- KuCoin lists bitSmiley (SMILE), a BTC-native stablecoin, enhancing DeFi capabilities on the Bitcoin blockchain.
- SMILE is set to trade with USDT on KuCoin, aiming to bring Bitcoin liquidity to multi-chain DeFi.
- bitSmiley combines stablecoin, lending, and derivatives under Fintegra, promoting Bitcoin’s utility in decentralized finance.
KuCoin, one of the leading cryptocurrency exchanges, announced its upcoming listing of bitSmiley token (SMILE), a new Bitcoin-native stablecoin, to its spot trading platform. According to KuCoin, deposits for SMILE tokens are already live via the Ethereum ERC20 network, while trading will open on Wednesday, November 6, 2024, at 10:00 UTC.
Following this launch, withdrawal services will be enabled the next day at the same time. KuCoin users can trade SMILE in a pair with Tether (USDT), broadening access to the latest BTC-native stablecoin protocol.
Trading Details and Protocol Background
bitSmiley is the first BTC-native stablecoin protocol created on the Bitcoin blockchain, designed under the Fintegra framework. The SMILE token features a decentralized stablecoin system backed by over-collateralization, trustless lending, and derivatives capabilities.Â
This integration allows bitSmiley to offer a robust decentralized finance (DeFi) environment directly from Bitcoin’s infrastructure. The bitSmiley protocol merges stability and innovation, facilitating reliable liquidity within the broader blockchain ecosystem.Â
KuCoin’s listing represents an impactful step in the token’s roadmap, making it accessible to a larger audience and integrating Bitcoin-based assets more extensively in DeFi.
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KuCoin’s Confidence in BTC-Based Stablecoins
KuCoin expressed its excitement for the listing, viewing bitSmiley as a significant addition to its platform. bitSmiley introduces new opportunities for trading on KuCoin and reflects a movement toward enhancing BTC’s presence in DeFi. By enabling SMILE trading on its platform, KuCoin highlights the potential of BTC-native protocols to support diversified, decentralized financial applications on a broader scale.
The introduction of SMILE tokens allows for broader Bitcoin liquidity, leveraging its native blockchain to bridge other networks through BTCfi solutions. This feature positions bitSmiley as a protocol in the stablecoin ecosystem, allowing it to facilitate stable assets on the Bitcoin chain that interact seamlessly with cross-chain DeFi applications.
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