By integrating bitSmiley's stablecoin, $bitUSD, into the Portal DEX Network, bitSmiley will add cross-chain capabilities and enhance the cryptocurrency trading landscape with more diverse asset trading and collateral options.
SAN FRANCISCO, March 7, 2024 /PRNewswire-PRWeb/ -- bitSmiley, a project powering Bitcoin's first BitRC20-based stablecoin protocol, today announced a strategic integration of Portal swaps, the first trust-minimized, Layer 2 cross-chain swaps that involve no bridges, custody or wrapping. bitSmiley's dollar-pegged $bitUSD and its future governance token will be seamlessly integrated into the Portal DEX Network.
"The bitSmiley integration of Portal Swap SDK, a toolkit designed to empower DEXs and protocols with trustless, bridgeless and wrapperless cross-chain swaps, strengthens our platform's cross-chain capabilities and extends its benefits beyond just BitRC20 partner networks and Bitcoin," said J, co-founder at bitSmiley. "With our stablecoin, $bitUSD, integrated into the Portal DEX Network, we are enhancing the trading landscape with more diverse asset trading and collateral options."
bitSmiley offers a decentralized, overcollateralized stablecoin protocol, including a trustless native lending protocol (bitLending), and a comprehensive derivatives protocol. By leveraging the capabilities of the Portal Swap SDK, bitSmiley aims to elevate the DeFi experience for Bitcoin users beyond the technical confinements of the Bitcoin ecosystem. bitSmiley aligns with Portal's vision of making DeFi on Bitcoin (BTCFi) broadly accessible, something lacking behind the many years of advanced financial applications already enjoyed by users of Ethereum and other EVM-based blockchains.
"Integration of Portal Swap SDK into bitSmiley to make DeFi on Bitcoin (BTCFi) broadly accessible – something that is lacking behind the many years of advanced financial applications already enjoyed by users of Ethereum and other EVM-based blockchains – showcases our commitment to making the Bitcoin ecosystem unstoppable and cross-chain digital asset trading and swapping devoid of custodial risk," said Chandra Duggirala, co-founder and CEO of Portal. "Currently, bitSmiley's Bitcoin-based $bitUSD stablecoin is minted by depositing only native BTC, but we are excited for Portal Network's cross-chain atomic swaps architecture to support a groundbreaking, new collateralization feature."
The Portal Network's ability to safely lock in place assets of different chains while still remaining in the self-sovereign custody of the user will allow a higher market cap for non-Bitcoin assets, like native ETH or other ERC20 stablecoins, to be used as collateral backing $bitUSD. This provides enhanced dollar-peg stability and diversified access.
The integration of Portal Swap SDK into bitSmiley's ecosystem also allows for direct purchases of $bitUSD using non-Bitcoin assets, like USDT or Arbitrum – all within bitSmiley's platform to multiply access to bitSmiley's offerings via Portal Network's liquidity providers. This opens avenues for entities in the Portal ecosystem, including wallets, bridges, marketplaces and protocols using the Portal Swap SDK, to provide their users with one-click direct access to buying and selling $bitUSD and bitSmiley's future governance token within their apps. The integration ensures a seamless and integrated experience without users needing to leave the partner's platform.
About Portal
PortalDeFi.com, established by seasoned Bitcoin and AI engineers, is committed to promoting financial self-sovereignty. The Portal DEX Network utilizes atomic swaps technology to be the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. Built on Bitcoin, it rivals the efficiency of centralized exchanges while removing the risks of bridges, wrappers, and CEXs. A pioneer and an advocate for free and unfettered markets, Portal was founded in 2019 in the San Francisco Bay Area. Portal is backed by Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io and many other prominent fintech/crypto investors. For more information, visit https://portaldefi.com.
About bitSmiley
bitSmiley represents the forefront of Bitcoin blockchain innovation, offering a decentralized overcollateralized stablecoin protocol, a native trustless lending platform, and a comprehensive derivatives protocol. bitSmiley's $bitUSD, the first BitRC20-based stablecoin on Bitcoin, epitomizes innovation, providing a decentralized and transparent currency for Bitcoin holders. bitSmiley, powered by the Fintegra framework within the Bitcoin ecosystem, is backed by renowned investment firms, including OKX Ventures, ABCDE, Foresight Ventures, Waterdrip Capital, Arkstream Capital and others. For more information, visit https://www.bitSmiley.io.
Media Contact
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SOURCE bitSmiley
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