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Hemi, a Bitcoin (BTC) layer-2 protocol founded by early blockchain developer Jeff Garzik, has achieved over $260 million in total value locked ahead of its mainnet launch.
BTC L2s function as sidechains connected to Bitcoin’s blockchain. Protocols like Hemi, Core, Bitlayer, and Stacks seek to unlock decentralized finance for BTC through staking and yield generation.
Data from the project’s native explorer showed an uptick in deposits, comprising some 2,686 in liquid BTC derivatives and about 3,207 dominated in Ether (ETH) staking tokens.