bitSmiley joins the competition for the stablecoin market by launching the first stablecoin in the Bitcoin ecosystem: bitUSD. It deals with fundamental issues such as the issuance of overcollateralized stablecoins and cryptocurrency loans, in partnership with more than 40 projects after more than $30 million in TVL.
One of the most attractive suggestions of Smile the ability to increase the liquidity of the Bitcoin ecosystem, connecting it with DeFi applications and platforms. The project is shaping a new so-called environment BTCFa place in full growth that has already exceeded 20 thousand active addresses and has bitUSD as its main asset.
More liquidity for the Bitcoin ecosystem: BitSmiley’s presence in the crypto space
Smile participated in recently LaBitConfan event held in Argentina that reinforces the project’s ties with LATAM. This is an opportunity for the project, taking advantage of the potential of stablecoins in a market as wide as the American one, where Fintegra was presented.
Fintegra is the decentralized infrastructure that supports the entire space that BitSmiley is creating, its proposal to renew the BTCFi environment. At the heart of this ecosystem, its overcollateralized stable plays a vital role in implementing DeFi services, such as lending and derivatives trading.
The engine is bitUSD bitLendingbitSmiley lending protocol. During LaBitConf, it showed how the application worksaligning BTC to issue bitUSD. This experience has been very positive for the team, making its way into a market with as much potential as the Latin American market.
Embrace the market and grow
bitSmiley closed a the second round of funding at the end of October for $10 million, with reputable partners in the cryptocurrency sector such as OKX Ventures and TPC Ventures. This success shows that there is a clear interest in the project, which came from the proposal to launch a stable that streamlines the Bitcoin ecosystem.
In addition, the platform has launched airdrops to reward the users who bring the project to life. This type of activity encourages community participation, increasing the chances of success even more. Success that depends on the stability of bitUSD, its adoption and the fair distribution of the stable.
What does the future hold for bitSmiley?
Much of the Bitcoin ecosystem relies on a non-native stablecoin, such as USDT. bitSmiley’s proposal, launching a sustainable cryptocurrency within the ecosystem, puts the project at the forefront of BTCFi innovation. Saving the distances, it can be compared to MakerDAO and the DAI token and Ethereum.
bitSmiley has a lot of potential, as well as the expansion potential of the Bitcoin ecosystem, which is not small. As more users join the project and adopt bitUSD, the community will grow and new use cases will be proposed that will improve the BTCFi environment in particular, and DeFi in general.
The first steps of the project put bitSmiley in a privileged position, especially within the crypto community in LATAM. With a focus on education, community engagement, and innovative product development, BitSmiley is on track to become a future major player in decentralized finance in Bitcoin.
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2024-11-03 16:48:00
#bitSmiley #bitUSD #stable #Bitcoin #ecosystem
