Bitcoin programmability layer Hemi launched its eponymous token, HEMI, at the end of August. After a quiet start, HEMI has soared over the last two weeks, gaining significant attention in the crypto market.
HEMI is up 250% over the last week and 52% just today. The token currently trades at $0.135 per token but reached as high as $0.175 earlier. This peak corresponds to a fully diluted valuation (FDV) of roughly $1.7 billion, driven by the news of its Binance spot listing earlier this morning.
Binance’s extensive ecosystem plays a crucial role in HEMI’s growth. “They have a number of different products, not just the spot market listing, that HEMI is going to be connected to — Perps, Binance Alpha, Binance Booster, Binance Wallet — and so Binance really has an incredibly broad ecosystem. It gives HEMI a worldwide reach that is absolutely unparalleled,” said Hemi co-founder Jeff Garzik, known for his early contributions to Bitcoin core development.
The Hemi network operates on its own Hemi Virtual Machine (hVM), which is essentially a Bitcoin node encapsulated within an Ethereum Virtual Machine (EVM). This unique setup aims to create a new landscape for BTC DeFi applications, expanding Bitcoin’s utility in decentralized finance.
Currently, the network boasts a total value locked (TVL) of $1.2 billion. Its DeFi-specific TVL stands at $279 million, making Hemi the second-largest Bitcoin sidechain by DeFi TVL, trailing only CORE, which holds $289 million in DeFi TVL.
With its innovative technology and strong backing, Hemi is positioning itself as a major player in the Bitcoin DeFi ecosystem.
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