Revealing the Satoshi Protocol: this initiative marks the very first CDP implemented on Bitcoin Layer 2, alongside a generous airdrop of 500,000 OSHI tokens designed for Binance wallet users and BEVM.

In Singapore, April 10th, 2024, Chainwire

On April 4th, The Binance Web3 Wallet has formed a strategic alliance with BEVM. , a notable player in the Bitcoin Layer 2 realm and its associated projects, Satoshi Protocol , to roll out a multi-million dollar airdrop initiative.

Participants who move BTC to BEVM using the Binance Web3 Wallet and borrow a minimum of $10 in SAT (USD-pegged stablecoin) will have the chance to access a pool comprising 500,000 OSHI tokens along with 10.5 million BEVM tokens. This campaign has already captivated over 30,000 users within the first three days of its launch.

Satoshi Protocol This is the pioneering CDP protocol developed on BEVM, officially launched on the BEVM mainnet on March 28th. Besides the ongoing Binance campaign, a referral program incentivizes early adopters to earn points by borrowing SAT and referring their friends.

What Makes BEVM Unique?

BEVM Standing out in a bustling market, BEVM is an Ethereum Virtual Machine (EVM) compatible Bitcoin Layer 2 solution. Utilizing advanced technologies such as Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM attains unparalleled decentralization and security among Bitcoin Layer 2 solutions.

Key features of BEVM:

• Natively Utilizing BTC as Layer 2: BEVM employs BTC for network transactions, with all data stored on the Bitcoin mainnet, ensuring full compliance with the original Bitcoin framework.
• Seamless EVM Compatibility: Developers can effortlessly shift their Ethereum-based decentralized applications (dApps) to the BEVM platform, broadening the access of these applications within the Bitcoin ecosystem.
• Decentralized and Secure: BEVM incorporates Musig2 for multi-signature aggregation and Bitcoin light nodes to create a trustless environment that enhances security.

Introducing Satoshi Protocol: Unlocking Bitcoin’s Liquidity

Satoshi Protocol This is the initial Collateralized Debt Position (CDP) protocol positioned on BEVM, designed to deliver liquidity for BTC using the SAT dollar stablecoin, hence extending the horizons of BTC Finance. This innovation could potentially release trillions worth of liquidity currently trapped within the Bitcoin ecosystem, providing a means for users to retain their Bitcoin while also accessing liquidity.

The Bitcoin ecosystem is witnessing a revival. Recent developments like inscriptions and progressive scaling solutions have brought new energy into the space. The team behind Satoshi Protocol anticipates that with the upcoming halving event and the Runes protocol launch, many new users are likely to come on board.

Yet, a significant obstacle remains the absence of a dependable, fiat-collateralized cryptocurrency for hassle-free trades and accurate market pricing. This is where Satoshi Protocol becomes pivotal. By permitting users to borrow SAT with Bitcoin as collateral, the Satoshi Protocol introduces a dependable liquidity alternative for the Bitcoin ecosystem.

Satoshi Protocol Milestones

Over the last month, Satoshi Protocol has successfully cultivated a vibrant community, accumulating more than 60,000 followers on various platforms. Twitter and 70,000+ members across Telegram and Discord .

Let’s see what they have achieved :

• February 24th: Satoshi Protocol launched on BEVM testnet .
• March 18th: Testnet concluded with 100,000+ participants and 80,000+ NFT minted .
• On March 24th, smart contracts underwent successful security evaluations by Scalebit and Supremacy .
• March 26th: Pre-seed funding the Web3Port Foundation, Waterdrip Capital, and the BEVM Foundation.
• March 28th: Launched on BEVM Mainnet .
• April 4th: 500k OSHI Airdrop with BEVM on Binance wallet.

How does Satoshi Protocol work?

The Satoshi Protocol Employing a complex system to uphold a stable value of $1 for SAT, the protocol integrates multiple mechanisms, including over-collateralization, permissionless liquidation, stability pools, and arbitrage opportunities. Additionally, it features OSHI, a utility token which entitles its holders to 97.5% of the protocol's revenue.

For detailed insights about OSHI and sOSHI, kindly check the official documentation: OSHI & sOSHI .

OSHI distribution

The synergy between SAT and OSHI is fundamental to the Satoshi Protocol’s operation. Here's a breakdown:

Collateralized Borrowing

When borrowing SAT, users must sustain a minimum collateral ratio (MCR) of 110%. This requirement indicates that the amount borrowed should not surpass 90.9% of the value of the financed BTC.

