Bitcoin native stablecoin project, bitSmiley (BIT) announced that it launched on the Merlin Chain mainnet and initiated a Liquidity Grant program. As part of this initiative, 1.5% of its total token supply equivalent to 3,150,000 BIT tokens will be allocated to Merlin Chain community members to bolster liquidity. The rewards will be unlocked based on user engagement and participation within the Merlin Chain community.
The Liquidity Grant period is scheduled to run from May 15th to August 15th. Throughout this period, users have the opportunity to engage with bitSmiley products while earning Season One bitPoint points. The liquidity rewards and bitPoint points from the mainnet are sourced from separate reward pools, allowing participating users to potentially receive dual rewards.
Users have the opportunity to generate liquidity through actions such as minting bitUSD on the bitSmiley webpage or providing liquidity to bitUSD-USDT and bitUSD-WBTC trading pairs on bitCow. The plans to introduce additional methods for earning liquidity in the future.
Boom! It’s Alphanet time. We are now officially on @merlinlayer2. Get ready for mind-blowing adventures, epic rewards, and endless possibilities as we unlock the door to Season 1 in the meantime. We have prepared an exclusive Liquidity Grant consisting of 1.5% $BIT tokens… pic.twitter.com/29A98V97mu
— bitSmiley (@bitsmiley_labs) May 15, 2024
BitSmiley Launches BitPoint Season One On Merlin Chain And Bitlayer, Enabling Users To Utilize And Exchange Rewards On Both Platforms
Furthermore, bitSmiley’s bitPoint Season One is now accessible on both Merlin Chain and Bitlayer. This enables users across both platforms to utilize and exchange Season One bitPoints and rewards. However, token incentives intended for the Merlin Chain community will remain solely accessible to Merlin users and won’t be part of the Season One rewards.
Users who have earlier accumulated bitPoints on Bitlayer are now enabled to access their bitPoints along with the corresponding BIT token rewards. According to bitSmiley, in order to prepare for Season One, points gained during the pre-season have been reset.
Season One was launched today and is scheduled to finalize on August 15th, supported on the Merlin Chain and Bitlayer networks. Each user’s points will be reconciled on a daily basis, with their activities determining the daily point increments.
BitSmiley functions as a protocol within the Fintegra framework, operating on the Bitcoin blockchain. Recently, BitSmiley announced the completion of two rounds of beta testing and the deployment of its Alphanet on the Bitlayer mainnet.
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