Singapore, Singapore, April 10, 2024, Chainwire
On April 4th, Binance Web3 Pockets partnered with main Layer2 BEVM and its ecosystem undertaking Satoshi Protocol to launch an airdrop marketing campaign price thousands and thousands of {dollars}.
Customers who bridge BTC to BEVM by way of Binance Web3 pockets and borrow a minimum of $10 SAT (USD-stablecoin) might be eligible to share within the pool of 500,000 OSHI and 10.5 million BEVM tokens. The marketing campaign attracted greater than 30,000 contributors in simply three days after its launch.
The SATOSHI protocol is the primary CDP protocol constructed on BEVM and might be launched on BEVM mainnet on March twenty eighth. Along with the Binance marketing campaign, there’s additionally a referral program the place early contributors can earn factors by borrowing her SAT and alluring mates.
What is exclusive about BEVM?
BEVM is an EVM-compatible Bitcoin layer 2 resolution that stands out in a crowded market. By leveraging Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM supplies the very best degree of decentralization and safety of any BTC layer 2 resolution.
Principal options of BEVM:
- Native BTC Layer 2: BEVM makes use of BTC as community gasoline and shops transaction knowledge on the BTC mainnet to make sure compatibility with the unique Bitcoin protocol.
- EVM compatibility: Builders can seamlessly migrate their Ethereum-based dApps to BEVM, extending the attain of those functions to the Bitcoin ecosystem.
- Decentralized and safe: BEVM employs Musig2 multi-signature aggregation and Bitcoin Lite nodes to supply a trustless and safe atmosphere.
Satoshi Protocol: Unlocking Bitcoin Liquidity
The Satoshi Protocol is the primary Collateral Debt Place (CDP) protocol constructed on BEVM and goals to supply liquidity to BTC by means of the SAT greenback stablecoin and lengthen the BTCFi situation. This transfer frees up trillions of {dollars} of liquidity inside the Bitcoin ecosystem and supplies customers a option to keep their Bitcoin holdings whereas gaining liquidity.
The Bitcoin ecosystem is present process a renaissance. Latest advances comparable to subscription and scaling options have revitalized the ecosystem. The group at Satoshi Protocol sees the upcoming halving and launch of Rune Protocol as poised to draw a brand new wave of customers.
Nonetheless, a big problem stays: the shortage of a dependable fiat-pegged cryptocurrency that permits seamless transactions and environment friendly market pricing. That is the place Satoshi Protocol steps in. Satoshi Protocol supplies a dependable liquidity resolution inside the Bitcoin ecosystem by permitting customers to borrow their SATs with Bitcoin as collateral.
Satoshi Protocol MilestonesOver the previous month, Satoshi Protocol has constructed a powerful neighborhood, with over 60,000 followers on Twitter and over 70,000 members throughout Telegram and Discord.
Let's see what they achieved:
- February twenty fourth: SATOSHI protocol launched on BEVM testnet.
- March 18th: Testnet ended with over 100,000 contributors and over 80,000 NFTs minted.
- March 24: Good contract passes safety audit by Scalebit and Supremacy.
- March 26: Pre-seed funding secured from Web3Port Basis, Waterdrip Capital, and BEVM Basis.
- March 28: Launched on BEVM mainnet.
- April 4th: 500k OSHI Airdrop with BEVM on Binance pockets.
How does the Satoshi Protocol work?The Satoshi Protocol makes use of a classy system to take care of a steady $1 peg for SAT. The system combines a number of mechanisms comparable to overcollateralization, permissionless liquidation, stability swimming pools, and arbitrage. Moreover, it additionally options OSHI, a utility token that grants the holder his 97.5% of the protocol revenues.
For extra details about OSHI and sOSHI, please consult with the official doc OSHI and sOSHI.
advisable supply
The interplay between SAT and OSHI kinds the core of the Satoshi protocol. Right here's the massive image:
secured borrowingWhen borrowing SAT, customers should keep a minimal collateral ratio (MCR) of 110%. Which means the borrowed quantity can’t exceed his 90.9% of his deposited BTC worth.
liquidationLiquidation might be triggered if the worth of the consumer's collateral falls beneath 110% (MCR) on account of worth fluctuations. A consumer's BTC collateral might be bought at a reduction to a stability pool (NASDAQ:) supplier to repay the SAT mortgage. This mechanism protects the protocol and prevents debtors from taking up extreme debt.
Peg upkeepA strong three-pronged system ensures that SAT's worth stays persistently pegged to the US greenback.
redemption: Arbitrage actions assist alter the worth of SAT and preserve it inside a desired vary. If SAT falls beneath $1, the arbitrageur should purchase his discounted SAT and redeem it for $1 price of his BTC from the protocol. Conversely, if the SAT exceeds $1.1, the consumer can borrow his SAT at his MCR (110%), promote it at a premium worth on a decentralized alternate (DEX), and pocket the earnings. Masu.
Overcollateralization: As talked about earlier, overcollateralization (MCR 110%) acts as a security web. This protocol deters debtors from defaulting by demanding greater collateral values and protects in opposition to worth fluctuations.
Stability pool: This pool acts as a ultimate security measure. If a consumer's collateral ratio falls beneath his MCR, the steadiness pool will execute a liquidation occasion and supply the mandatory liquidity to take care of the steadiness of the protocol.
Satoshi Protocol x BEVM Airdrop with Binance Pockets
BEVM and Satoshi Protocol just lately partnered with Binance Web3 Pockets to supply whole. $10.5 million BEVM and 500k $OSHI Token Airdrop.
In case you use Binance Pockets to finish duties comparable to bridging to BEVM and create positions on the Satoshi protocol, you’ll be eligible to share the rewards.
interval: 2024/04/04-2024/05/04
reward: 10,500,000 BEVM and 500,000 OHSI
process:
Take part in Binance Pockets Airdrop Marketing campaign
Tips on how to take part on this marketing campaignStep 1: Customers should go to the marketing campaign touchdown web page and join their Binance pockets
Step 2: Withdraw your BTC and bridge it to BEVM
- We provide to withdraw a minimum of 0.0004 BTC to finish the duty
- Switch BTC from BSC to BEVM utilizing OmniBTC
- Switch BTC from mainnet to BEVM utilizing BEVM Bridge (about half-hour)
Step 3: Consumer must go to Satoshi Protocol and create a Place.
Customers ought to go to Satoshi Protocol and Join Pockets.
Binance Pockets Cell Tutorial: Create a Place Utilizing Binance Web3 Pockets
After finishing all these steps, the consumer might be eligible for BEVM and OSHI airdrop.
Bridge to the Future: Satoshi Protocol and Binance Pockets Airdrop Marketing campaign
The Satoshi Protocol presents a glimpse into the way forward for Bitcoin finance. By leveraging BEVM and a strong CDP mannequin, customers can borrow their BTC-backed stablecoin SAT and broaden the potential of the Bitcoin ecosystem.
Binance Pockets has launched an airdrop marketing campaign making a gift of a complete of 10.5 million $BEVM and 500,000 $OSHI to those that bridge BTC to BEVM and create positions on the Satoshi protocol. That is additionally the primary integration between Binance Pockets and a Bitcoin Layer 2 resolution. BTCFi is heading west.
About Satoshi Protocol
Constructed on BEVM, it’s the first CDP protocol to unlock the true potential of Bitcoin. Unlock unprecedented liquidity by means of SAT, a stablecoin designed to supercharge the burgeoning BTCFi market.
To study concerning the Satoshi Protocol, please observe these steps:
Web site | Net App | Twitter | Telegram | Discord | Doc | Weblog
contactadvertisinghugosatoshi protocol[email protected]
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