Dear Investor,

With BTC at an all-time high, projects within its ecosystem are ready for explosive growth. The key is to identify those with the first-mover advantage or groundbreaking offerings to reap substantial rewards in this cycle.

BitSmiley, backed by industry giants like OKX and KuCoin, is a Bitcoin-native DeFi project co-invested by **OKX Venture** and ABCDE Capital. Its innovative Fintegra framework comprises a decentralized overcollateralized stablecoin protocol, a native trustless lending protocol, and an on-chain derivatives protocol.

Partnered with serious crypto projects like Merlin chain, Portal finance and more, and backed by serious crypto ventures like OKX , Kucoin, ABCDE, we believe this is a great opportunity in the BRC-20 narrative.

This project stands out by capitalizing on the massive hype surrounding BTC. The first-mover advantage and the ability to introduce a true decentralized stablecoin position BitSmiley for potential success in the crypto space.

On top of this, __Aphx Capital is the only community VC that has access to private investment for this project!__

Aphx Capital

BitSmiley

Website Twitter Medium Whitepaper

BitSmiley is a company that provides comprehensive Bitcoin DeFi solutions, aiming to fill the gap of stablecoins and lending infrastructure in the Bitcoin ecosystem. bitSmiley's core product is BitUSD, an over-collateralized stablecoin based on BTC. Users can collateralize BTC to BitSmileyDAO and mint BitUSD. When the value of the collateral falls below a set threshold, a liquidation process will be initiated, adopting the Dutch auction model. Unlike MakerDAO, bitSmiley auctions the future income of the platform as a debt and repays the creditors first. In addition, BitUSD has adopted a new bitRC20 inscription format that is compatible with BRC-20.

In addition to stablecoins, bitSmiley has also developed DeFi products tailored for BTC characteristics, such as lending and insurance. Peer-to-peer native lending based on bitRC20 can help BTC users achieve lending functions similar to Compound and AAVE. Additionally, bitSmiley has introduced a no-liquidation lending insurance mechanism, where borrowers can choose to buy insurance when collateral prices drop.

Backers and Partners

OKX Ventures Founder Dora Yue on BitSmiley

"Bitcoin, as the cornerstone of the crypto field, has strong value consensus and security but lacks programmability and scalability. This limits its applications in the DeFi field. By leveraging the BRC-20 protocol and Ordinals technology, bitSmiley expands Bitcoin’s possibilities, enabling users to enjoy various financial services such as stablecoin, lending, derivatives, etc. on the Bitcoin network, while maintaining Bitcoin's security and decentralization. bitSmiley, which was recognized as an excellent project at the BTC Hackathon co-hosted by ABCDE and OKX Ventures in November last year, demonstrated its strength in technical innovation and product design. We are committed to discovering and cultivating excellent projects in the crypto space, providing users with more choices and opportunities, providing more support and impetus for the industry, and adding more value to the society. bitSmiley is our important investment in the BTC ecosystem, and we believe it will bring more vitality and reform to Bitcoin."

bitSmiley Integrates Portal Swaps for Enhanced Cross-Chain Functionality

Currently, bitSmiley’s Bitcoin-based $bitUSD stablecoin is minted by depositing only native BTC. By leveraging the capabilities of Portal Swap SDK, bitSmiley aims to elevate the DeFi experience for Bitcoin users beyond the technical confinements of the Bitcoin ecosystem.

The Portal Network’s ability to safely lock in place assets of different chains while still remaining in the self-sovereign custody of the user will allow a higher market cap for non-Bitcoin assets, like native ETH or other ERC20 stablecoins, to be used as collateral backing $bitUSD. This provides enhanced stability and diversified access.

The integration of Portal Swap SDK into bitSmiley’s ecosystem will also allow for direct purchases of $bitUSD using non-Bitcoin assets, like USDT or Arbitrum, all within bitSmiley’s platform, to multiply access to bitSmiley’s offerings via Portal Network’s liquidity providers. This opens avenues for entities in the Portal ecosystem, including wallets, bridges, marketplaces and protocols using the Portal Swap SDK, to provide their users with one-click direct access to buying and selling $bitUSD and bitSmiley’s future governance token within their apps. The integration ensures a seamless and integrated experience without users needing to leave the partner’s platform.

BitSmiley Bitcoin DeFi solutions