Hemi is another protocol looking to build a "hybrid L2" between bitcoin and ethereum I reviewed the network's node implementation, core systems contracts, and its official bridge programs My opinion is that Hemi is a sovereign network that inherits security from Ethereum Hemi nodes update the state based on data submitted to Ethereum. After this state is updated, a validator set, known as Proof-of-Proof Miners, take the newly generated state root and post it to bitcoin While Hemi anchors its state to bitcoin, I'm unsure on the security benefits this provides. Also, there are no public dashboards for active miners on mainnet AFAICT The bitcoin bridge is likely a threshold signature scheme securing BTC backing HemiBTC. No documentation on the signer set is available The ethereum bridge is a standard escrow contract, but it is not secured by a proving system. A malicious proposer could drain the bridge. wBTC and tBTC are escrowed in this bridge contract All other wrapped bitcoin assets are bridged to the network through third parties. They ultimately have custodial trust assumptions There are other trust assumptions related to the network. Mainly, most systems contracts on Ethereum can be instantly upgraded by a 3/8 multisig

Our review contains data & token contracts for all bitcoin backed assets. It also references a few key contracts past this.