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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
The Bitcoin Layer 2 network Zulu Network is transitioning to the AI field. The Mainnet and related services will suspend operations on August 30, and whether to restart will depend on future demand.
AI
-2.63%
2025-08-30
Token unlock
Kamino (KMNO) will unlock approximately 229 million Tokens at 8 PM Beijing time on August 30, which accounts for 6.81% of the current Circulating Supply, valued at around 13.3 million USD.
KMNO
-5.91%
2025-08-30
Founder Unlocks Change
"... founder tokens will unlock monthly over a 10-year period, with unlocks occurring on the last day of each month in the amount..."
PRIME
-8.29%
2025-08-30
31.34MM Token Unlock
Optimism unlocks approximately 1.79% of its circulating supply at 12 AM UTC.
OP
-0.87%
2025-08-30
Founder Unlocks
Echelon Prime Foundation has finalized a smart contract to manage the long-term unlock of founder tokens. Starting August 31, a total of 6,018,518.5 PRIME tokens will begin unlocking at a rate of 50,154 tokens per month over a 10-year period. The unlocks will occur on the last day of each month and are designed to reflect the founders' long-term commitment to the PRIME ecosystem. This new approach is more conservative than previous unlocks and will be overseen by the Foundation to ensure transparency and trust.
PRIME
-8.29%
2025-08-30

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