OKX Ventures, the investment department of OKX, has announced today that it will be investing in bitSmiley, a stablecoin protocol within the Bitcoin ecosystem. bitSmiley aims to fill the gap in the Bitcoin ecosystem by providing comprehensive Bitcoin DeFi solutions for stablecoins and lending infrastructure. Its core product, BitUSD, is a BTC-collateralized stablecoin that users can mint by collateralizing their BTC with BitSmiley DAO. In the event that the collateral value falls below a set threshold, a liquidation process will be initiated utilizing a Dutch auction model. Unlike Maker DAO, bitSmiley will use future platform revenue as debt auction collateral, prioritizing repayment to debt holders. Additionally, BitUSD will implement a new bitRC20 token format that is compatible with the BRC-20 standard.