BTC has reached $80,000. The bull market has reached its peak. Is $100,000 far away? The BTC ecosystem has also been on the move recently.
#Merl, which was introduced earlier, rose by 45% today; among them,#Ordi+25%,#Sats+23%. The BTC ecosystem opportunity should not be missed!
BitSmiley (@bitsmiley_labs) is a decentralized finance (DeFi) protocol based on Bitcoin, focusing on creating a stablecoin ecosystem and decentralized lending services. Its innovation lies in creating native stablecoins through Bitcoin collateral, aiming to expand the DeFi capabilities on the Bitcoin blockchain.
Core advantages of the project:
1. Overcollateralization mechanism
Stablecoin bitUSD: BitSmiley uses an overcollateralization mechanism to mint its stablecoin bitUSD. Users need to pledge a certain amount of Bitcoin on the Bitcoin mainnet to obtain the corresponding bitUSD. This mechanism ensures the value stability of the stablecoin and reduces the risk of being affected by market fluctuations.
2. Fintegra Technology
Decentralized lending ecosystem: BitSmiley uses its proprietary Fintegra technology to build a seamless decentralized lending ecosystem. This technology is designed to improve the efficiency and security of transactions, allowing users to lend and provide liquidity on the Bitcoin blockchain.
3. Security of Bitcoin Blockchain
Leveraging Bitcoin's Security: BitSmiley runs on the Bitcoin blockchain and inherits Bitcoin's security and censorship resistance. This allows users' assets to be managed and traded in a highly secure environment.
4. Innovative clearing methods
Liquidity Guarantee: BitSmiley ensures the liquidity of its ecosystem through an innovative liquidation mechanism, which can effectively manage users’ collateral assets and reduce risks during the liquidation process.
Financing: BitSmiley completed two rounds of financing in 2024, with a total amount of over 10 million US dollars. It attracted support from many well-known investment institutions, including OKX Ventures, ABCDE Capital, Foresight Ventures and KuCoin Ventures, etc. This fully demonstrates that the project has gained good recognition and trust in the market.
The team is continuing to make things happen recently, which deserves strong attention:
1. The team recently stated in Space/AMA that the new testnet to be jointly launched with Zetachain (@zetablockchain) in mid-November will become the first Web3 product that allows native BTC and EVM chains to interact seamlessly. This technology will also be used in other popular L1s, such as#SUIand#SOLpublic chains.
2. BitSmiley has been very active in expanding in the Korean market recently. The Korean community is also very active. The project team continues to take actions in Korea. Web3 has a high exposure in Korean media. It is worth looking forward to whether it is connecting with Korean exchanges!
Summary:#BitSmileyis a very rare native stablecoin project in the BTC ecosystem. In addition to its excellent technology and financing background, it was also included in the BTC ecosystem report by Binance Research in the early stage, and was highlighted. BitSmiley was the first to be introduced in the Defi sector, as shown in the figure below. The project has been listed, and it is relatively undervalued compared to FDV and TVL, so it is worth looking forward to!
