On November 5, 2025, the Bitcoin ecosystem is no longer a static store of value but a dynamic DeFi arena. Hemi, as the architect of this tremendous change, is reshaping the industry landscape with its positioning as the 'Bitcoin Super Network'. From the launch of the mainnet V1 on March 12 to the current TVL steadily surpassing 1.2 billion USD, Hemi has completed the transformation from proof of concept to ecosystem leader in less than 8 months.@undefined xyz account serves as a banner, with daily threads, charts, and on-chain data that not only provide a window for project updates but also amplify the community's beliefs. The on-chain transaction hash for the distribution of Phase 1 rewards for HIPPO-2 on November 3, the celebratory chart for Aster DEX's 134 million USD trading volume, and the peak of 300,000 viewers for 'Midweek with Max' live stream — behind these numbers is Hemi's relentless commitment to the vision of 'Programmable Bitcoin'. Today, we delve into Hemi's dual-driven approach in 2025: the ultimate interoperability of hVM and the ultimate security of Proof-of-Proof (PoP) consensus, together forging a new era of Bitcoin DeFi.
hVM (Hemi Virtual Machine) is the soul of Hemi. It's not simply an EVM compatibility layer, but a revolutionary design that completely encapsulates a Bitcoin full node within the EVM execution environment. The hVM 2.0 upgrade, completed in August 2025, enables real-time, zero-latency reading of the Bitcoin on-chain state: developers can directly call `blockchain.bitcoin.latestHeight()` or `utxo.set(spendable)` when writing Solidity contracts, without any oracles or repeaters. @undefined xyz, in his 24-Thread Technology Deep Dive on August 15th, demonstrated this process with a visual call stack: EVM contract → hVM sandbox → Bitcoin full node verification → state root write-back, all completed within a single Hemi block. Spectra Finance is the culmination of this technology—its fixed-rate lending protocol achieves "BTC-based lossless returns" on Hemi: users deposit native BTC, lock UTXOs through hVM, and receive a fixed annualized return of 6.5%-8.2%, without needing to be packaged into hemiBTC or WBTC. The latest data in November shows that Spectra's total value locked in Hemi has reached $380 million, accounting for 31.7% of Hemi's total TVL, with the peak number of transactions per protocol per day exceeding 120,000.
Proof-of-Proof (PoP) consensus forms the security foundation of Hemi. Unlike traditional Proof-of-Stake (PoS) or Proof-of-Work (PoW), PoP requires each Hemi block to embed a complete SPV proof from the Bitcoin main chain and a finality proof from the Ethereum Beacon chain, achieving "Bitcoin-level finality + Ethereum-level scalability" through dual anchoring. Co-founder Max Sanchez explained this with a formula during the October Discord AMA:
Hemi_finality = min(BTC_confirmations ≥ 6, ETH_finality ≥ 2 epochs)
This means that attacking Hemi would require simultaneously breaching 51% of Bitcoin's staking and 33% of Ethereum's staking, theoretically costing over $20 billion. @undefined A PoP security audit report released by xyz on November 1st shows that the third-party organization Trail of Bits conducted a 21,000-line code review of the PoP implementation, finding zero high-risk vulnerabilities. It is this consensus design that led institutional player Dominari Holdings to announce on October 10th that it would build a compliant BTC treasury based on Hemi: its initial $100 million in BTC would be bridged to Hemi via native tunnels for institutional-grade fixed-income strategies, with an expected expansion to $500 million by Q1 2026.
The flywheel effect of the economic model is the third engine accelerating Hemi's growth in 2025. HIPPO-2 Phase 1 completed its first fee conversion on November 3rd: all protocol revenue from August 30th to October 30th (including Sequencer fees, dApp gas, and bridging fees), totaling $412,000, was converted into 100,320.69 $HEMI and 0.2445 hemiBTC, 100% distributed to veHEMI stakers. @undefined xyz's real-time updated dashboard shows that the current total locked veHEMI is 187 million (51.3% of the circulating supply), with an average lock-up period of 2.1 years and a stable APY of 14.7%. The flywheel logic is clear:
1. dApp Activities → Protocol Fees → Fee Pool
2. Fee Pool → $HEMI/hemiBTC Conversion → veHEMI Dividends
3. veHEMI Weighting → Governance and Security → More dApps Joining
Aster DEX's $400K trading competition was a stress test of this flywheel: during the competition, Hemi's daily trading volume peaked at 410,000, Sequencer's daily revenue averaged $21,000, all of which flowed back to stakers, with a single user receiving a maximum reward equivalent to $87.
Ecosystem collaboration reached its peak in 2025. Among 90+ protocols, Sushi V3's centralized liquidity pool depth on Hemi exceeded that of Ethereum's mainnet pool by 3.2 times; Pyth's price feed latency was as low as 400ms, supporting high-frequency strategies; and RedStone's classic streaming push mode provided native support for MEV protection. The newly launched Hemi Bitcoin Kit (hBK) developer toolkit in November allows any EVM developer to access Bitcoin UTXOs with just three lines of code.
solidity import {Bitcoin} from "hbk/Bitcoin.sol"; Bitcoin.utxo.lock(msg.sender, 100_000_000); // Lock 1 BTC Bitcoin.utxo.spend(payee, 99_500_000); // Pay 0.995 BTC
@undefined xyz's hBK tutorial video, released on November 4, garnered over 80,000 views within 24 hours, and its GitHub star count increased by 3,200 that day.
The decentralization process in community governance is equally exciting. The Sequencer decentralized initiative, launched in November, will be implemented in three phases:
- Q4 2025: Introduce PoS candidate nodes (initially 100)
- Q1 2026: Open community node election (minimum staking 5000 veHEMI)
- Q2 2026: The Completely License-Free Sequencer Market
@undefined xyz's governance portal is now live. veHEMI holders can vote on-chain for HIPPO-3 (double staking) and HIPPO-4 (POL extension). The current participation rate is 41.2%, far exceeding the industry average.
In a broader narrative, Hemi serves as the native DeFi entry point during Bitcoin's halving cycle. After the April 2024 halving, Bitcoin miner rewards were halved, and Hemi's Sequencer revenue became a new source of income for miners: November data showed that Bitcoin mining pools participating in PoP verification received the equivalent of $18,400 in rewards daily from Hemi, equivalent to an additional 0.9 BTC/day. Co-founder Jeff Garzik (Bitcoin Core developer #5) stated in an October Bloomberg interview: "Hemi is not Bitcoin's Layer 2, but rather Bitcoin's Layer 0.5—it makes the Bitcoin network itself programmable."
@undefined Every post by xyz is a footnote to this grand narrative: from the on-chain transaction hash at 3 AM, to the Max live stream every Wednesday at 11 AM, and the community airdrop at the end of the competition. Hemi proves that technology can be cold, but the community must be passionate. With TVL surpassing 1.2 billion, $HEMI's market capitalization reaching 34.5 million, and institutional funds lining up for bridging, Bitcoin's 2025 has been redefined by Hemi. The future is here, just not yet mainstream. And you, are you ready to staking $HEMI and become a participant in this revolution?
