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Singapore, Singapore, April tenth, 2024, Chainwire
On April 4th, Binance Web3 Wallet joined forces with BEVM, a number one Bitcoin Layer2, and its ecosystem challenge, Satoshi Protocol, to launch an airdrop marketing campaign value hundreds of thousands.
Customers who bridge BTC to the BEVM by way of Binance Web3 Pockets and borrow no less than $10 SAT (USD-stablecoin) will likely be eligible to share a pool of 500k OSHI and 10.5 million BEVM tokens. The marketing campaign has attracted over 30,000 individuals in simply 3 days since its launch.
Satoshi Protocol is the primary CDP protocol constructed on BEVM, dwell on BEVM mainnet on March twenty eighth. Along with the Binance marketing campaign, there’s a referral program that enables early individuals to build up factors by borrowing the SAT and welcoming pals.
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 degree 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 fuel 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 realize a trustless and safe surroundings.
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 throughout the Bitcoin ecosystem, providing customers a method to preserve Bitcoin holdings whereas gaining liquidity.
The Bitcoin ecosystem is experiencing a renaissance. Latest 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 recent customers.
Nevertheless, a essential 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 provides a dependable liquidity resolution throughout the Bitcoin ecosystem.
Satoshi Protocol Milestones
Previously month, Satoshi Protocol has constructed a robust neighborhood, 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 steady peg of $1 for SAT. This method 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 kinds the guts of Satoshi Protocol. Right here’s the entire image:
Collateralized Borrowing
When borrowing SAT, customers should preserve a minimal collateral ratio (MCR) of 110%. This implies the borrowed quantity can not exceed 90.9% of the deposited BTC worth.
Liquidation
A liquidation is triggered if a person’s collateral worth dips under 110% (MCR) resulting from worth fluctuations. The person’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 maintain it throughout the desired vary. If SAT dips under $1, arbitrageurs should buy 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 internet. The protocol discourages debtors from defaulting by requiring a better collateral worth and protects itself from worth fluctuations.
Stability Pool: This pool serves as a ultimate security measure. If a person’s collateral ratio falls under the MCR, the Stability Pool offers the mandatory liquidity to execute a liquidation occasion and preserve protocol stability.
Satoshi Protocol x BEVM Airdrop with Binance pockets
BEVM and Satoshi Protocol not too long ago joined forces with Binance Web3 Pockets to supply a complete of 10.5M $BEVM and 500k $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.
Period: 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 ( no less than 10 SAT )
Join Binance Wallet Airdrop Campaign
The best way 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 ( no less than 10 SAT )
- (Non-compulsory) Fill in your referrer, get 150+ factors
- Click on “Approve”
- Click on “Create Place”
Binance Pockets Cellular tutorial: Create Position Using Binance Web3 Wallet
Upon finishing all these steps, the person 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 increase the chance for Bitcoin Ecosystem.
Binance Pockets launched an airdrop marketing campaign with a complete of 10.5M $BEVM, 500K $OSHI for individuals who bridge BTC to BEVM and create positions on Satoshi Protocol, which can 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 observe:
Website | Web APP | Twitter | Telegram | Discord | Docs | Blog
Contact
Advertising and marketing
Hugo
Satoshi Protocol
[email protected]
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