Hemi Network
Networks · Layer-2About
Hemi Network is a modular Layer-2 protocol enabling decentralized interoperability and scalability between Bitcoin and Ethereum. It features a virtual machine combining Bitcoin and Ethereum nodes, supports cross-chain asset transfers, and allows developers to build interoperable decentralized applications using Bitcoin and Ethereum states.
History
Hemi is led by former Bitcoin core developer Jeff Garzik and lead architect Max Sanchez.
In September 2024, Hemi raised $15.0M in a seed round led by YZi Labs (Binance Labs), Big Brain Holdings, and Breyer Capital. Hemi raised an additional $15.0M in August 2025, in a funding round led by YZi Labs (Binance Labs), Republic Digital, and HyperChain Capital.
In March 2025, Hemi launched its mainnet and has cultivated an ecosystem with over 70 integrations focused on enabling users to earn yield on their Bitcoin.
In April 2025, the team announced partnerships with Relay and ZNS Connect to enable fast low cost crosschain transactions and to bring support for .hvm domains to the Hemi virtual machine. Additionally, the team also integrated Spectra Pools with over $18M in liquidity entering the network at the same time, while also launching $25K perpetuals trading competition in coordination with Satori.
By June the team collaborated with Spicenet to unlock a new model of cross-chain interoperability, making it possible to scale distribution and liquidity natively across blockchain ecosystems without needing to deploy to each one individually.
In July, Hemi Network introduced Debt Vaults on Hemi - a P2P lending primitive where loans are tokenized, repayments are flexible, and credit is programmable.
By the end of October, the team shared the Hemi Economic Model, which ties protocol value creation to $HEMI staking incentives through a multi-stage system that distributes transaction fees as hemiBTC and $HEMI rewards to veHEMI stakers while burning portions of fees, ultimately creating a sustainable flywheel that reinvests value into economic security, liquidity, and ecosystem growth.
