
Goal: To expand network activity and economic contributions on the mainnet during the critical period following the TGE.
Incentive Structure
- On-chain participation: Provide intensive rewards for activities demonstrating significant economic value, such as total value locked (TVL) and trading volume.
- Off-chain participation: Incentivize activities that engage the community and raise ecosystem awareness.
Reward Focus
- Economic contributions and ecosystem growth: Enhance network activity and user base expansion.
- Developer engagement and support: Host events such as hackathons and educational programs to foster developer interaction.
Strategic Initiatives
- Promote semi-native ecosystem: Facilitate the development and integration of native applications.
- Special events: Organize "Learn and Earn" activities to actively attract community participation.
- Strategic project support: Provide customized support for projects that make significant contributions to network growth.
- Community-driven activities: Encourage community participation in governance and decision-making processes.
Season 3: Mainnet, Post-TGE
Goal: To solidify network growth, enhance economic stability, and transition to decentralized governance of the mainnet.
Incentive Structure
- On-chain participation: Prioritize liquidity provision, DEX trading volume, and support projects that make significant contributions to network economic activities, such as AMM liquidity and Bitcoin DEX trading.
- Off-chain participation: Maintain engagement through community-building initiatives and continued support for established projects.
Reward Focus
- Transition to liquidity mining: Points accumulated in Seasons 1 and 2 will carry over to the next season. Strategic interactions with the network will earn points.
Strategic Initiatives
- Retroactive funding implementation: Begin retroactively rewarding builders for significant contributions made in previous seasons.
- Continuation of grants and investment programs: Focus solely on customized agreements, shifting from open applications to more curated and strategic participation aligned with network goals.
- New inflation for security $HEMI: Introduce a new $HEMI token specifically for enhancing network security and operational robustness.
- Governance transformation: Gradually phase out direct grant applications, transitioning to a decentralized governance model (DeGov) for managing future grants and investments.
