Original Title: "Why Can HEMI Bypass the Exchange 'Novice Village'?"
Original Author: Nicky, Foresight News
On September 23, 2025, Binance officially announced the launch of the modular Layer2 protocol Hemi Network (HEMI) in the Binance HODLer airdrop program, with spot trading opening that evening at 20:00.
Previously, although HEMI was listed on Binance Alpha and the contract market on August 29, spot trading was only available on platforms like Gate and MEXC. Market data shows that the price of HEMI tokens rose from $0.0148 on August 29 to $0.12 on September 21, marking a 710% increase within 30 days. (BlockBeats Note: After launching on Binance spot trading on the 23rd, HEMI briefly surged above $0.17, but has since fallen back to $0.148, still significantly up from earlier prices.)
According to official project data, the total locked value of the Hemi network currently exceeds $1.2 billion, with Bitcoin secure transaction volume reaching 6.9 million transactions. The number of community members is 411,000, with 100,000 verified real users, and over 90 ecosystem protocols.
Funding History
Hemi Network has completed two major rounds of funding. In September 2024, the project secured $15 million in funding, led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from several cryptocurrency industry investment institutions.
In August 2025, the project completed another $15 million funding round, led by YZi Labs (formerly Binance Labs), Republic Digital, and HyperChain Capital, with existing investors continuing to participate. The total amount raised in both rounds reached $30 million.
Notably, YZi Labs (formerly Binance Labs) acted as the lead investor in both funding rounds.
Technical Architecture
Hemi Network positions itself as a modular protocol aimed at integrating the core capabilities of Bitcoin and Ethereum, viewing them as components of a unified system rather than independent ecosystems.
The core of the protocol is the Hemi Virtual Machine (hVM), a technical solution that embeds a full Bitcoin node into the Ethereum Virtual Machine, allowing smart contracts to directly access on-chain Bitcoin data (including UTXO, Ordinals inscriptions, etc.). 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 Bitcoin interoperability features of hVM, fully leveraging Bitcoin's capabilities while maintaining familiarity with Ethereum development.
The consensus layer employs a Proof-of-Proof (PoP) mechanism designed by co-founder Maxwell Sanchez: lightweight miners anchor HEMI state data to the Bitcoin chain, with transactions achieving irreversible finality after 9 Bitcoin block confirmations (approximately 90 minutes). An attacker would need to simultaneously control 51% of Bitcoin's hash power and the HEMI network to initiate a reorganization, a cost far exceeding potential gains.
Unlike traditional wrapped Bitcoin solutions, Hemi achieves secure transfers of Bitcoin assets across different chains through a tunneling system, without relying on intermediaries or wrapped tokens.
Team Composition
Hemi Network is led by three founders with extensive experience in the blockchain field. Jeff Garzik, as co-founder and Chief Engineering Officer, was a core developer of Bitcoin, contributing five years during its early development phase. He also worked at Red Hat for ten years, 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, possessing rich experience in blockchain security. He entered the blockchain field as early as 2011 and launched a testnet using post-quantum cryptography.
The third co-founder, Matthew Roszak, is a blockchain investor and entrepreneur, serving as Chairman of Bloq, and has made early investments in projects like Ethereum, Coinbase, and Kraken. He is responsible for strategy and ecosystem development in the Hemi project.
The team currently consists of about 30 members, most of whom have technical backgrounds in Bitcoin, Ethereum, and DeFi, covering various professional fields such as engineering, consensus protocol innovation, and investment.
Token Economics
The total supply of HEMI tokens is 10 billion, with a distribution plan 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 tokens are primarily used for staking, governance, transaction fees, and ensuring network security through PoP consensus.
Community Discussion
The price resilience of HEMI has sparked widespread discussion in the community. On September 22, 2025, while mainstream cryptocurrency prices generally retraced, HEMI rebounded strongly after dipping over 20%, closing the day with a decline of only 2.12%. On the same day, HEMI's trading volume on Binance Alpha reached an all-time high, with a single-day trading volume exceeding $1.47 billion.
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