SINGAPORE, Singapore, April 10th, 2024/Chainwire/--On April 4th,
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.
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.
In the past month, Satoshi Protocol has built a strong community, with 60,000+ followers on
Let’s see what they have achieved :
The
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:
The interplay between SAT and OSHI forms the heart of Satoshi Protocol. Here's the complete picture:
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.
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.
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.
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
Duration: 2024/04/04-2024/05/04
Rewards: 10,500,000 BEVM and 500,000 OHSI
Tasks:
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
Using
STEP 3: Users should go to Satoshi Protocol and create a Position
Users should go to Satoshi Protocol and Connect Wallet
Binance Wallet Mobile tutorial:
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
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
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:
Marketing
Hugo
Satoshi Protocol
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