ChainCatcher news, Bitcoin DeFi infrastructure bitSmiley announces the SMILE token economics, with a total supply of 210 million tokens and a token standard of ERC-20. SMILE holders can participate in the platform's decentralized governance.Among them:DAO allocation accounts for 26% of the total supplyUser incentive allocation accounts for 21.5% of the total supplyInvestor allocation accounts for 16% of the total supplyTeam and advisor allocation accounts for 12.5% of the total supply

ChainCatcher news, Bitcoin DeFi infrastructure bitSmiley announces the completion of a $10 million Series B funding round, with participation from MH Ventures and Skyland Ventures.The new funding will facilitate the growth of bitSmiley, enhance cross-chain capabilities, and power the multi-chain stablecoin initiative.According to RootData, bitSmiley is a Bitcoin-native DeFi project. As the first stablecoin project in the BTC DeFi ecosystem, bitSmiley has innovated in both application design and protocol layers. Its groundbreaking Fintegra framework consists of three main components: a decentralized over-collateralized stablecoin protocol, a native trustless lending protocol, and an on-chain derivatives protocol. bitSmiley will first introduce the native over-collateralized stablecoin bitUSD on the Bitcoin blockchain to address the lack of stable price-pegged tools.

ChainCatcher news, according to the official website of Bitlayer, the native Layer 2 network of Bitcoin, the current total value locked (TVL) on the Bitlayer chain has surpassed 500 million USD, now standing at 534 million USD, with an increase of over 40% in the past 30 days. The top five ecological protocols by Bitlayer TVL are Avalon, Pell Network, bitCow, bitSmiley, and Macaron. According to official data, nearly a hundred ecological projects have been deployed on Bitlayer, with the number of active on-chain transactions exceeding 1 million, making it the fastest-growing Bitcoin Layer 2 in terms of ecosystem growth.Recently, Bitlayer will jointly launch the second phase of the mining festival event with the OKX Web3 wallet, where users can share rewards worth over 1.2 million USD in BTR by experiencing the Bitlayer ecosystem through the OKX Web3 wallet.

ChainCatcher news, according to official sources, the BTC native stablecoin protocol bitSmiley has announced an adjustment to its incentive conditions, offering a reward of 3,150,000 BIT tokens to members of the Merlin community, with the liquidity grant period from May 15, 2024, to August 15, 2024.It is reported that the liquidity incentive funds will be distributed based on the bitPoints earned by users on the Merlin chain. The more points users earn, the more token incentives they will receive.

ChainCatcher news, the Bitcoin native Layer 2 network Bitlayer has announced the upcoming two-week Mining Gala event, which will take place from May 27 to June 10. The Mining Gala is a token airdrop event initiated by Bitlayer in collaboration with seven project parties: Lorenzo, Bitsmiley, Avalon, Bitcow, Pell, Enzo, and Bitparty, with a total token reward value of up to 23.24 million dollars. Most projects are expected to have their TGE within 1 to 2 months.In addition, the seven project parties have committed to distributing 100% of the airdrop rewards obtained from the Bitlayer Dapp leaderboard competition to users. Users can participate in any project interactions, such as adding liquidity, trading, staking, and borrowing assets, to receive dual airdrop rewards from both the projects and Bitlayer. Users can participate in the main event through the Bitlayer official website or join the event on the People's Launchpad platform to obtain an exclusive badge SBT, which can be exchanged for Bitlayer ecological rights in the future.

ChainCatcher news, the modular L1 project Particle Network announced that the activity of the Bitcoin ecosystem DeFi solution bitSmiley on The People's Launchpad has ended, with over 600,000 independent participants. Users can claim the allocation of bitSmiley tokens BIT before 8 PM on May 13. To complete the claim, users need to spend BTC on Bitlayer, and all unclaimed allocations will be forfeited.In addition, it stated that the bitSmiley team will distribute its tokens by the end of June 2024, and once the distribution date is determined, it will announce the official BIT statement.According to the Web3 asset data platform RootData, Particle Network is a modular L1 blockchain that powers chain abstraction by creating universal accounts, providing users with a single address and interaction point across chains while extracting gas and unifying liquidity. This enables existing L1 and L2 to coordinate seamlessly across ecosystems.

ChainCatcher news, the BTC DeFi ecological protocol bitSmiley has completed two rounds of testing and is now officially launched on the pilot network. The first phase of the pilot network for bitSmiley is deployed on the Bitcoin Layer 2 network Bitlayer mainnet, and the bitPoint seasonal gameplay is also launched. The preseason will kick off today at 12pm UTC for a duration of ten days, during which bitSmiley will allocate 1% of its tokens for an airdrop to participants of the preseason.It is reported that bitSmiley is a project that mints native stablecoins through over-collateralization of Bitcoin, led by OKX Ventures and ABCDE, and has launched a series of BTC ecological DeFi products based on its stablecoin bitUSD, including the AMM DEX bitCow. This pilot network event will simultaneously launch both the bitSmiley and bitCow products. In the previous testnet Trumeme event, the winning Meme assets will also be listed for trading on the bitCow DEX today at 20:00 Beijing time.

