Singapore, Singapore, April 10, Chainwire On April 4th, Binance Web3 Wallet joined forces with BEVM, a leading Bitcoin Layer2, and its ecosystem project, Satoshi Protocol, to launch an airdrop campaign worth millions. 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.

Satoshi Protocol is the first CDP protocol built on BEVM, live on 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.

BEVM 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.

Satoshi Protocol 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. 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 onTwitter and 70,000+ members acrossTelegram andDiscord.

Lets see what they have achieved:

The Satoshi Protocol 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. 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.

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.

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:

Join Binance Wallet Airdrop Campaign

STEP 1: Users should go to Campaign Landing Page, and connect Binance Wallet

STEP 2: Withdraw BTC and bridge to BEVM

STEP 3: Users should go to Satoshi Protocol, and create Position

Users should go to Satoshi Protocol, and Connect Wallet

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!

Satoshi Protocol represents a glimpse into the future of Bitcoin finance. By leveraging the BEVM and a robust CDP model, it allows users to borrow BTC-backed stablecoin SAT and expand the possibility for Bitcoin Ecosystem.

Binance Wallet launched an airdrop campaign with a total of 10.5M $BEVM, 500K OSHI 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.

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

Marketing

Hugo

Satoshi Protocol

marketing@satoshiprotocol.org

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Satoshi Protocol: First CDP on Bitcoin Layer2, 500k OSHI Airdrop with Binance wallet and BEVM - Cointelegraph