bitSmiley

bitSmiley operates as a decentralized finance (DeFi) protocol constructed on the Bitcoin blockchain, with its foundation in Singapore since 2023. The company is dedicated to expanding Bitcoin's utility beyond a store of value by creating a comprehensive financial ecosystem. This initiative is backed by significant venture capital, including a notable $10 million funding round in October 2024, with investors like OKX Ventures, ABCDE, CMS Holdings, and Foresight Ventures showing confidence in its direction.

The core of bitSmiley's offering is the Fintegra framework, which integrates three main financial services. The first is a decentralized, over-collateralized stablecoin protocol that allows users to mint bitUSD, a stablecoin pegged to the U.S. dollar, by locking their Bitcoin as collateral. This mechanism is designed to provide a stable medium of exchange and a tool for participating in the broader DeFi space without exposure to Bitcoin's price volatility. The stability of bitUSD is maintained through an over-collateralization model and a robust liquidation process to secure user assets.

Secondly, the platform features bitLending, a native, trustless peer-to-peer lending protocol. This service enables users to borrow or lend bitUSD and other compatible tokens, using Bitcoin as collateral, thereby creating opportunities for yield generation. The final component is a derivatives protocol, which includes innovative products like Credit Default Swaps (CDS) structured as NFTs, aiming to introduce sophisticated risk management tools to the Bitcoin ecosystem. By developing on the bitRC-20 standard, which is compatible with BRC-20, bitSmiley facilitates cross-chain interoperability, allowing assets like bitUSD to be used across various blockchain networks.

The business model centers on generating revenue through fees associated with its financial services, such as minting stablecoins, lending activities, and derivative products. The protocol's governance is managed through its native token, SMILE, which allows holders to vote on key parameters and participate in the platform's surplus auctions. Co-founded by Jayden Yee, bitSmiley launched its Alphanet on the BitLayer network on May 1, 2024, marking a significant step in its roadmap to build out DeFi infrastructure for the Bitcoin community.

Keywords: bitSmiley, Bitcoin DeFi, BTCFi, stablecoin, bitUSD, decentralized finance, over-collateralized stablecoin, peer-to-peer lending, bitLending, crypto derivatives, Jayden Yee, OKX Ventures, Fintegra framework, bitRC-20, BRC-20, crypto lending, blockchain finance, digital assets, Bitcoin ecosystem, SMILE token, crypto governance, cross-chain DeFi