Liquidation

If the collateral value drops below the stipulated 110% (MCR) due to market fluctuations, a liquidation event will take place. The user’s BTC collateral gets sold at a discount to Stability Pool participants to settle the SAT loan. This safeguard ensures the protocol’s integrity and prevents borrowers from accumulating unbearable debt.

Maintaining the Peg

An effective three-tiered approach guarantees that SAT consistently maintains its peg with the US dollar:

Redemption: Arbitrage activities play a crucial role in stabilizing SAT's price within the expected range. If SAT's value falls below $1, arbitrageurs can purchase discounted SAT and redeem them for an equivalent value of Bitcoin at $1 from the protocol. Conversely, should SAT go above $1.1, users can borrow SAT at the MCR (110%), sell it at a premium through decentralized exchanges (DEXs), and reap the profits.

Over-collateralization: As previously noted, the over-collateralization requisite (MCR of 110%) serves as a protective layer. This protocol discourages defaults by mandating a higher collateral value and shields itself from market volatility.

Stability Pool: This fund serves as a crucial fallback. If a user’s collateral ratio falls beneath the MCR threshold, the Stability Pool provides the liquidity needed to conduct a liquidation event, maintaining the stability of the protocol.

The Airdrop of Satoshi Protocol x BEVM via Binance Wallet

In a new collaboration, BEVM and Satoshi Protocol have teamed up with Binance Web3 Wallet to roll out a massive distribution of 10.5M $BEVM and 500k $OSHI Tokens .

By leveraging the Binance Wallet to complete tasks such as bridging to BEVM and creating positions on Satoshi Protocol, you can become eligible for a portion of the rewards. rewards .

Duration : 2024/04/04-2024/05/04

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

Tasks :

1. Using Binance Wallet
2. Bridge BTC to the BEVM ( 0.0004 BTC, $25)
3. You need to create positions on the Satoshi Protocol (with a minimum of 10 SAT).

Join Binance Wallet Airdrop Campaign

How to Participate in this Campaign

STEP 1: Users should navigate to the Campaign Landing Page and link their Binance Wallet.

STEP 2: Withdraw BTC and bridge to BEVM

• It is advisable to withdraw at least 0.0004 BTC to fulfill the task criteria.
• Using Use OmniBTC to transfer BTC from BSC to BEVM
• Using BEVM bridge to transfer BTC from mainnet to BEVM ( 30mins )

STEP 3: Users should proceed to Satoshi Protocol and create a Position.

Connect your Wallet to the Satoshi Protocol platform.

1. Input BTC Amount
2. Borrow SAT ( at least 10 SAT )
3. (Optional) Specify a referrer to earn 150+ points.
4. Click “Approve”
5. Click “Create Position”

Binance Wallet Mobile tutorial: Create a Position Using Binance Web3 Wallet

Once all these steps are completed, the user qualifies for the BEVM and OSHI airdrop!

Building a Bridge to the Future: The Airdrop Campaign of Satoshi Protocol and Binance Wallet

Satoshi Protocol This initiative provides a fascinating glimpse into how Bitcoin finance is evolving. By leveraging the BEVM and a comprehensive CDP framework, users can borrow SAT, the BTC-backed stablecoin, enhancing possibilities within the growing Bitcoin ecosystem.

The Binance Wallet, through this airdrop campaign, has allocated a total of 10.5 million tokens. $BEVM , 500K $OSHI Those who bridge BTC to BEVM and establish positions on Satoshi Protocol will benefit, marking Binance Wallet’s groundbreaking integration with a Bitcoin Layer 2 solution. BTCFi is progressing forward.

Stay updated on the latest cryptocurrency allocations through ourAirdrops Calendar .

About Satoshi Protocol

Built atop BEVM, this is the first CDP protocol designed to unleash Bitcoin's true potential. Experience unmatched liquidity thanks to SAT, a stablecoin crafted to elevate the flourishing BTC Finance market.

For more information on the Satoshi Protocol, users can follow:

Website Web APP Twitter launched on BEVM testnet March 18th: Testnet concluded with 100,000+ participants and 80,000+ NFT minted Scalebit and

Supremacy

March 26th:
Pre-seed funding
March 28th: