2024.04.15
Project Introduction
BitSmiley is the first native stablecoin protocol on the BTC ecosystem. They have innovated both in application design and protocol layers, mainly in decentralized over-collateralized stablecoin protocols, native trustless lending protocols, and on-chain derivatives protocols. It will introduce bitUSD, a native over-collateralized stablecoin on the Bitcoin blockchain, to the BTC ecosystem to solve the problem of the lack of stable price-pegging tools. Users can generate bitUSD by over-collateralizing their BTC, allowing participation in all BTC blockchain DeFi protocols.
At the same time, in order to solve the Defi challenges in the BTC ecosystem, BitSmiley also launched bitCow, a Bitcoin native AMM focused on stable swaps and automated centralized liquidity. By utilizing an oracle-based pricing system, bitCow eliminates the impermanent loss of LP builders and ensures accurate reflection of market prices.
Currently, BitSmiley and BitCow have launched their Merlin testnet activities on April 8. In the activity, BitSmiley will allocate 1% of the total token supply, and BitCow will allocate 1.6% of the total token supply to reward participants in this test activity.
Operation Tutorial
Participate in BitSmiley staking and minting stablecoins
The test coins for this event have been airdropped. The specific criteria are as follows
Participants of the first round of bitSmiley internal testing - 0.5 WBTC
Users who participated in bitDisc-Black re-staking - 0.5 WBTC
Users who obtained the bitSmiley Discord role — 0.1~0.3 WBTC
Gennidata Pass Card Raffle Winners — 0.3 WBTC
Discord AMA and Horde event participants - 0.1 WBTC
KOL lucky draw winners — 0.1 WBTC
If you don’t have WBTC, you can ask your friends for it.
Click https://dev.bitsmiley.io/ to enter the official website, select Enter BitSmiley to enter the next page, and then connect the wallet in the upper right corner (currently, since the AA wallet is relatively slow, it is recommended that those who have airdrops transfer WBTC to the EVM wallet for interaction). It is recommended to select the little fox to connect (only the little fox is an EVM wallet). During the connection, we will be prompted to switch to the test network (Merlin test network and BitLayer test network, just click and complete the addition in the little fox.) After the connection is completed, click Enter APP below the wallet to enter the pledge casting page (not stake NFT! It is Enter APP).
After entering, we will find that there are two test networks with a total of six staking pools. Each wallet can only choose one staking pool to enter.
The following are explanations of the terms:
LTV: Maximum loanable rate (for example, LTV 60%, that is, 1WU of WBTC pledged can be exchanged for 6000U of BitUSD)
Stability Fee: Stable currency lending interest, 6.2%~9.9%
Vault Floor: Minimum stablecoin loan amount, $3,500 to $25,000
Vault Ceiling: The maximum amount of stablecoins that can be borrowed from this vault: $35,000~$250,000
It is recommended that those who only have 0.1WBTC choose the first pool, and others can choose as needed. After clicking enter, enter the amount of BTC you want to deposit and the amount of BitUSD you want to borrow, and then click Open Vault to complete the interaction.
After the minting is completed, other operations can be tested on this interface, including depositing more WBTC, withdrawing WBTC, minting more bitUSD, or repaying bitUSD.
BitCow Interaction
Use the wallet that minted BitUSD to go to the website https://bitcow.xyz/swap and connect the wallet in the upper right corner
Then we need to use BitUSD to exchange WBTC. Since there is no clear official requirement, we can interact according to our own ideas (in any case, in order to form LP, we must interact once)
Then we need to set up LP of wBTC and bitUSD on the POOL page. The tokens on each side need to be worth at least 500U. After entering the amount, click ADD to complete the wallet authorization, and the formation is complete.
You can view the LPs that have been formed in My Postion
Finally, we can choose the MEME coin we want to trade in SWAP, and all holders of the winning meme coin will receive extra rewards!
The details are as follows:
The project will determine the winning Meme token based on factors such as token holder distribution, trading volume, and community participation.
For each winning meme token on the chain, the project will issue the same meme token on the Merlin mainnet and the bitLayer mainnet and increase initial liquidity for it.
Additionally, users who hold the winning meme tokens at the end of the test will receive an airdrop based on their holdings.
Project summary:
Four-star recommendation! If you have been airdropped test coins, you must try to follow along. If you have not been airdropped, you can ask your friends if they have any and borrow some test coins to do it.
