The smiley face has announced the airdrop standards, and the TGE is approaching.

As a project that was once very popular but has now become somewhat quiet, here are my thoughts:

First, there is still a story to tell about BTCFi. Although the enthusiasm for the BTC ecosystem has waned, compared to the past, the infrastructure of the Bitcoin ecosystem will only improve rather than regress, and the consensus around Bitcoin will only strengthen rather than fade. The smiley face is the "MakerDAO + Compound" of the Bitcoin ecosystem (borrowing the term from ABCDE), and at least the track is completely fine.

Second, in terms of financing, they have gathered OKX + ABCDE + Foresight Ventures, which shows that the team has a strong Chinese influence. I have no bias against Chinese teams; on the contrary, I feel that Chinese projects are more likely to seize opportunities and make things happen.

To summarize, the opening may not have a very high multiple, but the project is worth long-term attention. The fundamentals are solid, but it needs a significant growth point, which is likely to come from external sources.

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