What is bitSmiley (SMILE)?

What is bitSmiley (SMILE)?

bitSmiley is an innovative protocol on the Bitcoin blockchain, developed within the Fintegra framework to realise the transformative potential of decentralised finance (DeFi) within the Bitcoin ecosystem. Comprising three primary components—a decentralised stablecoin protocol (bitUSD), a peer-to-peer lending mechanism (bitLending), and an advanced derivatives platform—bitSmiley introduces a sophisticated DeFi ecosystem designed to enhance Bitcoin’s utility and redefine its role beyond being a mere store of value.

What VCs Back bitSmiley?

bitSmiley has attracted the attention of prominent venture capital firms dedicated to advancing decentralised finance on Bitcoin. By securing funding from leading blockchain investors, bitSmiley has the resources and support necessary to drive innovation and reach a broader audience. This strategic backing underscores bitSmiley’s potential to reshape the Bitcoin ecosystem and elevate it to a new level in the DeFi landscape.

How bitSmiley (SMILE) Works

bitSmiley’s ecosystem introduces key functionalities on the Bitcoin blockchain, combining stability, lending, and cross-chain compatibility to make DeFi accessible within the Bitcoin network.

Stablecoin with expanded financial utility: bitUSD

bitUSD, an overcollateralised stablecoin pegged to the US dollar, transforms Bitcoin’s role in DeFi. By addressing Bitcoin’s volatility, bitUSD enables stable payments, lending, borrowing, and yield-generation directly on the Bitcoin network. This stability allows users to engage in daily financial activities with confidence, aligning Bitcoin with the broader needs of DeFi.

Decentralised, trustless lending and risk management: bitLending and bitInsurance

bitLending offers a peer-to-peer lending model that combines trustless, decentralised loan matching with optional protection through bitInsurance. Users can lend or borrow bitUSD or other bitRC-20 tokens with Bitcoin collateral, while bitInsurance provides a safety net against default risk. This multifaceted lending structure ensures both security and flexibility, addressing risk management while upholding Bitcoin’s decentralised ethos.

Cross-chain compatibility and multi-chain applications

With the bitRC-20 standard, compatible with BRC-20, bitSmiley enables Bitcoin to interact across blockchain ecosystems, promoting interoperability and expanding access to DeFi. The platform’s multi-chain design also empowers developers to build dApps that operate seamlessly across various networks, leveraging Bitcoin’s security and liquidity within a broader, interconnected DeFi ecosystem.

The $SMILE token

The $SMILE token, issued on Ethereum, holds a pivotal dual function within the bitSmiley ecosystem as both a governance and utility token. As a governance token, $SMILE empowers holders to actively participate in shaping the platform's development by voting on essential decisions, such as protocol adjustments, collateralisation ratios, and emergency measures. This democratic approach allows the community to directly influence bitSmiley’s direction, ensuring it evolves in alignment with user interests and market demands. In addition to governance, $SMILE serves a practical utility role by offering holders tangible benefits that enhance their experience on the platform. These benefits include discounted fees on transactions and loans, which incentivise regular use and loyalty, as well as priority rights during liquidation events. Such access provides $SMILE holders with a strategic advantage in managing risks and capitalising on market opportunities within the ecosystem. Together, these governance and utility features cultivate a highly engaged community and make the bitSmiley platform more inclusive and appealing to a diverse range of DeFi participants.

bitSmiley (SMILE) Goes Live on Bitget

As bitSmiley prepares for its listing on Bitget, the protocol is set to make a profound impact by delivering a secure and advanced DeFi ecosystem anchored on Bitcoin. Through its pioneering integration of lending, stablecoins, and derivatives on the Bitcoin blockchain, bitSmiley not only enhances Bitcoin’s financial utility but also fosters an accessible, decentralised future for digital assets. This launch represents a significant milestone for Bitcoin, as it steps into the world of DeFi, broadening its potential as both a financial tool and a transformative force in the global economy.

How to Trade bitSmiley (SMILE) on Bitget

Listing time: 6 November 2024

Step 1: Go to SMILE/USDT page

Step 2: Enter the amount and the type of order, then click Buy/Sell

Trade SMILE on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.