ChainCatcher news, KuCoin Ventures announced a strategic investment in the Bitcoin DeFi infrastructure bitSmiley. It is reported that bitSmiley is a Bitcoin blockchain protocol based on the Fintegra framework, consisting of a decentralized over-collateralized stablecoin protocol, a native trustless lending protocol, and a derivatives protocol.According to RootData, bitSmiley completed its first round of financing last December, with major investors including OKX Ventures, ABCDE, CMS Holdings, Foresight Ventures, and others.

ChainCatcher news, the BTC native stablecoin protocol bitSmiley has reached an official strategic partnership with the BTC Layer2 network Merlin Chain. The bitSmiley native asset bitDisc-Black NFT has officially joined the Merlin Seal event, becoming one of the BTC assets recognized in the Merlin mainnet activities, along with other recognized assets such as BTC, Ordi, Sats, etc. Starting today, holders of the bitDisc-Black NFT can stake their NFTs on the Merlin Chain to participate in earning Merlin mainnet M Points rewards. Subsequently, the staked assets will be mapped as M-bitDisc-Black.The bitSmiley team stated that users holding M-bitDisc-Black assets enjoy the same rights as bitDisc-Black holders and can also participate in other bitSmiley activities in the future.

ChainCatcher News, recently, Hong Kong-listed company LanGao Interactive (8267.HK) affiliated with the crypto investment and research institution LK Venture announced that it has participated in the first round of financing for the Bitcoin DeFi infrastructure bitSmiley through the Bitcoin network ecological investment management fund BTC NEXT.It is reported that bitSmiley is a Bitcoin blockchain protocol based on the Fintegra framework, consisting of three main components: a decentralized over-collateralized stablecoin protocol; a local trustless lending protocol; and a derivatives protocol. These components together provide a comprehensive financial ecosystem on the Bitcoin blockchain, enhancing its functionality and practicality in the decentralized finance (DeFi) space.LK Venture stated that they are optimistic about bitSmiley's potential to innovate and change the Bitcoin DeFi landscape. Similar to the Bitcoin ecosystem's MakerDAO+Compound, bitSmiley will help users enjoy more DeFi financial services such as stablecoins, lending, and derivatives based on the Bitcoin ecosystem by providing comprehensive solutions for Bitcoin DeFi.In early November 2023, LK Venture launched the Bitcoin network ecological investment management fund BTC NEXT, with a scale of 15 million USD, focusing on investing in emerging crypto assets and projects within the Bitcoin network ecosystem. Currently, it has invested in projects such as UniSat, ALEX Labs, MAP Protocol, BiHelix, and other emerging assets in the Bitcoin ecosystem. LK Venture is also a founding member of BTC Security Lab.

ChainCatcher message, the Bitcoin DeFi ecosystem project bitSmiley, co-led by OKX Venture and ABCDE, will launch a new DeFi inscription protocol bitRC-20. The first asset of the protocol, OG PASS NFT--- bitDisc, will first go live on OKX and Unisats wallets, and will subsequently be mapped to the new protocol. The protocol is backward compatible with the BRC20 protocol.It is reported that bitDisc is divided into Gold Card and Black Card. The Gold Card is purely by invitation. According to the project team, the Gold Card is only distributed to a very small number of Bitcoin OGs and industry leaders, with currently no more than 40 Gold Card holders, who collectively hold a total Bitcoin amount in the four digits. The 001 Card will be airdropped to addresses suspected to belong to Satoshi Nakamoto as a commemoration. The Black Card will be publicly available for free mint through a whitelist event, with the first 1999 followers of the official Twitter account receiving priority for whitelist eligibility.

ChainCatcher news, Bitcoin ecosystem DeFi solution bitSmiley announced the completion of a funding round led by ABCDE and OKX Venture. It is reported that BitSmiley is the MakerDAO + Compound of the Bitcoin ecosystem, providing a comprehensive solution for Bitcoin DeFi, filling the current gap in the Bitcoin ecosystem for "stablecoin" + "lending" infrastructure. In addition to providing a BTC over-collateralized stablecoin in the bitRC20 format compatible with BRC20, BitSmiley also offers peer-to-peer lending based on BRC20.

ChainCatcher news, OKX Ventures announced a strategic investment in the stablecoin protocol bitSmiley on the BTC ecosystem, which allows users to mint the stablecoin bitUSD by over-collateralizing native BTC on the BTC network. At the same time, bitSmiley also includes lending and derivatives protocols, aiming to provide a new financial ecosystem for Bitcoin. Previously, bitSmiley was selected as a quality project for the BTC hackathon co-hosted by ABCDE and OKX Ventures in November this year.The lead investor, OKX Ventures founder Dora, stated: "As the native credit cornerstone of the Crypto industry, Bitcoin is not only the absolute value benchmark of the industry but also represents the native innovation of the crypto industry. With the BRC-20 protocol and Ordinals as a catalyst, a series of technological innovations such as the Lightning Network, Stacks, RGB, Taproot, EVM Layer2, and bitVM are iterating faster. On this basis, the stablecoin protocol bitSmiley, leveraging the Fintegra framework, demonstrates its competitiveness in the stablecoin field. We look forward to its upcoming beta version next quarter, which will bring infinite possibilities for expanding DeFi and more application scenarios in the Bitcoin ecosystem."