Tl;dr: This proposal is to expand Uniswap’s cross-chain experience to both Bitcoin and Ethereum through Hemi. All of the Uni v3 contracts have already been deployed on Hemi with no further action needed to be taken by the DAO. Hemi will commit up to $1M in bootstrapped liquidity up to a further $15M in later phases.
Overview about Hemi
Hemi is a modular protocol that integrates Bitcoin and Ethereum to amplify and extend the core capabilities of the two leading blockchain networks. This offers a novel perspective on blockchain interoperability and scaling by approaching Bitcoin and Ethereum as components of a single supernetwork. The result provides security that exceeds that of Bitcoin (“superfinality”) and new levels of blockchain programmability, portability, and potential. Hemi was co-founded by Jeff Garzik (former Bitcoin core developer) and Max Sanchez (inventor of the Proof-of-Proof consensus protocol), and is surrounded by a team of renowned blockchain engineers, strategic partners and investors.
Value proposition and key differentiation
The Hemi Network represents a different way of thinking about Layer-2 scaling, by approaching Bitcoin and Ethereum as components of a supernetwork. We aim to scale these networks and maximize their utility, creating a more connected and efficient blockchain ecosystem. Through features such as the hVM, Hemi equips developers with robust tools for building next-generation dApps with Bitcoin and Ethereum interoperability.
The Hemi Network utilizes Proof-of-Proof (PoP) to leverage Bitcoin’s renowned security. The Proof-of-Proof (PoP) consensus mechanism uniquely positions the Hemi Network by:
- Allowing Bitcoin miners to secure Hemi indirectly, without direct involvement in Hemi’s consensus processes.
- Facilitating scalable transaction throughput in the Hemi ecosystem without expanding its Bitcoin footprint significantly.
- Setting a high barrier for network reorganizations, as disrupting Hemi would necessitate a highly improbable 51% attack on Bitcoin itself, a task too daunting even for nation-states.
Key benefits of Hemi are as follows:
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Ease of Development: The Hemi Virtual Machine (hVM) integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM), providing developers with a familiar programming interface while harnessing the power of both Bitcoin and Ethereum.
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Bitcoin Programmability: Building with the Hemi Bitcoin Kit (hBK) provides smart contracts with highly granular indexed views of Bitcoin state, unlocking Bitcoin DeFi applications that were previously impractical or impossible to execute via an EVM.
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Bitcoin Superfinality: Hemi’s Proof-of-Proof (PoP) consensus mechanism ensures transactions surpass Bitcoin’s level of security in just a few hours.
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Trustless Cross-chain Portability: The hVM’s unique awareness of Bitcoin’s and Ethereum’s states enables secure, seamless asset transfers between Hemi and other chains through its “Tunnels” feature.
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Extensibility: Hemi allows external projects to create their own chains secured by Hemi’s technology, facilitating Bitcoin-Security-as-a-Service and enhancing dual-chain interoperability.
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Superior Asset Handling: Advanced on-chain functionalities, including routing, time-lock, and password protection, are made possible through Hemi, elevating asset management and security.
Proposal Stakeholders
Proposer: Hemi Labs
Deployer: GFX Labs
Bridge Provider: Wormhole
Target Chain: Hemi
Front-end: Oku
Proposal Sponsor: N/A
Deployment Details
List of the standard Uniswap v3 contracts:
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v3CoreFactoryAddress: 0xcb2436774C3e191c85056d248EF4260ce5f27A9D
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multicall2Address: 0x5d6b0f5335ec95cD2aB7E52f2A0750dd86502435
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proxyAdminAddress: 0x0d922Fb1Bc191F64970ac40376643808b4B74Df9
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tickLensAddress: 0xB3309C48F8407651D918ca3Da4C45DE40109E641
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nftDescriptorLibraryAddressV1_3_0: 0xE3dbcD53f4Ce1b06Ab200f4912BD35672e68f1FA
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nonfungibleTokenPositionDescriptorAddressV1_3_0: 0x454050C4c9190390981Ac4b8d5AFcd7aC65eEffa
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descriptorProxyAddress: 0x38EB9e62ABe4d3F70C0e161971F29593b8aE29FF
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nonfungibleTokenPositionManagerAddress: 0x743E03cceB4af2efA3CC76838f6E8B50B63F184c
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v3MigratorAddress: 0x8B3c541c30f9b29560f56B9E44b59718916B69EF
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v3StakerAddress: 0x6Aa54a43d7eEF5b239a18eed3Af4877f46522BCA
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quoterV2Address: 0x5911cB3633e764939edc2d92b7e1ad375Bb57649
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swapRouter02: 0xaa52bB8110fE38D0d2d2AF0B85C3A3eE622CA455
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UniversalRouter: 0x738fD6d10bCc05c230388B4027CAd37f82fe2AF2
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Permit2: 0xB952578f3520EE8Ea45b7914994dcf4702cEe578
Liquidity Bootstrapping
The tokens will be deployed on Uniswap through the Hemi integration with Oku. Hemi will commit tokens in Uniswap-specific liquidity as follows
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Phase 1: Deployment of up to $1M divided in five liquidity pools for the following pairs
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$200k in bfBTC / uBTC
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$200k in enzoBTC / uBTC
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$200k in iBTC / enzoBTC
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$200k in rsETH / ETH
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$200k in uBTC / wBTC
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Phase 2: Scaling up to $1M in each pool in phase 2 ($5M total) in the growth phase.
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The allocation of additional funds to each liquidity pool will be determined based on their respective trading volume performance over a three-month evaluation period.
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Phase 3: Scaling up to $10M total, with new pools for expansion phase. These new liquidity pools will be a minimum amount of $200k.
Conclusion
We are looking to onboard legacy Bitcoin liquidity, as well as provide an on-ramp for not only legacy Bitcoin but BTCfi in general as part of the super chain experience and beyond. With this proposal, Hemi intends to grow the uniswap ecosystem by unlocking the next wave of Btcfi.