Dubai, UAE, Nov. 06, 2024 — BitSmiley: A Bitcoin DeFi Solution with Overcollateralized Stablecoin and Lending Protocol
BitSmiley is a new protocol designed to bring DeFi functionality to the Bitcoin ecosystem. It allows Bitcoin holders to mint bitUSD, an overcollateralized stablecoin, providing real DeFi utility within the Bitcoin network. Drawing inspiration from MakerDAO and Compound, BitSmiley introduces three core products: bitUSD (an overcollateralized stablecoin), bitLending (a decentralized lending protocol), and Credit Default Swaps (CDS), a unique derivatives protocol. This platform addresses a significant gap in Bitcoin’s ecosystem by enabling stablecoins and lending, a crucial addition for BTC holders seeking secure, transparent, and efficient DeFi solutions.
Empowering the Community through SMILE Token Utility and Governance
SMILE, BitSmiley’s governance token, empowers its holders to participate in the platform’s decentralized governance by adjusting key parameters such as collateral types and loan-to-value (LTV) ratios. Moreover, SMILE holders gain access to exclusive benefits such as surplus auction participation, fee discounts, and priority liquidation rights. With a total supply of 210 million tokens, SMILE is distributed across various groups to encourage community involvement and sustainable platform growth. The token allocation includes provisions for early investors, user incentives, staking rewards, and liquidity, with an initial 12.76% release at TGE (Token Generation Event).
Building the Future of Bitcoin DeFi with Robust BTC Layer2 Partnerships
BitSmiley is strategically positioned to expand its DeFi services across multiple BTC Layer2 solutions, with bitUSD initially launching on its first Layer2 partner. The protocol’s over-collateralization mechanism, akin to MakerDAO, enables users to mint bitUSD by collateralizing BTC through wrapped BTC on Layer2 networks or via BitSmiley’s official bridge. This robust ecosystem extends beyond stablecoins and lending, incorporating insurance and CDS derivatives to provide a comprehensive DeFi solution for BTC holders. Backed by prominent investors such as OKX Ventures, ABCDE, KuCoin Ventures, and MH Ventures, BitSmiley is poised to broaden the adoption of Bitcoin within the DeFi landscape.
10,000 USDT Limited-Time Offer for CoinW Community
To celebrate the listing, a 10,000 USDT equivalent SMILEY prize pool will be available from November 6th, 2024, at 10:00 to November 13th, 2024, at 16:00 (UTC). By participating in events like registration, trading, and community activities, CoinW users have the opportunity to share in a prize pool of 10,000 USDT. To claim your rewards, please click .
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About BitSmiley
is a Bitcoin-native stablecoin protocol where BTC holders can mint bitUSD, an overcollateralized stablecoin that brings true DeFi to Bitcoin.
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