Original Title: "Why Can HEMI Bypass the Exchange 'Newbie Village'?"

Original Author: Nicky, Foresight News

On September 23, 2025, Binance officially announced the modular Layer2 protocol Hemi Network (HEMI) launched its Binance HODLer airdrop plan and opened spot trading at 20:00 that evening.

While HEMI had previously landed on Binance Alpha and the futures market on August 29, spot trading was only available on platforms such as Gate and MEXC. Market data shows that the HEMI token price rose from $0.0148 on August 29 to $0.12 on September 21, a 710% increase in 30 days.

According to official project data, the current total locked value of the Hemi Network exceeds $1.2 billion, with a Bitcoin security transaction volume of 6.9 million transactions. The community has 411,000 members, with 100,000 verified authentic users and over 90 ecosystem protocols.

Funding History

Hemi Network has completed two major rounds of funding. In September 2024, the project raised $15 million, led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from several cryptocurrency industry investment institutions.

In August 2025, the project again raised $15 million, led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital, with existing investors continuing to follow. The total amount raised in the two rounds of funding reached $30 million.

It is worth noting that YZi Labs (formerly Binance Labs) acted as the leading investor in both rounds of funding.

Technical Architecture

Hemi Network positions itself as a modular protocol designed to integrate the core capabilities of the Bitcoin and Ethereum blockchains, treating Bitcoin and Ethereum as part of a unified system rather than independent ecosystems.

The core of this protocol is the Hemi Virtual Machine (hVM), which is a technical solution that embeds a full Bitcoin node into the Ethereum Virtual Machine, allowing smart contracts to directly access Bitcoin on-chain data (including UTXOs, Ordinals, and more). This design addresses the security risks of traditional cross-chain solutions that rely on synthetic assets. Through the Hemi Bitcoin Toolkit (hBK), developers can access the hVM's Bitcoin interoperability features, leveraging Bitcoin's capabilities while maintaining familiarity with Ethereum development.

The consensus layer adopts a Proof-of-Proof (PoP) mechanism designed by co-founder Maxwell Sanchez: lightweight miners anchor HEMI state data to the Bitcoin chain, and transactions achieve irreversible finality after 9 Bitcoin block confirmations (approximately 90 minutes). An attacker would need to control both 51% of Bitcoin's hash power and the HEMI network to attempt a reorganization, with the cost far exceeding potential gains.

Unlike traditional wrapped Bitcoin solutions, Hemi enables secure transfer of Bitcoin assets across different chains through a tunnel system, without relying on intermediaries or wrapped tokens.

Team Composition

The Hemi Network is led by three founders with deep experience in the blockchain industry. Co-founder and Chief Technical Officer Jeff Garzik, a former Bitcoin Core developer, contributed five years to Bitcoin's early development. He also spent ten years at Red Hat, making significant contributions to Linux kernel development.

Co-founder Maxwell Sanchez serves as Chief Architect and is a co-inventor of the Proof-of-Proof consensus protocol, bringing extensive experience in blockchain security. He entered the blockchain space as early as 2011 and launched a testnet using post-quantum cryptography.

The third co-founder, Matthew Roszak, is a blockchain investor and entrepreneur. As the Chairman of Bloq, he made early investments in projects like Ethereum, Coinbase, and Kraken. In the Hemi project, he leads strategy and ecosystem development.

The current team consists of about 30 members, most with backgrounds in Bitcoin, Ethereum, and DeFi, covering various professional fields such as engineering, consensus protocol innovation, and investments.

Tokenomics

The total supply of the HEMI token is 10 billion, with a distribution scheme that includes 25% for the team and core contributors, 15% for the Hemispheres Foundation, 32% for the community and ecosystem, and 28% for investors and strategic partners. The token is primarily used for staking, governance, transaction fees, and securing the network through the PoP consensus.

Community Discussion

The price resilience of HEMI has sparked widespread discussions in the community. On September 22, 2025, amidst a general pullback in mainstream cryptocurrency prices, HEMI demonstrated a strong recovery after dipping over 20%, closing the day with a loss of only 2.12%. On the same day, HEMI's trading volume on Binance Alpha reached a historic high, with a daily trading volume exceeding $14.7 billion.

Original Article Link

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