[4.17–5.1] Satoshi Bi-Week Recap: Strategic Partnerships Drive User Growth and TVL Surge
The past two weeks have been marked by a series of strategic partnerships and impressive milestones that further unlock the potential of Bitcoin within the decentralized finance landscape.
Key partnerships with industry players like LAVA Protocol and Bool Network aim to unlock new avenues for users, fostering a robust and interconnected BTCFi ecosystem. Beyond partnerships, Satoshi Protocol achieved impressive milestones. Reaching a TVL of over $1,500,000 on April 23rd demonstrates growing user confidence. Additionally, securing the №1 ranking at Bitcoin Devcon highlights our recognition within the developer community.
What is Satoshi Protocol
Satoshi Protocol is the first CDP built on the Bitcoin ecosystem and aims to unleash trillions worth of BTC liquidity with the SAT dollar stablecoin, expanding Bitcoin’s use cases.
Users can deposit BTC as collateral to borrow the SAT stablecoin pegged to $1, unlocking trillion-dollar liquidity in Bitcoin. The operation of SAT involves over-collateralization, liquidation, and arbitrage mechanisms.
To borrow 100 SAT, users need to deposit BTC worth at least 110% above the loan amount as collateral. If BTC’s price changes, it will trigger liquidation to keep SAT stable.
Satoshi Protocol also has a native token, OSHI, focused on ecosystem utility and revenue sharing for OSHI Token holders.
Learn how Satoshi Protocol maintains SAT’s dollar peg and enhances the Bitcoin ecosystem in our article Satoshi Protocol: The First CDP on BEVM , Unleash BTCFi for everyone
Partnership
Satoshi Protocol has been busy forging key partnerships in the past two weeks, solidifying our position as a leader in the BTCFi space. These collaborations aim to unlock new possibilities for users and further unlock the potential of Bitcoin within DeFi.
Here’s a quick overview of our recent partnerships:
April 17: Partnership with BEVMSwap
BEVMSwap is a revolutionary AMM DEX built on the Bitcoin Ecosystem. It empowers users to trade and swap assets, provide liquidity and earn double rewards.
This collaboration will unlock new possibilities for users to trade, swap, and provide liquidity for BTC within the Bitcoin DeFi (BTCFi) ecosystem.
April 21: Partnership with LAVA Protocol
LAVA Protocol is the proof of liquidity on BTC Layer 2. We share the same mission to build the Bitcoin ecosystem, and will work together to unlock the yield-bearing strategy on the Bitcoin Network.
April 25: Partnership with Bool Network
Bool Network is a permissionless, decentralized, and secure Bitcoin verification layer that aims, within the premise of not altering Bitcoin’s consensus rules, to securely decentralize the expansion of the Bitcoin network.
Our partnership will boost interoperability, security, and usability of our $SAT stablecoin. Unleashing the liquidity of Bitcoin.
April 28: Partnership with oooo.money
oooo is a modular cross-chain bridge protocol for the Bitcoin ecosystem. It enables seamless liquidity flow between the Bitcoin mainnet and layer-2 solutions.
This collaboration aims to unlock new possibilities for Bitcoin-backed stablecoin SAT, the native stablecoin of the Satoshi Protocol, by facilitating seamless movement and enhanced liquidity across the Bitcoin ecosystem.
May 1: Collaboration with Bitsea
Bitsea is the first NFT Marketplace built on BEVM. With this collaboration, we can expand the SAT, a BTC-backed stablecoin, by integrating it into the Bitcoin NFT Marketplace.
Milestones
Here’s what we’ve accomplished in the past two weeks:
- April 19: Twitter Space with HTX
- April 20: Token2049 UXLink Airdrop
- April 20: BTC Layer2 in Dubai
- April 22: Support wstBTC as collateral
- April 23: Reach $1,500,000 TVL
- April 30: Rank №1 in pre-Bitcoin Devcon vote
April 19: Twitter Space with HTX
We participated in a Twitter Space discussion hosted by Web3Grace and Huobi Global. The conversation centered around the recent approval of ETFs in Hong Kong.
This event highlights Satoshi Protocol’s commitment to staying at the forefront of regulatory developments within the Asian market.
April 20: Token2049 UXLink Airdrop
Satoshi Protocol joined #AIRDROP2049 Season One. This huge airdrop, co-hosted by major players like UXLink and OKX Ventures, features over 50 Web3 projects and a total prize pool of $200,000: $100,000 in USDT and another $100,000 worth of tokens.
There are two ways to win: complete project-specific tasks for tokens/NFTs or earn UXUY points for a chance to win USDT. Satoshi Protocol will contribute 2049 USDT and 2049 SAT!
April 20: BTC Layer2 in Dubai
Satoshi Protocol made a splash in Dubai at the Bitcoin Layer2 event. We showcased our innovative $SAT, the first Bitcoin stablecoin, and discussed the potential of #Runes with leading investors.
This participation highlighted Satoshi Protocol’s commitment to shaping the future of Bitcoin through Layer 2 solutions.
April 22: Support wstBTC as collateral
Satoshi Protocol partnered with Bido Finance to accept their LST wstBTC as collateral for borrowing SAT.
Here’s how it works: Bitcoin holders can stake their BTC on Bido to earn stBTC tokens. These tokens represent staked Bitcoin and can be wrapped into wstBTC for more flexibility within the BEVM ecosystem.
Notably, wstBTC can now be used as collateral to borrow SAT, Satoshi Protocol’s stablecoin. This frees up capital for other DeFi opportunities while still allowing users to earn on their original Bitcoin stake.
This partnership is a significant step forward BTCFi. It increases liquidity for the SAT stablecoin and grants wstBTC holders access to Satoshi Protocol’s offerings for potentially amplified returns.
April 23: Reach $1,500,000 TVL
On April 23rd, Satoshi Protocol achieved a significant milestone, reaching a Total Value Locked (TVL) of over $1,500,000. This achievement marks a pivotal moment in the project’s journey to unlock Bitcoin’s true potential within the DeFi ecosystem.
At the time of writing this recap, our TVL has impressively reached $1,800,000. The rising TVL signifies a growing community of users actively engaging with Satoshi Protocol. This increased user activity and deposited assets demonstrate a surge in confidence towards the protocol’s ability to empower Bitcoin holders and expand the possibilities of BTCFi.
April 30: Rank No.1 in pre-Bitcoin Devcon vote
Satoshi Protocol secured the No.1 ranking in the pre-Bitcoin Devcon community vote! It’s a testament to the hard work and dedication of the Satoshi Protocol team, and a clear sign of growing recognition within the Bitcoin development community.
We’re carrying this momentum into Bitcoin Devcon’s hackathon on May 7th-8th in Hong Kong! This event, hosted by UTXO Management and co-hosted by Satoshi Labs, provides a platform to showcase our work and engage with fellow developers. We’re excited to solidify Satoshi Protocol’s position as a leader in Bitcoin innovation.
We appreciate the unwavering support from the Satoshi Protocol community!
Conclusion
The past two weeks have been a resounding success for Satoshi Protocol. Strategic partnerships with industry leaders are fostering a robust and interconnected BTCFi ecosystem.
Reaching a TVL of over $1,800,000 and achieving the №1 ranking at Bitcoin Devcon solidify our position as a frontrunner in unlocking Bitcoin’s potential within DeFi. With a continued focus on innovation and collaboration, Satoshi Protocol is poised for even greater advancements in the future.
