In November 2025, the Hemi ecosystem has evolved from an isolated mainnet into a Bitcoin DeFi golden network with over 90 protocols, 1.2 billion TVL, and a trading volume of 134 million. The xyz account, known as the 'ecological director,' presents weekly deep dive threads, competition celebration graphics, and developer tool updates, resembling an exciting series that attracts 300,000 fans to check in daily. From the fixed income revolution of Spectra Finance to the liquidity carnival of Aster DEX, and the institutional-grade treasury of Dominari Holdings, Hemi uses the chemical reactions of partner collaboration to forge an unprecedented super network that combines the security of Bitcoin with the flexibility of Ethereum. Today, we traverse every corner of the ecosystem to explore how Hemi constructs the complete form of Bitcoin DeFi in 2025.
Native dApp: The fixed income revolution of Spectra Finance
Spectra is Hemi's 'Jerusalem':
- Locked amount: 380 million (Hemi TVL 31.7%)
- Strategy: BTC-based fixed rate 6.5%-8.2%
- Technology: hVM directly locks UTXO, no packaging, no oracle
November data shows that Spectra had 42,000 daily active users, with a single-day borrowing peak of $115 million. @undefined xyz's Spectra special thread on November 2 showed the funding flow diagram illustrating the closed loop of 'BTC→Lock-up→Fixed income→Reinvestment,' with reading volume exceeding 120,000.
DEX cluster: The depth miracle of Sushi V3
Sushi's concentrated liquidity pool in Hemi, depth exceeds Ethereum's mainnet same pool by 3.2 times:
- BTC/USDT pool depth: $42 million (Ethereum $13 million)
- Slippage: 0.01% transactions only 0.03% (Ethereum 0.11%)
- Fees: 0.3% (100% to LP)
The $400K competition of Aster DEX brought Sushi to a climax: During the competition, daily trading volume peaked at $83 million, with LP annualized returns of 142%. @undefined xyz's real-time depth monitoring allowed LPs to witness the flywheel of 'depth → low slippage → more transactions → higher returns.'
Infrastructure: The dual feed moat of Pyth + RedStone
Price feeds are the lifeblood of DeFi, Hemi's double insurance:
- Pyth: 400ms delay, covering 120+ assets
- RedStone classic flow: Push mode, MEV protection
In November, the high-frequency strategy protocol Arbitrum Alpha in Hemi had a daily trading volume of 180,000, with 99.9% of trades completed within 1 second after Pyth updates. @undefined xyz's price delay dashboard compares Ethereum, Arbitrum, and Hemi in real-time, with Hemi's delay stabilizing below 500ms.
Developer tools: The three-line magic of hBK
Hemi Bitcoin Kit (hBK) is the 'LEGO' of the ecosystem:
solidity // Deposit 1 BTC Bitcoin.utxo.lock{value: 1e8}(msg.sender); // Pay 0.995 BTC Bitcoin.utxo.spend(payee, 99_500_000);
On November 4, the hBK tutorial video had 80,000 views in 24 hours, and GitHub stars increased by 3,200. Among 90+ protocols, 67% used hBK to access Bitcoin state. @undefined xyz's developer weekly report shows that 142 new PRs were submitted in November, with a merger rate of 94%.
Institutional channel: Dominari's 500 million treasury
On October 10, Dominari announced:
- In Q4 2025, bridge 100 million BTC
- Expanding to 500 million in Q1 2026
- Strategy: Hemi fixed income + Sequencer dividends
Reason? Hemi's deterministic security (PoP consensus) + deterministic returns (HIPPO-2 flywheel). @undefined xyz's institutional special AMA attracted 2,100 professional viewers, with Q&A record reading volume of 56,000.
Community governance: Three steps to decentralize the Sequencer
Decentralized plan launched in November:
1. Q4 2025: 100 PoS candidate nodes (minimum 5000 veHEMI)
2. Q1 2026: Community election (minimum 1000 veHEMI)
3. Q2 2026: Permissionless market
@undefined xyz's governance portal is live, HIPPO-3 (dual staking) voting participation rate 41.2%, proposal approval rate 87%.
Ecosystem data panorama (November 5 snapshot)
| Indicator | Data | Year-on-year growth |
|------|------|----------|
| TVL | $1.21 billion | +300% |
| Number of protocols | 93 | +350% |
| Daily transaction count | 410,000 | +720% |
| veHEMI locked | 187 million | +420% |
| Sequencer revenue | $28,000/day | +850% |
@undefined xyz's ecological map is iterated weekly, and clicking on any protocol allows you to view funding flows, returns, and risk indicators. Hemi's ecosystem is not a stack of protocols but a breeding ground for chemical reactions: Spectra's funds flow to Sushi, Sushi's LP returns reinvest in Spectra, hBK developers build new strategies, and new strategies bring more funds. When 90+ protocols resonate in the same super network, the golden age of Bitcoin DeFi has fully bloomed on Hemi's land.
