BitSmiley (SMILE)Project Analysis
-
Research Institute Review
BitSmiley is a Bitcoin-native stablecoin protocol where BTC holders can mint bitUSD, an overcollateralized stablecoin that brings real DeFi utility to Bitcoin. To capture a first-mover advantage in the BTCFi market, BitSmiley combines fundamental DeFi infrastructures like MakerDAO (DAI) and Compound (Lending), launching three main components: bitUSD (an overcollateralized stablecoin protocol), bitLending (a native trustless lending protocol), and Credit Default Swaps (CDS), an innovative derivatives protocol. BitSmiley’s products integrate over-collateralization and native BTC lending mechanisms to offer robust liquidity support, aiming to deliver a safer and more transparent DeFi experience for users.
-
Recent Breakout Points
Current community members can check the status of previous airdrops on the BitSmiley website, while new users can earn rewards through active community participation during events. The tokens have already been airdropped and are about to be listed, with an active community at present.
-
Project Introduction
BitSmiley is a Bitcoin-native stablecoin protocol where BTC holders can mint bitUSD, an overcollateralized stablecoin that enables genuine DeFi on Bitcoin.
-
Token Utility
The GRASS token allows holders to participate in the Grass network in the following ways:
Decentralized Governance: $SMILE holders can participate in the platform’s decentralized governance, adjusting key protocol parameters (e.g., collateral types, LTV ratios) and taking part in emergency shutdowns during uncontrollable attacks.
Surplus Auction Participation: When platform surpluses exceed a certain threshold, they are auctioned at below-market prices, exclusively available to $SMILE holders.
Fee Discounts: Users can use $SMILE tokens at a discounted rate to pay stability fees.
Priority Liquidation Rights: $SMILE holders above a certain threshold are added to a whitelist of liquidators, granting them priority in liquidating bad debt on the platform.
-
Tokenomics
BitSmiley is set to launch its governance token, $SMILE, based on the ERC-20 standard, with a total supply of 210 million tokens.
| Allocation | Proportion | Vesting Schedule |
| Round 1 Investors | 10% | 0.2% unlocked at TGE; remainder locked for 180 days, with linear release over 12 months |
| Round 2 Investors | 6% | 0.3% unlocked at TGE; remainder locked for 150 days, with linear release over 12 months |
| Launchpad | 1% | 0.5% unlocked at TGE; remainder locked for 60 days, with full release after lock-up |
| Airdrop | 3% | 1% unlocked at TGE; linear release over the following 2 months |
| BitSmiley DAO | 26% | 3.16% unlocked at TGE; linear release over 48 months |
| User Incentives | 21.50% | 3% unlocked at TGE; linear release over 48 months |
| Team and Advisors | 12.50% | Locked for 2 years; linear release over the next 48 months |
| Liquidity | 7.50% | 2.8% unlocked at TGE; linear release over 12 months |
| Staking Rewards | 12.50% | 1.8% unlocked at TGE; linear release over 24 months |
| Total | 100% | 12.76% of total supply released at TGE |
-
Project Highlights
BitSmiley is the Bitcoin ecosystem’s answer to MakerDAO + Compound, providing an integrated solution for Bitcoin DeFi by filling a significant gap in the ecosystem for "stablecoins" and "lending" infrastructure. BitSmiley not only offers an overcollateralized stablecoin compatible with BRC20 but also provides peer-to-peer lending based on BRC20, along with insurance and CDS derivatives on top of lending. The protocol has established partnerships with several BTC Layer2 solutions, supplying them with stablecoins and DeFi ecosystem products.
-
Investors
BitSmiley completed its first funding round last year, co-led by OKX Ventures and ABCDE. The second round of $10 million was led by KuCoin Ventures, MH Ventures, and others. The funds will primarily be used to optimize BTCFi infrastructure, expand the team, and accelerate the launch of innovative features, aiming to promote broader adoption of Bitcoin in DeFi.
-
Community
Twitter: 157,000 followers
-
Special Economic Model
None identified.
-
Future Outlook
BitUSD, BitSmiley's core component, initially launched on the first BTC Layer2 partnered with BitSmiley and will gradually expand to other BTC Layer2s. The overall overcollateralization mechanism of bitUSD is similar to MakerDAO. Users can mint bitUSD by collateralizing BTC (either via wrapped BTC on partner Layer2 or through BitSmiley’s official bridge to bring BTC to the platform). BitSmiley also customizes DeFi products to BTC’s technological characteristics, using its stablecoin-backed peer-to-peer lending as a foundation, adding insurance and CDS derivatives, thereby creating a new DeFi approach for BTC. BitSmiley addresses the critical missing "inscription-based stablecoin" in the BTC ecosystem and opens new doors for BTC DeFi through lending, insurance, and CDS derivatives, positioning itself as a vital component in the BTC ecosystem.
Basic Information
Project introduction: BitSmiley is a Bitcoin-native stablecoin protocol where BTC holders can mint bitUSD, an overcollateralized stablecoin that brings true DeFi to Bitcoin.
Token Full Name: BitSmiley
Token Symbol: SMILE
Project Website: https://www.bitsmiley.io
Documentation: None available
Blockchain Explorer: https://etherscan.io/token/0x6A9B3fdB4a3296eCba1EbFA2cF4A8B16032a769C
Liquidity Information: None
Join the CoinW Institute to decipher the world of crypto with no threshold for quality projects!
CoinW Institute
2024/11/5