SINGAPORE, Jan. 28, 2024 (GLOBE NEWSWIRE) -- OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced that it has invested in bitSmiley, a stablecoin protocol in the Bitcoin ecosystem.
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.
OKX Ventures Founder Dora Yue said: "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."
To learn more about bitSmiley, click here.
For further information, please contact:
About OKX Ventures
OKX Ventures is the investment arm of leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
Disclaimer
