On 12/03/2025, Hemi Labs – a modular blockchain project backed by Binance Labs – officially launched its mainnet with an impressive total value locked (TVL) of 440 million USD. Founded by Jeff Garzik, one of the early Bitcoin developers, Hemi aims to 'merge' Bitcoin and Ethereum into a single 'supernetwork'. Can this ambition change the landscape of blockchain, or is it just a distant dream?
Hemi: Supernetwork Combining Bitcoin and Ethereum
Hemi Labs announced its mainnet at 16:00 UTC on 12/03, marking a turning point after a successful testnet phase. The project aims to integrate the two largest and oldest blockchains – Bitcoin and Ethereum – to leverage the advantages of both: the superior security of $BTC and the flexible programming capabilities of Ethereum. According to an email announcement, Hemi is built on both platforms, creating a 'supernetwork' that connects the power of BTC and $ETH .
The project raised 15 million USD in a funding round in September 2024, led by Binance Labs, with participation from Breyer Capital and Big Brain Holdings. With 440 million USD TVL right at launch, Hemi quickly established its position in the modular blockchain space, especially in decentralized finance (DeFi).
Addressing Bitcoin's Core Issues
Bitcoin, with a value surpassing all other digital assets (80,000 USD on 12/03), has a vast store of value but is limited by its code: it does not natively support DeFi functions like smart contracts or zero-knowledge proofs. In contrast, Ethereum leads in programming with a rich DeFi ecosystem but lacks Bitcoin's maximum security. Hemi aims to 'bridge' these two worlds, opening opportunities for new blockchain applications that were previously unattainable on each network individually.
Hemi Ecosystem: A Series of Major Partners
#HEMI has attracted dozens of protocols deployed on the mainnet, including:
Decentralized Exchange (DEX): Sushi, a familiar name in DeFi.
Liquid Staking Token (LST): #pumpbtc , allowing flexible BTC staking.
Oracle: RedStone and Pyth, providing accurate price data for applications.
The presence of more than 50 protocols – from lending (LayerBank, ZeroLend) to vault (Nucleus, Concrete) and dApp (LayerZero, BitFi) – shows that Hemi is not just theoretical but is ready for practical operation. TVL of 440 million USD, of which 270 million USD comes from the staking platform, reflects strong trust from the community and institutions.
DeFi Vision and Challenges
Hemi is part of a group of pioneering projects changing the blockchain landscape, especially in DeFi. By combining the value of BTC (over 1.5 trillion USD market cap) with the programming capabilities of ETH, Hemi opens up potential for activities such as providing DEX liquidity, perpetual trading, and creating synthetic assets. The Hemi Virtual Machine (hVM) integrates a full Bitcoin node within the Ethereum environment (EVM) as the main tool, allowing developers to build dApps compatible with both networks.
However, the challenges are significant. Bitcoin and Ethereum operate independently with different philosophies – the 'merger' requires a delicate balance between security, decentralization, and performance. History shows that bridge projects often encounter technical issues or exploitation (like the Wormhole incident in 2022), raising questions about Hemi's reliability.
Impact on the Crypto Market
Short term: The mainnet launch with 440 million USD TVL is a positive signal amid market instability (BTC liquidated 930 million USD on 11/03, Fear Index 24). On Binance, traders can see slight fluctuations in BTC/USDT (support at 75,000 USD, resistance at 85,000 USD) and ETH/USDT (support at 1,750 USD). Hemi's HYPE token, though not widely listed, is also worth monitoring if it goes public on major exchanges.
Long term: If successful, Hemi could reshape DeFi by unlocking the value of BTC (currently 'sleeping' in wallets) for financial applications. However, competition from other L2s like Stacks or Lightning Network – which also aim to expand Bitcoin – will be a significant challenge.
Trader's Perspective
On Binance:
BTC/USDT: Buy at 75,000 USD if it holds, take profit at 85,000 USD if Hemi creates FOMO.
ETH/USDT: Support at 1,750 USD is the bottom level, resistance at 1,800 USD if DeFi benefits.
Investors need to monitor mainnet performance and community reactions from DeFi.
Conclusion: Supernetwork or Super Risk?
Hemi Labs, backed by Binance Labs and with a vision from Jeff Garzik, has made an impressive start with a mainnet of 440 million USD TVL. The ambition to merge Bitcoin and Ethereum promises to usher in a new era for DeFi, but also carries technical risks and competition. For Binance users, this is an opportunity to closely monitor – will Hemi become the 'supernetwork' leading the market, or just a bold dream amidst the crypto storm?
Risk warning: Crypto investments carry high risk due to price volatility. Only invest money you are willing to lose.