The Hemi page of Bitcoin Layers is under development.
Bitcoin Layers' focuses its efforts on reviewing protocols that claim to be a bitcoin layer and BTC wrappers that live on alternative chains. Alternative network provide a snapshot into the network architecture, but largely focus on review related to BTC wrappers on the network. If the network is an Ethereum L2, we recommend heading to L2Beat for a deeper dive into the architecture.
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Hemi
Overview
Status
Mainnet
Type
Alt. Rollup
Fee Token
ETH
BTC Supply
₿0
Hemi is a blockchain that is building compatibility with bitcoin and Ethereum.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
Trust Assumption Review
BTC Custody
Very High
🛑
BitGo wBTC
BTC backing this asset is managed by centralized parties
wBTC is backed by a centralized consortium of three companies. These entities are responsible for custodying BTC that backs wBTC on its various networks. Users trust these entities to not collude and steal the funds backing wBTC.
We are reviewing the specific smart contracts related to this two-way peg. The relevant token contract is listed in the bottom of the review.
We are reviewing the specific smart contracts related to this two-way peg. The relevant token contract is listed in the bottom of the review.
Data Availability
Medium
⚠️
Data is stored and made available by Ethereum full nodes
The data for network's state is made available by Ethereum full nodes. Anyone can run an Ethereum node and verify the state of the network.
Network Operators
Under Review
🔬
We are reviewing Hemi's sequencing mechanism
This section of the assessment is under review.
Finality Guarantees
Very High
🛑
Hemi updates its state on Ethereum. The proposer role is currently centralized
The network's state is updated offchain. State transitions are ultimately considered finalized on its parent chain. Only a single, whitelisted validator is able to publish state updates to the parent chain. If this validator goes offline, then users of the network would be unable to update state relative to its official bridge and permit exits.
A malicious validator could publish a malicious state transition and steal funds from the bridge on the parent chain.
A malicious validator could publish a malicious state transition and steal funds from the bridge on the parent chain.
Additional Considerations
This review is in progress
Some aspects of this review have not been completed. We are currently reviewing the project.
Bitcoin Security
Hemi does not inherit any security from Bitcoin
In its current state, the network does not inherit security from Bitcoin.
ETH token used to pay fees
Fees to network operators are paid in an alternative token.
No MEV introduced to Bitcoin
The network does not introduce any MEV on the Bitcoin L1. Users trust the sequencer to not reorder their transactions to extract MEV.
Hemi does not contribute to the security budget
In its current state, the network does not inherit security from Bitcoin.
Use Cases
Onchain applications
Onchain applications are supported. Onchain applications including borrowing and lending protocols, onchain exchanges (commonly referred to as decentralized exchanges), and more. These applications are supported with more expressive smart contract environments.
Knowledge Bits
This network is a layer 2 for Ethereum. For a view into the technology from an Ethereum perspective, head to L2Beat for their review.