Press Releases

Satoshi Protocol: First CDP on Bitcoin Layer2, 500ok OSHI Airdrop with Binance pockets and BEVM

April 10, 2024

On April 4th, Binance Web3 Pockets joined forces with BEVM, a number one Bitcoin Layer2, and its ecosystem undertaking, Satoshi Protocol, to launch an airdrop marketing campaign value tens of millions.

On April 4th, Binance Web3 Wallet joined forces with BEVM, a number one Bitcoin Layer2, and its ecosystem undertaking, Satoshi Protocol, to launch an airdrop marketing campaign value tens of millions.

Customers who bridge BTC to the BEVM by way of Binance Web3 Pockets and borrow at the least $10 SAT (USD-stablecoin) can be eligible to share a pool of 500ok OSHI and 10.5 million BEVM tokens. The marketing campaign has attracted over 30,000 members in simply Three days since its launch.

Satoshi Protocol is the primary CDP protocol constructed on BEVM, dwell on BEVM mainnet on March 28th. Along with the Binance marketing campaign, there’s a referral program that enables early members to build up factors by borrowing the SAT and alluring buddies.

What Makes BEVM Distinctive?

BEVM is an EVM-compatible Bitcoin Layer 2 resolution that stands out within the crowded market. By leveraging Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM achieves the best stage of decentralization and safety amongst all BTC Layer 2 options.

Key options of BEVM:

Native BTC Layer 2: BEVM makes use of BTC because the community gasoline and shops transaction information on the BTC mainnet, guaranteeing compatibility with the unique Bitcoin protocol.
EVM compatibility: Builders can seamlessly migrate their Ethereum-based dApps to BEVM, increasing the attain of those functions to the Bitcoin ecosystem.
Decentralized and safe: BEVM employs Musig2 multi-signature aggregation and Bitcoin gentle nodes to attain a trustless and safe atmosphere.

Satoshi Protocol: Unleashing Bitcoin’s Liquidity

Satoshi Protocol is the primary Collateralized Debt Place (CDP) protocol constructed on BEVM, aiming at offering liquidity for BTC by the SAT greenback stablecoin, increasing the situations of BTCFi. This transfer unlocks trillion-dollar liquidity inside the Bitcoin ecosystem, providing customers a solution to keep Bitcoin holdings whereas gaining liquidity.

The Bitcoin ecosystem is experiencing a renaissance. Current developments like inscriptions and scaling options have revitalized the ecosystem. Satoshi Protocol’s workforce views the upcoming halving and the launch of the Runes protocol as poised to draw a wave of latest customers.

Nevertheless, a important problem persists the dearth of a dependable, fiat-pegged crypto for seamless buying and selling and environment friendly market pricing. That is the place Satoshi Protocol steps in. By enabling customers to borrow SAT with their Bitcoin as collateral, Satoshi Protocol affords a dependable liquidity resolution inside the Bitcoin ecosystem.

Satoshi Protocol Milestones

Prior to now month, Satoshi Protocol has constructed a robust group, with 60,000+ followers on Twitter and 70,000+ members throughout Telegram and Discord.

Let’s see what they’ve achieved :

How does Satoshi Protocol work?

The Satoshi Protocol makes use of a classy system to take care of a secure peg of $1 for SAT. This technique combines a number of mechanisms: over-collateralization, permissionless liquidation, stability swimming pools, and arbitrage. Moreover, it options OSHI, a utility token granting holders 97.5% of the protocol’s income.

For extra particulars about OSHI and sOSHI, confer with the official documentation: OSHI & sOSHI.

OSHI distribution

The interaction between SAT and OSHI types the guts of Satoshi Protocol. Right here’s the entire image:

Collateralized Borrowing

When borrowing SAT, customers should keep a minimal collateral ratio (MCR) of 110%. This implies the borrowed quantity can’t exceed 90.9% of the deposited BTC worth.

Liquidation

A liquidation is triggered if a consumer’s collateral worth dips beneath 110% (MCR) because of worth fluctuations. The consumer’s BTC collateral is offered at a reduction to Stability Pool suppliers to repay the SAT mortgage. This mechanism protects the protocol and prevents debtors from taking up extreme debt.

Sustaining the Peg

A strong three-pronged system ensures SAT’s worth stays persistently pegged to the US greenback:

Redemption: Arbitrage exercise helps regulate SAT’s worth and preserve it inside the desired vary. If SAT dips beneath $1, arbitrageurs should purchase discounted SAT and redeem them for $1 value of BTC from the protocol. Conversely, if SAT exceeds $1.1, customers can borrow SAT on the MCR (110%), promote them at a premium on decentralized exchanges (DEXs), and pocket the revenue.

Over-collateralization: As talked about earlier, over-collateralization (MCR of 110%) acts as a security web. The protocol discourages debtors from defaulting by requiring the next collateral worth and protects itself from worth fluctuations.

Stability Pool: This pool serves as a ultimate security measure. If a consumer’s collateral ratio falls beneath the MCR, the Stability Pool supplies the mandatory liquidity to execute a liquidation occasion and keep protocol stability.

Satoshi Protocol x BEVM Airdrop with Binance pockets

BEVM and Satoshi Protocol just lately joined forces with Binance Web3 Pockets to supply a complete of 10.5M $BEVM and 500ok $OSHI Token Airdrop.

By utilizing Binance Pockets to finish duties like bridge to BEVM, and create positions on Satoshi Protocol, you’ll be eligible to share the rewards.

Length: 2024/04/04-2024/05/04

Rewards: 10,500,000 BEVM and 500,000 OHSI

Duties:

Utilizing Binance Pockets
Bridge BTC to the BEVM ( 0.0004 BTC, ~$25)
Create positions on Satoshi Protocol ( at the least 10 SAT )

Join Binance Wallet Airdrop Campaign

Learn how to Take part on this Marketing campaign

STEP 1: Customers ought to go to Marketing campaign Touchdown Web page, and join Binance Pockets

STEP 2: Withdraw BTC and bridge to BEVM

STEP 3: Customers ought to go to Satoshi Protocol, and create Place

Customers ought to go to Satoshi Protocol, and Join Pockets

Enter BTC Quantity
Borrow SAT ( at the least 10 SAT )
(Elective) Fill in your referrer, get 150+ factors
Click on “Approve”
Click on “Create Place”

Binance Pockets Cell tutorial: Create Position Using Binance Web3 Wallet

Upon finishing all these steps, the consumer turns into certified for the BEVM and OSHI airdrop!

Bridging the Future: Satoshi Protocol and Binance Pockets’s Airdrop Marketing campaign

Satoshi Protocol represents a glimpse into the way forward for Bitcoin finance. By leveraging the BEVM and a strong CDP mannequin, it permits customers to borrow BTC-backed stablecoin SAT and broaden the chance for Bitcoin Ecosystem.

Binance Pockets launched an airdrop marketing campaign with a complete of 10.5M $BEVM, 500Okay $OSHI for individuals who bridge BTC to BEVM and create positions on Satoshi Protocol, which can also be Binance Pockets’s first integration with a Bitcoin Layer 2 resolution. BTCFi is heading west.

About Satoshi Protocol

Constructed on BEVM, it’s the primary CDP protocol to unlock the true potential of Bitcoin. Unleash unprecedented liquidity by SAT, a stablecoin designed to supercharge the booming BTCFi market.

To study Satoshi Protocol, customers can comply with: