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Singapore, Singapore, April 10, 2024, Chainwire
On April 4, Binance Web3 Wallet partnered with BEVM, a leading Layer2, and its ecosystem project Satoshi Protocol to launch an airdrop campaign worth millions.
Users who connect BTC to BEVM via Binance Web3 Wallet and borrow at least $10 SAT (USD stablecoin) will be eligible to share a pool of 500,000 OSHI and 10.5 million BEVM tokens. The campaign has attracted over 30,000 participants in just three days since its launch.
Satoshi Protocol is the first BEVM-based CDP protocol, live on BEVM mainnet on March 28th. In addition to the Binance campaign, there is a referral program that allows early participants to earn points by taking the SAT and inviting friends.
What makes BEVM unique?
BEVM is an EVM-compatible Bitcoin Layer 2 solution that stands out in the crowded market. By leveraging the Taproot consensus, Schnorr signatures, MAST and Bitcoin SPV, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions.
Key features of BEVM:
- Native BTC Layer 2: BEVM uses BTC as network gas and stores transaction data on the BTC mainnet to ensure compatibility with the original Bitcoin protocol.
- EVM compatibility: Developers can seamlessly migrate their Ethereum-based dApps to BEVM, extending the reach of these applications into the Bitcoin ecosystem.
- Decentralized and secure: BEVM leverages Musig2 multi-signature aggregation and Bitcoin Light nodes to create a trusted and secure environment.
Satoshi Protocol: Unlocking Bitcoin's Liquidity
Satoshi Protocol is the first BEVM-based Collateralized Debt Position (CDP) protocol that aims to provide liquidity for BTC via the SAT dollar stablecoin and expand the scenarios of BTCFi. This move unlocks trillions of dollars of liquidity within the Bitcoin ecosystem and offers users the opportunity to retain Bitcoin holdings while gaining liquidity.
The Bitcoin ecosystem is experiencing a renaissance. Recent advances such as inscriptions and scaling solutions have revitalized the ecosystem. The Satoshi Protocol team expects the upcoming halving and launch of Runes Protocol to attract a wave of new users.
However, a key challenge remains the lack of a reliable, fiat-pegged crypto for smooth trading and efficient market pricing. This is where the Satoshi Protocol comes into play. By allowing users to borrow SAT using their Bitcoin as collateral, the Satoshi protocol provides a reliable liquidity solution within the Bitcoin ecosystem.
Satoshi Protocol MilestonesOver the past month, Satoshi Protocol has built a strong community with over 60,000 followers on Twitter and over 70,000 members on Telegram and Discord.
Let's see what they achieved:
- February 24: The Satoshi Protocol launches on the BEVM testnet.
- March 18: Testnet completed with over 100,000 participants and over 80,000 NFTs minted.
- March 24: Smart contracts passed security reviews from Scalebit and Supremacy.
- March 26: Secured pre-seed funding from Web3Port Foundation, Waterdrip Capital and BEVM Foundation.
- March 28: Launched on BEVM mainnet.
- April 4th: 500,000 OSHI airdrop with BEVM on Binance Wallet.
How does the Satoshi protocol work?The Satoshi Protocol uses a sophisticated system to maintain a stable peg of $1 for SAT. This system combines several mechanisms: over-collateralization, permissionless liquidation, stability pools and arbitrage. Additionally, it has OSHI, a utility token that grants holders 97.5% of the protocol’s revenue.
For more details about OSHI and sOSHI, see the official documentation: OSHI & sOSHI.
OSHI distribution
The interaction between SAT and OSHI is at the heart of the Satoshi protocol. Here is the complete picture:
Secured borrowingWhen borrowing SAT, users must maintain a Minimum Security Ratio (MCR) of 110%. This means that the amount borrowed cannot exceed 90.9% of the deposited BTC value.
liquidationA liquidation is triggered when a user's collateral value falls below 110% (MCR) due to price fluctuations. The user's BTC collateral is sold at a discount to Stability Pool (NASDAQ:) providers to repay the SAT loan. This mechanism protects the protocol and prevents borrowers from taking on excessive debt.
Caring for the penA robust three-pronged system ensures that the value of SAT remains consistently pegged to the US dollar:
Repayment: Arbitrage activities help regulate the SAT price and keep it in the desired range. If SAT falls below $1, arbitrageurs can purchase discounted SAT and redeem it for $1 worth of BTC from the protocol. Conversely, if SAT exceeds $1.1, users can borrow SAT at MCR (110%), sell it at a premium on decentralized exchanges (DEXs), and pocket the profit.
Over-collateralization: As mentioned above, over-collateralization (MCR of 110%) acts as a safety net. The protocol deters borrowers from defaulting by requiring a higher collateral value and protects against price fluctuations.
Stability pool: This pool serves as a final security measure. If a user's collateral ratio falls below the MCR, the stability pool provides the necessary liquidity to conduct a liquidation event and maintain protocol stability.
Satoshi Protocol x BEVM Airdrop with Binance Wallet
BEVM and Satoshi Protocol recently partnered with Binance Web3 Wallet to offer the following in total $10.5M BEVM And $500,000 OSHI Token Airdrop.
If you use Binance Wallet to complete tasks such as bridging BEVM and creating positions on the Satoshi Protocol, you are eligible to share the rewards.
Length of time: 2024/04/04-2024/05/04
Reward: 10,500,000 BEVM and 500,000 OHSI
Tasks:
Participate in the Binance Wallet Airdrop campaign
How to take part in this campaignSTEP 1: Users should go to the campaign landing page and connect Binance Wallet
STEP 2: Withdraw BTC and connect to BEVM
- Suggest withdrawing at least 0.0004 BTC to complete the task
- How to use OmniBTC to transfer BTC from BSC to BEVM
- How to use BEVM bridge to transfer BTC from mainnet to BEVM (~30 minutes)
STEP 3: Users should go to Satoshi Protocol and create a position
Users should go to Satoshi Protocol and Connect Wallet
Binance Wallet Mobile Tutorial: Create a position with Binance Web3 Wallet
After completing all these steps, the user qualifies for the BEVM and OSHI airdrop!
Bridging the Future: The Satoshi Protocol and Binance Wallet's Airdrop Campaign
The Satoshi Protocol offers a glimpse into the future of Bitcoin finance. By leveraging the BEVM and a robust CDP model, users can borrow the BTC-backed stablecoin SAT and expand the possibilities for the Bitcoin ecosystem.
Binance Wallet launched an airdrop campaign with a total of $10.5 million BEVM and $500,000 OSHI for those who connect BTC to BEVM and create positions in the Satoshi protocol. This is also Binance Wallet's first integration with a Bitcoin Layer 2 solution. BTCFi is heading west.
About the Satoshi Protocol
It is based on BEVM and is the first CDP protocol to unlock the true potential of Bitcoin. Unlock unprecedented liquidity through SAT, a stablecoin designed to power the booming BTCFi market.
To learn more about Satoshi Protocol, users can follow:
Website | Web APP | Twitter | Telegram | discord | Documents | Blog
ContactmarketingHugoSatoshi Protocol[email protected]
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