OKX Ventures Announces Investment in bitSmiley, a Stablecoin Protocol in the Bitcoin Ecosystem
Summary
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. 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. By leveraging the BRC-20 protocol and Ordinals technology, bitSmiley expands Bitcoins possibilities, enabling users to enjoy various financial services such as stablecoin, lending, derivatives, etc. 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.