Satoshi Protocol Joins Forces With Binance Web3 Wallet and BEVM For 500k OSHI Airdrop

Binance Web3 Wallet is proud to announce its newly formed collaboration with BEVM and Satoshi Protocol to launch a multi-million airdrop campaign.

This campaign offers a prize pool of 500k OSHI and 10.5 million BEVM tokens. It started on April 4th, 2024, and will run until May 4th, 2024. Users will be rewarded for using the Binance Wallet, bridging BTC to BEVM through the wallet, and creating a position on Satoshi Protocol. The campaign has already attracted over 30k participants in just three days.

BEVM is an EVM-compatible Bitcoin Layer 2 solution designed to leverage Taproot consensus MAST, Schnorr signatures, and Bitcoin SP to achieve the highest level of decentralization and security. BEVM has four key features, namely, Native BTC Layer 2, EVM compatibility, and decentralization and security created by Musig2 multi-signature aggregation and Bitcoin light nodes.

Built on BEVM, the Satoshi Protocol is the first  Collateralized Debt Position (CDP) protocol. The protocol became live on the BEVM mainnet on March 28th, 2024. The team behind Satoshi Protocol hopes to provide liquidity for BTC through the SAT dollar stablecoin and expand BTCFi scenarios. The team seeks to take advantage of the recent advancements in the Bitcoin ecosystem, such as inscription, scaling solutions, and the upcoming halving to provide reliable fiat-pegged crypto for seamless trading and affect market prices. In the end, Satoshi Protocol aims to provide a cornerstone for DeFi and make BTC spendable daily by offering a CDP-style stablecoin.

Through the SAT stablecoin, users can now borrow SAT  with their BTC as collaterals, providing a reliable liquidity solution for the Bitcoin ecosystem. Notably, users must maintain a minimum collateral ratio (MCR) of 110% when borrowing SAT. This means a user cannot borrow over 90.0% of the deposited BTC value. The protocol employs a liquidation system triggered if a user’s collateral value dips below the 110% MCR due to price fluctuation. In this instance, the user BTC  serving as collateral will be sold at a discount to Stability Pool providers to repay the SAT loan.

The Satoshi Protocol utilizes a sophisticated system to maintain a stable peg of $1 for SAT. This system combines several mechanisms, including permissionless liquidation, stability pools, collateralization, and arbitrage. To ensure SAT value remains consistently pegged to the US dollar, the Satoshi Protocol employs three systems: redemption, over-collateralization, and stability pool. The protocol has integrated OSHI, a utility token that allows holders to earn 97.5% of the protocol’s revenue.

To participate in the campaign, a user should visit the Campaign Landing Page and connect their Binance Wallet. Next, the user needs to withdraw BTC and bridge to BEVM before going to the Satoshi Protocol to create a position. Lastly, the user should go to the Satoshi Protocol and connect the wallet. Once done, the user will become qualified for the BEVM and OSHI airdrop.

Adding to the airdrop, the Satoshi Protocol has made many milestones barely two months later. On February 24th, Satoshi launched the BEVM Testnet. On March 18th, the protocol concluded its Testnet with over 100,000 participants and minted over 80,000 NFTs. In the same month, the protocol saw its smart contracts pass security audits by Scalebit and Supremacy and a pre-seed funding round secured by Waterdrip Capital, Web3Port Foundation, and the BEVM Foundation. 

For more updates, visit the Satoshi Protocol Website.