SINGAPORE, Singapore, April 10th, 2024/Chainwire/--On April 4th, , a leading Bitcoin Layer2, and its ecosystem project, , to launch an airdrop campaign worth millions. Binance Web3 Wallet joined forces with BEVM Satoshi Protocol Users who bridge BTC to the BEVM via Binance Web3 Wallet and borrow at least $10 SAT (USD-stablecoin) will be eligible to share a pool of 500k OSHI and 10.5 million BEVM tokens. The campaign has attracted over 30,000 participants in just 3 days since its launch. is the first CDP protocol built on BEVM, live on the BEVM mainnet on March 28th. In addition to the Binance campaign, there's a referral program that allows early participants to accumulate points by borrowing the SAT and inviting friends. Satoshi Protocol What Makes BEVM Unique? is an EVM-compatible Bitcoin Layer 2 solution that stands out in the crowded market. By leveraging Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions. BEVM Key features of BEVM: Native BTC Layer 2: BEVM utilizes BTC as the network gas and stores transaction data on the BTC mainnet, ensuring compatibility with the original Bitcoin protocol. EVM compatibility: Developers can seamlessly migrate their Ethereum-based dApps to BEVM, expanding the reach of these applications to the Bitcoin ecosystem. Decentralized and secure: BEVM employs Musig2 multi-signature aggregation and Bitcoin light nodes to achieve a trustless and secure environment. is the first Collateralized Debt Position (CDP) protocol built on BEVM, aiming at providing liquidity for BTC through the SAT dollar stablecoin, expanding the scenarios of BTCFi. Satoshi Protocol This move unlocks trillion-dollar liquidity within the Bitcoin ecosystem, offering users a way to maintain Bitcoin holdings while gaining liquidity. The Bitcoin ecosystem is experiencing a renaissance. Recent advancements like inscriptions and scaling solutions have revitalized the ecosystem. Satoshi Protocol's team views the upcoming halving and the launch of the Runes protocol as poised to attract a wave of new users. However, a critical challenge persists: the lack of a reliable, fiat-pegged crypto for seamless trading and efficient market pricing. This is where Satoshi Protocol steps in. By enabling users to borrow SAT with their Bitcoin as collateral, Satoshi Protocol offers a reliable liquidity solution within the Bitcoin ecosystem. Satoshi Protocol Milestones In the past month, Satoshi Protocol has built a strong community, with 60,000+ followers on and 70,000+ members across and . Twitter Telegram Discord Let’s see what they have achieved : February 24th: Satoshi Protocol . launched on BEVM testnet March 18th: with 100,000+ participants and . Testnet concluded 80,000+ NFT minted March 24th: Smart contracts passed security audits by and . Scalebit Supremacy March 26th: was secured from Web3Port Foundation, Waterdrip Capital and BEVM Foundation. Pre-seed funding March 28th: . Launched on BEVM Mainnet April 4th: with BEVM on Binance wallet. 500k OSHI Airdrop How does Satoshi Protocol work? The utilizes 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. Satoshi Protocol Additionally, it features OSHI, a utility token granting holders 97.5% of the protocol's revenue. For more details about OSHI and sOSHI, refer to the official documentation: . OSHI & sOSHI OSHI distribution The interplay between SAT and OSHI forms the heart of Satoshi Protocol. Here's the complete picture: Collateralized Borrowing When borrowing SAT, users must maintain a minimum collateral ratio (MCR) of 110%. This means the borrowed amount cannot exceed 90.9% of the deposited BTC value. Liquidation A liquidation is triggered if a user's collateral value dips below 110% (MCR) due to price fluctuations. The user's BTC collateral is sold at a discount to Stability Pool providers to repay the SAT loan. This mechanism protects the protocol and prevents borrowers from taking on excessive debt. Maintaining the Peg A robust three-pronged system ensures SAT's value remains consistently pegged to the US dollar: Redemption: Arbitrage activity helps regulate SAT's price and keep it within the desired range. If SAT dips below $1, arbitrageurs can buy discounted SAT and redeem them for $1 worth of BTC from the protocol. Conversely, if SAT exceeds $1.1, users can borrow SAT at the MCR (110%), sell them at a premium on decentralized exchanges (DEXs), and pocket the profit. Over-collateralization: As mentioned earlier, over-collateralization (MCR of 110%) acts as a safety net. The protocol discourages borrowers from defaulting by requiring a higher collateral value and protects itself from price fluctuations. Stability Pool: This pool serves as a final safety measure. If a user's collateral ratio falls below the MCR, the Stability Pool provides the necessary liquidity to execute a liquidation event and maintain protocol stability. Satoshi Protocol x BEVM Airdrop With Binance Wallet BEVM and Satoshi Protocol recently joined forces with Binance Web3 Wallet to offer a total of 10.5M $BEVM and 500k $OSHI Token Airdrop. By using Binance Wallet to complete tasks like bridge to BEVM and create positions on Satoshi Protocol, you'll be eligible to share the . rewards Duration: 2024/04/04-2024/05/04 Rewards: 10,500,000 BEVM and 500,000 OHSI Tasks: Using Binance Wallet Bridge BTC to the BEVM ( 0.0004 BTC, ~$25) Create positions on Satoshi Protocol ( at least 10 SAT ) Join Binance Wallet Airdrop Campaign How to Participate in this Campaign STEP 1: Users should go to Campaign Landing Page, and connect Binance Wallet STEP 2: Withdraw BTC and bridge to BEVM Suggest withdrawing at least 0.0004 BTC to complete the task Using OmniBTC to transfer BTC from BSC to BEVM Using BEVM bridge to transfer BTC from mainnet to BEVM ( ~ 30mins ) STEP 3: Users should go to Satoshi Protocol and create a Position Users should go to Satoshi Protocol and Connect Wallet Input BTC Amount Borrow SAT ( at least 10 SAT ) (Optional) Fill in your referrer, get 150+ points Click "Approve" Click “Create Position” Binance Wallet Mobile tutorial: Create Position Using Binance Web3 Wallet Upon completing all those steps, the user becomes qualified for the BEVM and OSHI airdrop! Bridging the Future: Satoshi Protocol and Binance Wallet's Airdrop Campaign represents a glimpse into the future of Bitcoin finance. Satoshi Protocol Leveraging the BEVM and a robust CDP model allows users to borrow BTC-backed stablecoin SAT and expands the possibility of the Bitcoin Ecosystem. Binance Wallet launched an airdrop campaign with a total of 10.5M , 500K for those who bridge BTC to BEVM and create positions on Satoshi Protocol, which is also Binance Wallet's first integration with a Bitcoin Layer 2 solution. BTCFi is heading west. $BEVM $OSHI About Satoshi Protocol Built on BEVM, it's the first CDP protocol to unlock the true potential of Bitcoin. Unleash unprecedented liquidity through SAT, a stablecoin designed to supercharge the booming BTCFi market. To learn about Satoshi Protocol, users can follow: | | | | | | Website Web APP Twitter Telegram Discord Docs Blog Contact Marketing Hugo Satoshi Protocol marketing@satoshiprotocol.org This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program . here

This is a PR written by or for the company mentioned within it. The writer has a vested interest in the company and products mentioned within.

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

Satoshi Protocol: First CDP On Bitcoin Layer2, 500k OSHI Airdrop With Binance Wallet And BEVM

Too Long; Didn't Read

Chainwire

STORY’S CREDIBILITY

Press Release

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

Satoshi Protocol: First CDP On Bitcoin Layer2, 500k OSHI Airdrop With Binance Wallet And BEVM

Too Long; Didn't Read

STORY’S CREDIBILITY

Press Release

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES