Hemi Incentive Testnet Launched (with Tutorial), Mainnet Expected in Q4
Compiled by: 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 enables developers to build smart contracts compatible with both Bitcoin and Ethereum, while the Hemi Bitcoin Kit allows individuals to create proof-of-stake, MEV markets, and other Bitcoin-native applications through direct access to granular Bitcoin state.
Hemi positions itself as a “Layer 2 network tunnel between Bitcoin and Ethereum,” integrating Ethereum’s advanced programmability with Bitcoin’s security. Currently, the Hemi incentive testnet is live, with the mainnet anticipated to launch in the fourth quarter of 2024.
Hemi’s co-founders include prominent early Bitcoin developer Jeff Garzik and blockchain security pioneer Max Sanchez. On September 18, Hemi Labs, the developers of the Hemi network, announced the completion of a $15 million funding round, led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from various overseas venture capital firms focused on Bitcoin, Bitcoin OGs, and more.
Breyer Capital is an early investor in Facebook, Circle, and Spotify. Big Brain Holdings is a leading Web3 fund with investments in projects including 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 Operation of Hemi
Hemi Virtual Machine (hVM): Integrates a full Bitcoin node within the Ethereum Virtual Machine (EVM), allowing developers to use familiar tools to build smart contracts compatible with both Bitcoin and Ethereum, while maintaining full backward compatibility with existing EVM dApps and wallets.
Bitcoin Programmability: The Hemi Bitcoin Kit (hBK) unlocks direct access to fine-grained Bitcoin state 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 Bitcoin’s complete security 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 approaches.
Asset Programmability: Features include on-chain routing, time-locking, password protection, and gasless transfers, enabling seamless asset flow.
Launch of Hemi Incentive Testnet
Hemi has launched its first season of the incentive testnet, allowing users to participate in building the Hemi ecosystem. The specific allocation for the incentive testnet remains unclear. Users can bridge ETH from the Sepolia testnet to the Hemi Sepolia testnet, complete tasks ranging from technical development to community expansion and marketing, and earn points through interactions with the Hemi ecosystem. Additionally, sharing an invitation code to recommend friends can also yield rewards.
Interaction Steps:
1. Registration: Access the official testnet, connect your wallet, enter an invitation code (optional), and link your Twitter to complete registration.
2. Claim Sepolia ETH and bridge to Hemi Sepolia test network: Users can choose 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 advisable to bridge at least 2.1 ETH on the first transaction to cover fees and earn 2000 points in one go.
3. Complete various tasks using test tokens on Hemi to earn points. Note that data refreshes every 4 hours, rather than in real-time.
4. In addition to interacting with the testnet, Hemi can currently also earn points through mining participation. For specific participation steps, refer to the Hemi official documentation.
Hemi Roadmap
Hemi has not released a detailed official technical roadmap; however, some future plans are outlined in its official documentation, aiming to enhance the ecosystem through three quarters of development:
First Quarter: Testnet
Objective: To build 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 will be allocated for transactions and other on-chain activities.
Off-chain Participation: Contributions that support network growth on social platforms and community engagement will also earn points.
Reward Focus
Network Utilization and User Engagement: Priority will be given to actions that enhance network usage and effectively integrate new participants.
Active Community Contributions: Recognizing significant off-chain community participation and impactful contributions.
Strategic Initiatives
Customized Financial Support: Establishing specially designed grants and investments aligned with Hemi’s strategic goals.
Open Innovation Applications: Streamlining the process for developers to propose and deploy on-chain solutions, encouraging broad participation and lowering entry barriers.
Second Quarter: Mainnet + Token Generation Event (TGE)
Objective: To expand network activity and economic contributions on the mainnet during the critical period following the TGE.
Incentive Structure
On-chain Participation: Intensive rewards for activities demonstrating significant economic value, such as Total Value Locked (TVL) and trading volume.
Off-chain Participation: Incentives for community engagement and activities that raise ecosystem awareness.
Reward Focus
Economic Contribution and Ecosystem Growth: Enhancing network activity and user base expansion.
Developer Engagement and Support: Fostering developer interaction through events like hackathons and educational programs.
Strategic Initiatives
Promoting Native Ecosystem: Facilitating the development and integration of native applications.
Special Activities: Organizing “Learn and Earn” events to actively attract community participation.
Strategic Project Support: Offering tailored support to projects that significantly contribute to network growth.
Community-Driven Activities: Encouraging community participation in governance and decision-making processes.
Third Quarter: Mainnet, Post-TGE
Objective: To solidify network growth, enhance economic stability, and transition to decentralized governance for the mainnet.
Incentive Structure
On-chain Participation: Prioritizing liquidity provision, DEX trading volume, and supporting projects that make significant contributions to network economic activity, such as AMM liquidity and Bitcoin DEX trading.
Off-chain Participation: Maintaining engagement through community building initiatives and ongoing support for established projects.
Reward Focus
Transition to Liquidity Mining: Points accumulated in the first and second quarters will carry over to the next season. Strategic interactions with the network will earn points.
Strategic Initiatives
Retrospective Funding Implementation: Initiating retrospective rewards for builders who made significant contributions in previous seasons.
Continuation of Grant and Investment Programs: Focusing solely on customized agreements, shifting from open applications to more curated and strategic participation aligned with network goals.
New Inflation for Security $HEMI: Introducing a new $HEMI token specifically for enhancing network security and operational robustness.
Governance Transition: Gradually phasing out direct grant applications, moving towards a decentralized governance model (DeGov) for managing future grants and investments