On April 4th, Binance Web3 Wallet collaborated with BEVM, a leading Bitcoin Layer2, and its ecosystem project, Satoshi Protocol, to initiate a large-scale airdrop campaign.
Participants who bridge BTC to BEVM via Binance Web3 Wallet and borrow a minimum of $10 SAT (USD-stablecoin) become eligible to share a pool of 500k OSHI and 10.5 million BEVM tokens. The campaign has garnered over 30,000 participants within just 3 days since its launch.
Satoshi Protocol, the first CDP protocol built on BEVM, went live on the BEVM mainnet on March 28th. Alongside the Binance campaign, a referral program is available, allowing early participants to accumulate points by borrowing SAT and inviting friends.
What Sets BEVM Apart?
BEVM is an EVM-compatible Bitcoin Layer 2 solution that stands out in the crowded market. Utilizing Taproot consensus, Schnorr signatures, MAST, and Bitcoin SPV, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions.
Key features include:
- Native BTC Layer 2: Utilizing BTC as the network gas and storing transaction data on the BTC mainnet ensures compatibility with the original Bitcoin protocol.
- EVM Compatibility: Developers can seamlessly migrate Ethereum-based dApps to BEVM, expanding their reach into the Bitcoin ecosystem.
- Decentralized and Secure: Employing Musig2 multi-signature aggregation and Bitcoin light nodes ensures a trustless and secure environment.
Unlocking Bitcoin’s Liquidity with Satoshi Protocol
Satoshi Protocol, the first Collateralized Debt Position (CDP) protocol on BEVM, aims to provide liquidity for BTC through the SAT dollar stablecoin, expanding BTCFi scenarios. This move unlocks trillion-dollar liquidity within the Bitcoin ecosystem, allowing users to retain Bitcoin holdings while accessing liquidity.
Despite recent advancements like inscriptions and scaling solutions, the Bitcoin ecosystem faces a critical challenge of lacking a reliable, fiat-pegged crypto for seamless trading. Satoshi Protocol addresses this by enabling users to borrow SAT against their Bitcoin collateral, offering a reliable liquidity solution within the Bitcoin ecosystem.
Satoshi Protocol’s Achievements
Over the past month, Satoshi Protocol has built a robust community with 60,000+ Twitter followers and 70,000+ members across Telegram and Discord. Key milestones include launching on BEVM mainnet and securing pre-seed funding.
How Does Satoshi Protocol Work?
The protocol maintains a stable $1 peg for SAT through mechanisms such as over-collateralization, permissionless liquidation, stability pools, and arbitrage. Additionally, it features OSHI, a utility token granting holders a share of the protocol’s revenue.
