Satoshi Bi-Weekly Recap: Ranking #1 in BEVM Vote, Launch on Bitlayer and support for Lorenzo’s stBTC.
Satoshi Protocol marked a biweek of milestones, expanding its reach to Bitlayer and empowering users with enhanced liquidity and flexible collateral options.
The successful deployment of $SAT on the Bitlayer network now enables seamless borrowing and trading within the Bitlayer ecosystem. Further strengthening its position in the BTCFi landscape, Satoshi Protocol forged partnerships with Macaron and Lorenzo Protocol.
The collaboration with Macaron allows users to swap SAT with wBTC in the liquidity pool. Additionally, the integration with Lorenzo's stBTC allows users to borrow SAT against their stBTC holdings, enhancing flexibility and capital efficiency within the DeFi space.
Let's dive into the adventure!
What is Satoshi Protocol
Satoshi Protocol is a universal stablecoin protocol built specifically for Bitcoin. It empowers users to deposit their Bitcoin as collateral to borrow a stablecoin called SAT, on either Bitcoin Layer 1 or Layer 2.
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
Milestones
Here’s what we’ve accomplished in the past two weeks:
- June 2 : Bitboy Whitelist Giveaway
- June 3 : First Chinese X Space
- June 4 : Bido stBTC points boosting
- June 5 : Ranked #1 in BEVM eco-vote
- June 6 : Bybit Space & BEVM Airdrop
- June 7 : Vietnam Meetup w/ BEVM
- June 9 : Partnership with Bitlayer
- June 10 : Official launch on Bitlayer
- June 11 : Partnership w/ Lorenzo
- June 12 : support Lorenzo’s stBTC as collateral
- June 13 : Space with BybitJP
- June 14 : Partnership w/ Macaron
- June 15 : SAT-BTC now available on Macaron
June 2 : Bitboy Whitelist Giveaway
Satoshi Protocol teamed up with Bitboy One to offer 20 whitelist spots for Ordz Games’ innovative Bitcoin-based handheld device, combining hardware wallet security with potential mining capabilities.
June 3 : First Chinese X Space
On June 3rd, Satoshi Protocol announced joining an X space hosted by Grenade, which is also the first Chinese Space event by Satoshi Protocol. This event brought together industry experts and enthusiasts, like Alvin, CH, Josh and 散修, to explore the current state of Bitcoin, its Layer2 solutions, and the potential for future growth.
June 4 : Bido wstBTC 3x points boosting
Users can stake BTC on Bido to receive stBTC, and wrap to wstBTC to deposit on Satoshi Protocol. You can earn 3x points from June4 — June 18.
June 5: Ranked #1 in BEVM Eco-vote
Satoshi Protocol secured the top spot in the BEVM Visionary Builders (BVB) program, which is a recognition of our project’s potential within the BEVM ecosystem.
To express our gratitude to our amazing community, we’re giving away 100% of our rewards from the $60 million $BEVM pool earned through the BVB program.
In addition to the $BEVM rewards, voters can enjoy additional benefits:
- 10 Voting Points per vote (maximum 3,000 points per address)
- Claim an OAT (On-chain Achievement Token) after completing 30 votes
This campaign is still online! To know more, read: $60M BEVM Airdrop, All Rewards will be distributed to Community.
June 9: Partnership with Bitlayer and Official launch on Bitlayer
On June 9th, Satoshi Protocol announced a strategic partnership with Bitlayer, the leading Bitcoin Layer 2 solution. Just a day later, on June 10th, Satoshi Protocol marked a significant milestone with the successful deployment of $SAT on the Bitlayer network.
This integration enables users to seamlessly borrow, lend, and trade SAT within the Bitlayer ecosystem, expanding its reach and utility within the DeFi landscape.
By expanding support to BTC-related assets like LSD and LRT in the future, Satoshi Protocol empowers Bitcoin holders to unlock greater capital efficiency from their holdings, and use SAT across various DeFi ecosystems thanks to this integration.
June 11: Partnership with Lorenzo Protocol and support stBTC as collateral
Another exciting news for users seeking greater flexibility and capital efficiency within the DeFi space is our partnership with Lorenzo Protocol. We’ve expanded our supported collateral options to include stBTC, the innovative liquid staking token issued by Lorenzo Protocol.
Lorenzo Protocol emerges as the Bitcoin Liquidity Finance Layer of Bitcoin DeFi, meticulously crafting the First Liquid Restaking Protocol on Bitcoin. With a vision to become the premier platform for yield-bearing token issuance, trading, and settlement through Babylon, Lorenzo Protocol has transformed the way users interact with staked Bitcoin.
Now, you can deposit stBTC and borrow SAT on Satoshi Protocol to earn 3x points!
The process of borrowing SAT with stBTC on Satoshi Protocol is straightforward and can be found in this step-by-step guide: Satoshi Protocol now accepts Lorenzo stBTC as collateral on Bitlayer
June 13: Bybit BTC L2 Airdrop AMA
As we celebrate the exciting partnerships and integrations announced in this recap, we want to remind our valued users about the ongoing Bybit Web3 Airdrop in collaboration with BEVM. This incredible opportunity allows you to earn a share of a massive $600,000 BEVM token prize pool!
In this biweek, Satoshi Protocol hosted a series of informative AMMs and provided detailed guides to help users maximize their participation.
To learn more about this campaign, visit Share $600K of $BEVM in Bybit BTC L2 Airdrop Season with Satoshi Protocol
- Duration: 2024/05/28–2024/06/28
- Landing Page: Bitcoin Layer-2 Airdrop Season: BEVM | Bybit
June 14: Partnership with Macaron
On June 14th, Satoshi Protocol announced a strategic collaboration with Macaron, the leading DEX built on the Bitlayer network.
The integration allows users to seamlessly trade SAT on Macaron’s advanced AMM platform, benefiting from minimal slippage and optimized yields. Deeper liquidity pools are established, facilitating secure and efficient trading of SAT alongside other assets. Additionally, Macaron’s diverse yield-generating tools, including liquidity farming, staking incentives, and trade-to-earn programs, allow users to maximize their rewards on crypto holdings.
June 15: SAT-wBTC available on Macaron.
Following its launch on the Bitlayer network, Satoshi Protocol swiftly teamed up with Macaron DEX to launch a SAT/WBTC liquidity pool, offering users a convenient way to trade the $SAT stablecoin and explore the possibilities of Bitcoin DeFi.
Conclusion
As the DeFi landscape continues to evolve, Satoshi Protocol remains at the forefront of innovation, fostering strategic partnerships, expanding liquidity options, and empowering users with new opportunities to explore the boundless potential of BTCFi.
Looking ahead, Satoshi Protocol remains committed to driving innovation in the BTCFi space. Stay tuned for further exciting developments as Satoshi Protocol continues to revolutionize BTCFi.
