More than 20 projects are deployed on the Midl testnet, coming to mainnet soon.
Bitcoin’s tech frontier just got a major upgrade. Midl, the first infrastructure allowing smart contracts on Bitcoin, has raised 2.4 million dollars in a seed funding round led by D.Associates and D. Dragon.
It is a significant milestone towards native indigenous decentralized applications (dApps) on the Bitcoin network, and represents the next frontiers in decentralized finance (DeFi) and beyond.
In contrast to other projects like ours that operate on sidechains or Layer 2-based solutions, Midl provides an execution environment that is embedded into the core Bitcoin blockchain.
Due to this invention, it is possible that programmers can now develop and implement decentralized applications (dApps) on top of Bitcoin instead of writing programs in collaboration with it.
With the design of Midl, one can soon and instantly accommodate the native token standards of Bitcoin cryptocurrencies. Through the huge pool of liquidity of two trillion dollars that Bitcoin has.
The cryptocurrency can be programmable and applicationable, meaning it will be a cryptocurrency that can be used in many industries, even in the government, video games, and financial markets, among others.
Being thus early to something this significant is remarkable, as Midl’s founder, Iva Wisher, said. It is a first for the cryptocurrency industry that Bitcoin can now be programmed due to Midl.
There is now a purpose for the native Bitcoin token standards; they can power real-world applications and economies. The phrase emphasizes how Midl facilitates real-world economics on a network that has traditionally been seen as a repository of value.
The startup capital firm Draper Associates, founded by Tim Draper — the man behind Coinbase and Robinhood — made a substantial financial commitment.
Draper Dragon, a fund that focuses on emerging blockchain startups such as Kelp DAO and Ether. Fi was one of the investors who helped lead this investment alongside other investors. When institutions back Midl’s mission, it shows they believe in the potential of Bitcoin-native decentralized finance (BTCFi).
As a result of the fact that the early DeFi protocols are already available online and that more than twenty projects are currently being worked on on the Midl testnet, the platform will shortly activate its mainnet.
Retail initiatives are also part of the team’s plan to increase Bitcoin ecosystem liquidity and adoption from the start.
Within a single Bitcoin transaction, Midl enables a multitude of smart contract interactions that are similar to those observed in EVMs.
The security of Bitcoin is maintained while the scalability and throughput of the cryptocurrency are improved.
Midl has the potential to revolutionize the usage of Bitcoin in decentralized finance and a great deal more.
This is because it is now possible to write decentralized applications (dApps) on Bitcoin natively, whereas other blockchains, such as Ethereum, have long had a monopoly on this capability.
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