Key Milestones and Development History of Hemi

Since its establishment, the Hemi project has driven its ecological development through a series of key events. From the release of the white paper to the launch of the mainnet, each milestone marks the implementation of technology in practice and the growth of the community. In July 2023, the white paper first introduced the hVM and Proof-of-Proof design, laying the theoretical foundation for the project; in July 2024, the public test incentive test network attracted over 50,000 developers, validating the feasibility of the technology; in September 2024, the first round of $15 million strategic financing was led by YZi Labs, accelerating the development of the mainnet.

On March 12, 2025, the Hemi mainnet officially went live, partnering with over 50 partners, and the total locked value (TVL) exceeded $300 million that week, demonstrating the market's high recognition of its solutions. Subsequently, in August 2025, the project completed a second round of $15 million financing, further promoting the expansion of Bitcoin programmability ecology. By the end of the month, the token generation event (TGE) and listing on Binance allowed $HEMI to enter circulation, with an initial circulation of 9.8% of the total supply. In October 2025, the HIPPO-2 economic model was released, with the first veHEMI reward distribution and token burn enhancing the token's scarcity and governance value.

These milestones not only reflect the technical maturity of Hemi but also demonstrate its ecological construction capabilities. After the mainnet launch, the TVL peak reached $1.2 billion, and although it has currently fallen back to $243 million, the number of active on-chain addresses and transaction volume remains stable. In addition, collaborations with decentralized exchanges like Aster have promoted token liquidity and user participation.

In summary, Hemi has proven its execution capability and market appeal through its phased achievements. In the future, with the implementation of decentralized orderers and dual-staking mechanisms, the project is expected to further solidify its position. @Hemi $HEMI #Hemi