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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

Coinfest Asia in Bali
UPCXwill participate in Coinfest Asia, scheduled to take place in Bali, from 21 to 22 August. The conference is expected to focus on blockchain developments and will include presentations and networking opportunities for professionals in the cryptocurrency sector.
UPC
0.02%
2025-08-21
Coinfest Asia 2025 in Bali
Tokocrypto has confirmed that chief executive officer Calvin Kizana will speak at Coinfest Asia 2025, scheduled to take place in Bali on August 21st-22nd.
TKO
-1.18%
2025-08-21
Kweichow Moutai RWA Auction
Bounce will launch the Kweichow Moutai real-world asset auction on August 8 at 13:00 UTC on BNB Chain, with a starting price of 20 AUCTION tokens. The auction follows the English format, with bid increments between 15 and 30 AUCTION, and will close no later than August 22 unless no new bids are placed within six hours. Winners will receive a transferable NFT as proof of ownership, redeemable for the Moutai Bundle at Bounce’s event in Singapore. The bundle includes four limited-edition aged Kweichow Moutai collectibles known for their rarity and sustained market demand.
AUCTION
-2.43%
2025-08-21
Coinfest Asia in Bali
Pudgy Penguins will organize a meetup at Coinfest Asia in Bali, on August 21–22. The initiative will include three sessions integrated into the conference program.
PENGU
-4.04%
2025-08-21
Seoul Meetup
BSquared Network plans an official meetup in Seoul, on August 22nd from 09:00 to 13:00 UTC to discuss the intersection of artificial intelligence, PayFi solutions and Bitcoin.
B2
-6.02%
2025-08-21

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