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BitSmiley (BIT) Research Report

BitSmiley (BIT) Research Report

5/31/2024, 7:50:50 AM
Beginner
Project Analysis
BitSmiley is a trading and stablecoin protocol based on the Bitcoin Layer 2 network

Project Name: BitSmiley
Tag: $BIT
Type: BTC Stablecoin Protocol
TVL: $81.96 Million

Introduction

BitSmiley is a trading and stablecoin protocol based on the Bitcoin Layer 2 (L2) network. It provides a “stablecoin + lending” infrastructure within the Bitcoin ecosystem through the issuance of the stablecoin bitUSD, collateralized by excess BTC, and the decentralized lending platform bitLending, which is based on bitUSD.

Core Components

bitUSD

bitUSD stablecoin is the core component of BitSmiley. Users collateralize BTC with BitSmileyDAO to mint bitUSD, and redemption follows a reverse mechanism. For liquidation, it adopts the latest MakerDAO liquidation 2.0 mechanism, using a Dutch auction model. Liquidation process is initiated when the Loan-to-Value (LTV) falls below a set threshold.

bitLending

bitLending enables peer-to-peer lending. Lenders post loan offers on bitLending, specifying parameters such as bitRC-20 token type, token quantity, and loan interest rates. Borrowers select offers they’re interested in. After matching, bitLending generates a multi-signature address for fund transfer.

Key Metrics

* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
* This article may not be reproduced, transmitted or copied without referencing Gate. Contravention is an infringement of Copyright Act and may be subject to legal action.

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Content

Introduction

Core Components

Key Metrics

Crypto Calendar

Project Updates
Tether announced that it will terminate support for USDT on the Omni, Bitcoin Cash SLP, Kusama, EOS, and Algorand networks starting September 1, 2025. The official statement indicates that this move aims to optimize the overall infrastructure layout, align with the actual usage trends of the community, and focus resources on blockchains with greater application value and development activity.
SLP
-3.78%
2025-09-01
Token unlock
Sui (SUI) will unlock 44 million Tokens on September 1 at 8:00, worth approximately 161 million USD, accounting for 1.25% of the Circulating Supply.
SUI
-3.88%
2025-09-01
Project Updates
Tether plans to stop supporting USDT on the five major blockchains Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand starting September 1, 2025, and will freeze the remaining tokens. Tether stated that this move is part of a broader effort to optimize infrastructure, align with community usage trends, and refocus resources on high-utility and actively developed blockchains.
SLP
-3.78%
2025-09-01
Project Updates
WLFI will be launched on Ethereum on September 1st, and will open for claiming and trading. Early supporters (rounds of $0.015 and $0.05) will unlock 20%, while the remaining 80% will be decided by community vote. The tokens of the founding team, advisors, and partners will not be unlocked. Trading will start at 20:00 on September 1st, along with the claiming of 20% of the tokens.
WLFI
2025-09-01
Tokens Unlock
Ethena will unlock 40,630,000 ENA tokens on September 2nd, constituting approximately 0.64% of the currently circulating supply.
ENA
-1.22%
2025-09-01

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