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bitSmiley has announced its partnership with Omnity Network. Omnity is recognized as a leading Bitcoin cross-chain protocol, offering high security, low costs, and an excellent user experience. This announcement was made through official X account. This collaboration is a major leap forward for bitSmiley as the company pushes for innovation within the Bitcoin space.
We are excited to be partnering with @OmnityNetwork!
— bitSmiley | bitUSD (@bitsmiley_labs) November 27, 2024
Omnity is a leading Bitcoin cross-chain protocol known for its high security, low cross-chain costs, and excellent user experience.
Read here for more details on this collaboration:https://t.co/C2dy5DFzY2 pic.twitter.com/DP8UzIH6rn
bitSmiley Plans Decentralized Stablecoin Launch on Bitcoin Mainnet
bitUSD is already live on several Bitcoin Layer 2 solutions and it has largely stayed stable without too many de-pegging incidents. Based on this success, bitSmiley plans to release a new decentralized overcollateralized stablecoin directly on the Bitcoin mainnet. This means that by working with Omnity, the use of such sophisticated cross-chain solutions as the Omnity Hub Bridge that allows for the easy conversion between Bitcoin and other blockchains is guaranteed.
bitUSD Unlocks New Financial Opportunities for BTC Holders
The use of the Runes protocol is crucial in issuing bitUSD on the Bitcoin primary network. This makes bitUSD the first decentralized stablecoin backed by BTC on its native block chain. This will also make Bitcoin liquid, enable the owners of Bitcoin to use their $BTC in other endeavors such as transactions or as security to access loans without having to sell them. The decentralization of Bitcoin mainnet adds another layer of protection to these stablecoins as compared to those on other blockchains.
Ultimately, this partnership enhances the BTC ecosystem, for the provision of safe decentralized financial products and services within the mainnet.