Binance Web3 Wallet and BEVM Partner for Million-Dollar Airdrop

Binance Web3 Wallet, BEVM, and Satoshi Protocol have partnered to launch an airdrop campaign worth millions. Users can share a pool of 500k OSHI and 10.5 million BEVM tokens by bridging BTC to BEVM via Binance Web3 Wallet and borrowing at least $10 SAT. The campaign has attracted over 30,000 participants in just 3 days since its launch.

Binance Web3 Wallet and BEVM Team Up for a Multi-Million Dollar Airdrop Campaign

Singapore, April 10th, 2024 - Binance Web3 Wallet has joined hands with BEVM, a prominent Bitcoin Layer2 solution, and its ecosystem project, Satoshi Protocol, to launch a massive airdrop campaign with rewards worth millions.

Bridging BTC to BEVM with Binance Web3 Wallet

Users who bridge BTC to the BEVM network via Binance Web3 Wallet and borrow at least $10 SAT (USD-stablecoin) will be eligible to share a substantial pool of 500k OSHI and 10.5 million BEVM tokens. The campaign has witnessed remarkable participation, attracting over 30,000 participants within just three days of its launch.

Satoshi Protocol: Unleashing Bitcoin's Liquidity

Satoshi Protocol stands as the first Collateralized Debt Position (CDP) protocol built on BEVM. Launched on the BEVM mainnet on March 28th, the protocol aims to provide liquidity for BTC through the SAT stablecoin, thereby expanding the applications of BTCFi. This groundbreaking move unlocks trillions of dollars in liquidity within the Bitcoin ecosystem, empowering users to retain their Bitcoin holdings while accessing liquidity.

Addressing Bitcoin's Liquidity Challenge

The Bitcoin ecosystem is witnessing a resurgence, fueled by advancements such as inscriptions and scaling solutions. The Satoshi Protocol team anticipates that the upcoming halving and the introduction of the Runes protocol will attract a surge of new users. However, a crucial challenge remains: the absence of a reliable, fiat-pegged cryptocurrency for seamless trading and efficient market pricing. Satoshi Protocol addresses this gap by enabling users to borrow SAT against their Bitcoin, providing a dependable liquidity solution within the Bitcoin ecosystem.

Satoshi Protocol's Noteworthy Milestones

In the past month, Satoshi Protocol has garnered a robust community, amassing over 60,000 followers on Twitter and 70,000+ members across Telegram and Discord. Notable milestones achieved by the protocol include:

• February 24th: Satoshi Protocol's debut on the BEVM testnet.
• March 18th: Conclusion of the testnet with over 100,000 participants and 80,000+ NFTs minted.
• March 24th: Security audits of smart contracts conducted by Scalebit and Supremacy.
• March 26th: Securing pre-seed funding from Web3Port Foundation, Waterdrip Capital, and BEVM Foundation.
• March 28th: Official launch on the BEVM Mainnet.
• April 4th: Collaborative 500k OSHI Airdrop with BEVM on Binance wallet.

Satoshi Protocol: Unraveling its Mechanisms

Satoshi Protocol employs a sophisticated system to maintain a stable peg of $1 for SAT. This system incorporates over-collateralization, permissionless liquidation, stability pools, and arbitrage. Additionally, it introduces OSHI, a utility token that entitles holders to 97.5% of the protocol's revenue. For further details on OSHI and sOSHI, please refer to the official documentation.

The Interplay of SAT and OSHI

The interplay of SAT and OSHI forms the core of Satoshi Protocol. The process can be outlined as follows:

• Collateralized Borrowing: To borrow 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: Liquidation is triggered if a user's collateral value falls below the MCR of 110% due to price fluctuations. In such cases, the user's BTC collateral is sold at a discount to Stability Pool providers to repay the SAT loan. This mechanism safeguards the protocol and prevents excessive debt accumulation by borrowers.

• Maintaining the Peg: A robust three-pronged system ensures SAT's value consistently remains pegged to the US dollar:

  • Redemption: Arbitrageurs can purchase discounted SAT and redeem them for $1 worth of BTC from the protocol if SAT falls below $1. Conversely, if SAT exceeds $1.1, users can borrow SAT at the MCR (110%), sell them at a premium on decentralized exchanges (DEXs), and profit from the spread.
  • Over-collateralization: As mentioned earlier, the MCR of 110% acts as a safety net. The protocol discourages defaults by requiring a higher collateral value, protecting itself from price volatility.
  • Stability Pool: This pool provides the final layer of protection. When a user's collateral ratio drops below the MCR, the Stability Pool provides the necessary liquidity to execute a liquidation event and maintain protocol stability.

Satoshi Protocol x BEVM Airdrop with Binance Wallet

BEVM and Satoshi Protocol have partnered with Binance Web3 Wallet to offer a combined airdrop of 10.5 million $BEVM and 500,000 $OSHI tokens.

Eligible participants who bridge BTC to BEVM and create positions on Satoshi Protocol using Binance Wallet will share the rewards.

• Campaign Duration: April 4th, 2024 - May 4th, 2024
• Rewards: 10,500,000 BEVM and 500,000 OHSI

• Tasks:

  • Use Binance Wallet to bridge BTC to BEVM (~0.0004 BTC, ~$25)
  • Create positions on Satoshi Protocol (at least 10 SAT)
  • Join the Binance Wallet Airdrop Campaign

How to Participate in the Airdrop Campaign

• Step 1: Visit the Campaign Landing Page and connect your Binance Wallet.

• Step 2: Bridge BTC to BEVM

  • Withdraw at least 0.0004 BTC to bridge to BEVM.
  • Use OmniBTC to transfer BTC from BSC to BEVM.
  • Utilize the BEVM bridge to transfer BTC from the mainnet to BEVM (approximately 30 minutes processing time).

• Step 3: Create a Position on Satoshi Protocol

  • Connect your wallet to Satoshi Protocol.
  • Specify the BTC amount to borrow.
  • Borrow at least 10 SAT.
  • Fill in the referrer (optional) to earn bonus points (150+).
  • Approve the transaction.
  • Click "Create Position."

Binance Web3 Wallet Mobile Tutorial: Creating a Position

Upon completing these steps, participants will qualify for the BEVM and OSHI airdrop.

Bridging the Future: Satoshi Protocol and Binance Wallet's Airdrop

Satoshi Protocol offers a glimpse into the future of Bitcoin finance. Leveraging the BEVM network and a robust CDP model, it empowers users to utilize a BTC-backed stablecoin, SAT, and explore new possibilities within the Bitcoin ecosystem.

Binance Wallet's airdrop campaign, offering a total of 10.5 million $BEVM and 500,000 $OSHI, provides an attractive incentive for users to bridge BTC to BEVM and participate in Satoshi Protocol. This collaboration marks Binance Wallet's initial integration with a Bitcoin Layer 2 solution, signaling the westward expansion of BTCFi.

About Satoshi Protocol

Built on the BEVM network, Satoshi Protocol is the pioneering CDP protocol that unlocks the true potential of Bitcoin. It empowers users to unlock unprecedented liquidity through SAT, a stablecoin designed to revolutionize the thriving BTCFi market.

For further information on Satoshi Protocol, visit:

• Website
• Web APP
• Twitter
• Telegram
• Discord
• Docs
• Blog

Contact

Marketing

Hugo

Satoshi Protocol

marketing@satoshiprotocol.org