Satoshi Protocol Is LIVE on Mainnet
— Referral Program and Next Steps
Satoshi Protocol is now live on the mainnet, marking the beginning of a new era. We are grateful for the support from our community throughout this journey.
After our launch on the BEVM testnet on February 28, we launched a 20-day Genesis Spark NFT and OAT campaign. This led to over 80,000 NFTs being minted and 25,000 OATs being fully distributed within five days, with more than 100,000 addresses participating.
We are in the process of arranging contract audits with two reputable security firms. We’re delighted to announce that the Satoshi contracts have been audited by Scalebit and Supremacy, emphasizing our commitment to ensuring our users’ assets’ security.
With the mainnet launch, Satoshi protocol will begin Referral Program. Users can invite others to borrow SAT and earn points. Points are used to distribute OSHI token airdrops after the TGE. Please note that points don’t directly equal airdrop amounts.
We’ll start the OSHI token Pre-mining phase in the near future, but there’s no certain date. In the Pre-mining phase, it will distribute OSHI tokens based on the borrowed SAT and deposited SAT in the stability pool (SP).
What is Satoshi Protocol
Satoshi Protocol is the first CDP built on BEVM 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
How to Use Satoshi Protocol APP
Bridge BTC from Bitcoin network to BEVM
- Install UniSat wallet → Deposit BTC
- Go to BEVM Bridge
- Connect MetaMask Wallet → Input BTC amount
- Input BTC Amount → Click Transfer → Sign
- Bridge — it take around 30 mins
Connect Wallet
How to Create a Position
- Go to the Position page and click Create Position.
- Deposit BTC, borrow SAT — ensure the collateral ratio is above 110%, with a minimum of 10 SAT borrowed.
- Input your referrer address ( +150 referral points )
- Click Approve
- Click Create Position.
Deposit SAT
- Navigate to Stability Pool
- Input SAT
- Click Deposit
Farming progress
The pre-mining phase has not yet commenced, and specific details remain undisclosed at this time. However, it is confirmed that a total of 500,000 ~ 700,000 OSHI tokens will be distributed.
Actions eligible for earning OSHI tokens include creating a position and depositing SAT within the Satoshi protocol, as well as staking SAT/BTC liquidity pool (LP) tokens on BEVMSwap on the Satoshi protocol.
Please follow the Satoshi protocol for the latest updates.
Leaderboard — Referral Program
Users can invite others to earn points. Your points come from how many SAT you and your invitees have borrowed.
Total Points = Position Points + Referral Points- Position points : How many SAT you borrowed
- Referral points : Using others referral link ( +150 ), Borrowed SAT from your invitees.
The accumulation of Position Points is based on the amount of SAT borrowed after created a position.
Position Points = Borrowed SAT * 5Assuming a user deposits 1 BTC and borrows 5000 SAT, then the user’s Position Points should be
5,000 * 5 = 25,000 PointsPlease note that if, at the time of the snapshot, a position is not maintained to avoid liquidation or is closed, resulting in a borrowed SAT amount of zero, then those points will not count towards the reward points.
In other words, if the debt is 0 SAT at the time of the snapshot, that address will not accumulate any Position Points.
Referral Points
If Alice invites Bob to use Satoshi to create a position today, and Bob borrows 1,000 SAT, Alice will receive 1,000 Referral Points.
Bob himself would earn an additional 150 Points, plus 5,000 Points for creating the position (1,000 * 5), with the actual outcome as follows:
Alice invite Bob, Bob borrow 1000 SAT
- Alice -
Referral Points : +1000
- Bob -
Referral Points : +150
Position Points : +5000OAT and NFT are not immediately counted towards points at this stage, so they are unrelated to the current points on Leaderboard. However, after the snapshot, NFT and OAT will affect the final scores on the Leaderboard.
For more details, please read Leaderboard — Referral Program
What’s OSHI Token
OSHI tokens incentivize participation and reward contributions in the ecosystem. The total supply is 100,000,000 tokens. The distribution is designed to support the protocol’s sustainability. Holding OSHI allows participation in revenue sharing.
For more details about OSHI distribution and release schedule, please read our document — OSHI and sOSHI.
What’s the Next
BEVM Ecosystem Collaboration
As the first stablecoin in the BEVM ecosystem, has actively collaborated with DEXs to enhance the liquidity of SAT and partnered with lending protocols to support SAT as collateral or a borrowable asset. In the near future, we’ll collaborate with derivative platforms to utilize SAT.
Expanding SAT Scenarios
Satoshi Protocol will initially focus on expanding usage scenarios within DeFi, aiming to integrate SAT throughout the BTC ecosystem.
The goal is for SAT to not only have ample liquidity but also to be integrated into various DeFi protocols.
OSHI Token Pre-mining
Except for the referral program, OSHI tokens will be fairly distributed to all participating users.
We’ll start the Pre-mining phase in the near future, which means users could earn OSHI tokens by creating a position or depositing SAT. We’ll reveal more details soon. Please stay tuned with us.
Conclusion
Satoshi Protocol is live on mainnect now !
We’re excited to announce our mainnet launch after a successful testnet with 100,000+ participants. Our contracts have been audited for security, and we’re rolling out a referral program to reward users for inviting others.
Soon, you’ll be able to earn OSHI tokens through our pre-mining phase.
Thank you to the community for joining us on this journey!
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