BitSmiley (BIT) Research Report

5/31/2024, 7:50:50 AM

Beginner

BitSmiley is a trading and stablecoin protocol based on the Bitcoin Layer 2 network

Project Name: BitSmiley
Tag: $BIT
Type: BTC Stablecoin Protocol
TVL: $81.96 Million

Introduction

BitSmiley is a trading and stablecoin protocol based on the Bitcoin Layer 2 (L2) network. It provides a “stablecoin + lending” infrastructure within the Bitcoin ecosystem through the issuance of the stablecoin bitUSD, collateralized by excess BTC, and the decentralized lending platform bitLending, which is based on bitUSD.

Core Components

bitUSD

bitUSD stablecoin is the core component of BitSmiley. Users collateralize BTC with BitSmileyDAO to mint bitUSD, and redemption follows a reverse mechanism. For liquidation, it adopts the latest MakerDAO liquidation 2.0 mechanism, using a Dutch auction model. Liquidation process is initiated when the Loan-to-Value (LTV) falls below a set threshold.

bitLending

bitLending enables peer-to-peer lending. Lenders post loan offers on bitLending, specifying parameters such as bitRC-20 token type, token quantity, and loan interest rates. Borrowers select offers they’re interested in. After matching, bitLending generates a multi-signature address for fund transfer.

Key Metrics

* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.

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Content

Introduction

Core Components

Key Metrics

Crypto Calendar

Project Updates

Pixel Heroes Adventure will launch on August 13 with CROSS, allowing users to log in to the PHA DApp using the CROSS Wallet.

CROSS

2025-08-13

Protocol 23 Testnet

"Testnet reset + stable builds available"

XLM

-3.18%

2025-08-13

Hackathon

Saga, in collaboration with KEX, will host an AI Agent Buildathon and networking event on August 14 during EthGlobal NYC. Participants will use KEX tools to build their own AI agents and compete for prizes, with selected projects gaining the opportunity to be showcased at Gamescom. Attendance is limited, and registration is now open.

SAGA

12%

2025-08-13

Testnet Reset

Stellar has announced key dates for Protocol 23. On August 14, the testnet will be reset, clearing all accounts, assets, and contracts. Developers are advised to back up and recreate essential data. Stable builds will also be available on that date. A vote on the mainnet upgrade is scheduled for September 3. All Stellar software, including Core, RPC, Horizon, and SDKs, must be upgraded after the reset, regardless of July updates. This reset lies outside the typical protocol upgrade process and is prompted by essential changes to Stellar Core.

XLM

-3.18%

2025-08-13

Community Call

Lido DAO will hold a community call on August 14 at 14:00 UTC. The agenda includes discussion of the protocol’s roadmap, strategic priorities, financial overview and initiatives aimed at enhancing the long-term alignment of the LDO token with protocol performance.

LDO

-5.66%

2025-08-13

Advanced

DOGS Token Overview: Tokenomics and Airdrop Claiming (as of 2025)

The DOGS token, inspired by the mascot Spotty designed by TON founder Pavel Durov for the Telegram community, embodies the unique spirit and culture of the Telegram ecosystem. As of 2025, DOGS has established itself as a leading meme token on the TON blockchain, ranking in the top 50 cryptocurrencies by market cap. The ecosystem has expanded significantly, featuring DOGS 2.0 protocol with enhanced staking, DeFi integrations across multiple chains, and a community governance system. DOGS now supports NFT collections, gaming integrations, and cross-chain functionality, with Gate providing comprehensive trading support and improved liquidity options.

5/22/2025, 3:02:50 AM

Advanced

Grass (GRASS) — Decentralized AI Data Collection

Grass is a DePIN project built on the Solana network that leverages unused internet bandwidth to gather information from public networks. This information is then used to train large language models (LLMs) and establish a transparent data marketplace that rewards all participants. The protocol utilizes the bandwidth of users' devices to search for necessary information, process the collected data, and record its provenance history on the blockchain using zero-knowledge proofs (ZKPs).

11/4/2024, 6:54:01 AM

Advanced

Gate.io Launches Pilot Trading Section: Capture On-chain Alpha and Seize 100x Opportunities!

The Gate.io Pilot Trading Section is a newly launched independent trading board focused on finding popular on-chain projects. It helps users participate in on-chain project launches without needing a Web3 wallet.

9/14/2024, 6:35:55 AM

Beginner

Virtuals Protocol (VIRTUAL) — The AI Agent Generation Platform at the Forefront of Innovation

Founded in 2021, Virtuals Protocol is an AI agent generation platform built on Base Rollup. It was co-founded by Prakash Somosundram, Colin Choo, Christopher Johnson, and Matthew. The platform aims to allow anyone to create an AI agent—a virtual character capable of interacting with and participating in its environment like a human. It incentivizes the decentralized creation and monetization of AI agents for every virtual interaction, whether in gaming, the metaverse, online engagements, or other applications.

12/18/2024, 8:57:22 AM

Beginner

Kaito (KAITO) - A Decentralized InfoFi Platform

Kaito is a decentralized application platform based on Web3 and AI technologies, aimed at providing users with low-barrier personalized AI robot creation tools and building an open and fair AI content ecosystem.

2/28/2025, 7:34:54 AM

Advanced

Gate.io Launches PreMint: A Revolution in Pre-Market Trading

Gate.io recently launched PreMint feature for pre-market trading. PreMint is a staking and minting mechanism for pre-market trading. It allows users to stake USDT to mint PreToken.

9/3/2024, 3:58:28 AM

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BitSmiley (BIT) Research Report

Introduction

Core Components

bitUSD

bitLending

Key Metrics

Crypto Calendar

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