Bybit Launchpool Introduces bitSmiley, Allowing Users To Stake USDT Or MNT And Earn From 2,1M SMILE
In Brief
Bybit introduced bitSmiley on its Launchpool, allowing users to stake either USDT or MNT to earn a share of 2,100,000 SMILE tokens.
Cryptocurrency exchange Bybit introduced bitSmiley, a Bitcoin stablecoin protocol, on its Launchpool platform, allowing users to stake either USDT or MNT to earn a share of 2,100,000 SMILE tokens. This staking event will run from 10:00 AM UTC on October 31rd until 10:00 AM UTC on November 5th.
The MNT Pool in the Launchpool is allocated 630,000 SMILE tokens, with staking limits set at a minimum of 100 MNT and a maximum of 5,000 MNT per user. In the USDT Pool, 1,470,000 SMILE tokens are available, with a minimum stake of 100 USDT and a maximum of 2,000 USDT.
During the staking period, snapshots of each participant’s staked amount will be taken at a random minute every hour. Daily average staking amounts will be calculated from these snapshots, and the specific minute for each snapshot will be disclosed after midnight (12:00 AM UTC) each day.
Users’ daily yield from the Launchpool will be determined based on the ratio of their average staked amount relative to the overall pool. Staked assets are eligible for unstaking at any time, and rewards are calculated daily, with distribution to participants’ Funding Accounts occurring a few hours after midnight each day.
What Is SMILE?
BitSmiley is a decentralized finance (DeFi) protocol built on the Bitcoin blockchain, designed to increase Bitcoin’s utility within the broader financial ecosystem. Developed as part of the Fintegra framework, it offers a stablecoin protocol, lending services, and a derivatives platform, allowing users to utilize Bitcoin for purposes beyond simple holding or transactions. By introducing overcollateralized stablecoins, peer-to-peer lending, and credit risk management, BitSmiley equips users with tools to engage in the DeFi space while benefiting from the security and decentralization inherent in the Bitcoin network.
The native token of BitSmiley, SMILE, plays a crucial role in the platform’s governance and overall functionality. As a utility token, it serves multiple essential purposes within the BitSmiley ecosystem, including facilitating protocol governance, covering transaction and stability fees, and enabling participation in collateral and auctions.
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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.
