BitSmiley Activates Testnet For ZetaChain-Powered bitUSD And Launches Celebration Campaign With 300K SMILE In Rewards
In Brief
BitSmiley has launched the first native BTC-backed stablecoin protocol in partnership with ZetaChain on testnet, allowing users to mint and test it.
Bitcoin-backed stablecoin protocol bitSmiley announced the launch of the first native BTC-backed stablecoin protocol in partnership with the Layer 1 blockchain ZetaChain. The testnet is now live, allowing users to mint and test the protocol.
bitSmiley introduced bitUSD, the first stablecoin backed by Bitcoin, in partnership with ZetaChain last autumn. The objective of bitUSD is to facilitate the integration of native Bitcoin liquidity across multiple blockchains. This functionality allows users to deposit their BTC and mint bitUSD, thereby broadening their participation in the blockchain ecosystem.
Furthermore, the introduction of bitUSD on ZetaChain improves the user experience by making access to decentralized finance (DeFi) activities more straightforward. Bitcoin holders can mint bitUSD and leverage their BTC for various DeFi activities, which were previously difficult to access. These include lending bitUSD to earn yields on Ethereum, exchanging bitUSD for BNB on Binance Smart Chain, and exploring cross-chain DeFi opportunities.
BitSmiley Kicks Off Testnet Launch Celebration Campaign, Offering Participants 300K SMILE In Rewards
Along with the launch, BitSmiley has introduced a campaign to reward participants with up to 300,000 SMILE tokens. A total of 400 winners will be selected through a lucky draw. The campaign offers additional rewards for users who report higher-risk security bugs. The pre-campaign phase, where users can prepare their test coin via the Zeta faucet, is already underway and will run until January 24th.
From January 24th to 31st, the campaign phase will take place. Users will have the opportunity to try out the product and submit feedback. Between February 1st and 10th, both BitSmiley and ZetaChain’s tech teams will review the feedback and assess the severity of reported security issues. Winners will be announced, and rewards will be distributed on February 14th.
During the campaign phase, participants will engage with the full BitSmiley experience on the ZetaChain testnet and provide feedback. Feedback will be categorized into four levels—INFO, LOW, MEDIUM, and CRITICAL. Users reporting higher-risk security issues will receive greater rewards. BitSmiley will also host a campaign on Taskon to attract more users to join.
All participants who submit a Google form will automatically be entered into the prize pool, with no additional terms required. From all participants, 400 winners will be selected. Feedback in the NFFO section will earn 33 SMILE tokens, while the LOW section will yield 66-333 SMILE, the MEDIUM section 333-666 SMILE, and the CRITICAL section 666-3333 SMILE.
Higher-level feedback will be awarded more than INFO level feedback. If multiple participants submit the same feedback, rewards will be distributed on a first-come, first-served basis based on the timestamp of the Google form submission. The BitSmiley technology team will acknowledge all feedback and assess the severity of any reported vulnerabilities.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
