Singapore, Singapore, April 10, 2024, Chainwire
On April 4, Binance Web3 Wallet partners with BEVMone of the main Bitcoin Layer2, and its ecosystem project, Satoshi Protocolto launch an airdrop campaign worth millions.
Users who link BTC to BEVM via Binance Web3 Wallet and borrow at least $10 SAT (USD-stablecoin) will be able to share a pool of 500,000 OSHI and 10.5 million BEVM tokens. The campaign has attracted over 30,000 participants in just 3 days since its launch.
Satoshi Protocol is the first CDP protocol built on BEVM, coming live on the BEVM mainnet on March 28. In addition to the Binance campaign, there is a referral program that allows early participants to accumulate points by taking the SAT and inviting friends.
What makes BEVM unique?
BEVM is an EVM-enabled Bitcoin Layer 2 solution that stands out in the crowded market. By leveraging Taproot consensus, Schnorr signatures, MAST and Bitcoin SPV, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions.
Main features of BEVM:
- Native BTC layer 2: BEVM uses BTC as network gas and stores transaction data on the BTC mainnet, ensuring compatibility with the original Bitcoin protocol.
- EVM Compatibility: Developers can seamlessly migrate their Ethereum-based dApps to BEVM, extending the reach of these applications to the Bitcoin ecosystem.
- Decentralized and secure: BEVM uses Musig2 multi-signature aggregation and lightweight Bitcoin nodes to create a secure and trustless environment.
Satoshi Protocol: Unlocking Bitcoin Liquidity
Satoshi Protocol is the first Collateralized Debt Position (CDP) protocol built on BEVM, aiming to provide liquidity to BTC via the SAT dollar stablecoin, thus expanding the scenarios of BTCFi. The move unlocks multibillion-dollar liquidity within the Bitcoin ecosystem, providing users with a way to maintain their Bitcoin holdings while earning liquidity.
The Bitcoin ecosystem is experiencing a renaissance. Recent advancements such as registrations and scaling solutions have revitalized the ecosystem. The Satoshi Protocol team sees the upcoming halving and launch of Runes Protocol as poised to attract a wave of new users.
However, a crucial challenge remains: the lack of reliable cryptography linked to fiat currency for smooth trading and efficient market pricing. This is where Satoshi Protocol comes in. By allowing users to borrow SAT with their Bitcoin as collateral, Satoshi Protocol provides a reliable liquidity solution within the Bitcoin ecosystem.
Satoshi Protocol Milestones
Over the past month, Satoshi Protocol has built a strong community, with over 60,000 subscribers across Twitter and more than 70,000 members across Telegram And Discord.
Let's see what they achieved:
How does the Satoshi protocol work?
THE Satoshi Protocol uses a sophisticated system to maintain a stable rate of $1 for SAT. This system combines several mechanisms: overcollateralization, liquidation without authorization, stability pools and arbitrage. Additionally, it features OSHI, a utility token granting holders 97.5% of the protocol's revenue.
For more details on OSHI and sOSHI, refer to the official documentation: OSHI and sOSHI.
OSHI Distribution
The interaction between SAT and OSHI constitutes the heart of the Satoshi protocol. Here is the full image:
Guaranteed loan
When borrowing SAT, users must maintain a minimum collateral ratio (MCR) of 110%. This means that the amount borrowed cannot exceed 90.9% of the BTC value deposited.
Liquidation
A liquidation is triggered if the value of a user's collateral drops below 110% (MCR) due to price fluctuations. The user's BTC collateral is sold at a discount to stability pool providers to repay the SAT loan. This mechanism protects the protocol and prevents borrowers from taking on excessive debt.
Maintaining the ankle
A robust three-pronged system ensures that the value of SAT remains consistently pegged to the US dollar:
Redemption: The arbitrage activity makes it possible to regulate the price of SAT and keep it within the desired range. If SAT drops below $1, arbitrageurs can buy SAT at a discount and exchange them for $1 worth of BTC through the protocol. Conversely, if SAT rises above $1.1, users can borrow SAT at MCR (110%), sell them at a premium on decentralized exchanges (DEX), and pocket the profit.
Oversizing: As mentioned earlier, oversizing (MCR of 110%) acts as a safety net. The protocol discourages borrowers from defaulting by requiring a higher collateral value and protects itself from price fluctuations.
Stability pool: This pool serves as a final safety measure. If a user's collateral ratio falls below the MCR, the stability pool provides the liquidity needed to execute a liquidation event and maintain protocol stability.
Satoshi Protocol x BEVM Airdrop with Binance Wallet
BEVM and Satoshi Protocol recently joined forces with Binance Web3 Wallet to offer a total of $10.5MBEVM And $500,000 OSHI Token Airdrop.
By using Binance Wallet to perform tasks such as bridging to BEVM and creating positions on the Satoshi protocol, you will be eligible to share the rewards.
Duration: 2024/04/04-2024/05/04
Awards: 10,500,000 BEVM and 500,000 OHSI
Tasks:
- Use Binance Wallet
- BTC Bridge to BEVM (0.0004 BTC, ~$25)
- Create positions on Satoshi Protocol (at least 10 SAT)
Join Binance Wallet’s Airdrop Campaign
How to participate in this campaign
STEP 1: Users need to go to the campaign landing page and connect Binance Wallet
STEP 2: Withdraw BTC and bridge to BEVM
STEP 3: Users need to access the Satoshi protocol and create a position
Users need access to Satoshi Protocol and Connect Wallet
- Enter the BTC amount
- Borrow SAT (at least 10 SATs)
- (Optional) Fill in your referrer, get more than 150 points
- Click “Approve”
- Click on “Create a position”
Binance Wallet Mobile Tutorial: Create a position using Binance Web3 wallet
Once all these steps are completed, the user becomes qualified for BEVM and OSHI airdrop!
Bridging the Future: Satoshi Protocol and Binance Wallet Airdrop Campaign
Satoshi Protocol represents a glimpse into the future of Bitcoin finance. By leveraging BEVM and a robust CDP model, it allows users to borrow BTC-backed SAT stablecoin and expand the possibilities of the Bitcoin ecosystem.
Binance Wallet launched an airdrop campaign with a total of 10.5 million $BEVM500K $OSHI for those linking BTC to BEVM and creating positions on the Satoshi protocol, which is also Binance Wallet's first integration with a Bitcoin Layer 2 solution. BTCFi is heading west.
About the Satoshi Protocol
Built on BEVM, it is the first CDP protocol to unlock the true potential of Bitcoin. Unleash unprecedented liquidity with SAT, a stablecoin designed to fuel the booming BTCFi market.
To learn more about the Satoshi protocol, users can follow:
Website | Web application | Twitter | Telegram | Discord | Documents | Blog
Contact
Marketing
Hugo
Satoshi Protocol
(email protected)