bitSmiley Alphanet Launch on BitLayer
We’re over the moon to announce the forthcoming Alphanet debut of bitSmiley on BitLayer, scheduled for May 1, 2024.
Due to technical issues that needed to be addressed during the early stages of the Merlin testnet, we will postpone the launch of our Alphanet on the Merlin mainnet. This heralds a significant stride forward in our quest to revolutionize decentralized finance.
Here’s a glimpse into what’s on the horizon:
Launch Date: May 1, 2024
Network: BitLayer
Accepted Collateral:
WBTC Contract Address: 0xff204e2681a6fa0e2c3fade68a1b28fb90e4fc5fbitUSD Contract Address: 0x07373d112EDc4570B46996Ad1187bc4ac9Fb5Ed0
Maximum Loan-to-Value (LTV): 50% (To prevent users from being liquidated, we have initially set a relatively low LTV ratio. As the adoption of bitUSD increases, we will gradually raise the LTV to make our protocol more competitive in the market.)
Liquidation Penalty: 6%
Maximum bitUSD to be Minted: 19,500,000 (Starting from May 1, 2024)
For a detailed breakdown of parameters for each vault type, refer to the table below:
As we are getting excited about this momentous launch, we encourage users to familiarize themselves with the parameters and exercise caution to navigate potential risks. After launching the governance token, we will initiate decentralized governance, allowing token holders to determine key protocol parameters.
Stay tuned for more updates as we pave the way for a new era in BTC ecosystem!
