OPRR Flash Depth Data

Search Extension

BTC L2 Stablecoin Protocol Satoshi Protocol Launches BEVM Mainnet and Opens Points-Based Invitation Event (With Interactive Tutorial)

2024-04-01 21:30

Read this article in 18 Minutes

AI summary

View the summary

Original source: Satoshi Protocol

Following the announcement of the completion of seed round financing on February 25, the highly anticipated Bitcoin Layer 2 project BEVM was officially launched on the 28th Launch of mainnet. At the same time, Satoshi Protocol, the first stablecoin lending project on BEVM, also announced its official launch on the mainnet and opened the use of BTC as a collateral asset to lend SAT stablecoins for use in the BEVM ecosystem.

In addition, Satoshi Protocol also started a point-based invitation program (Referral Program). Users who have lent SAT to create positions can invite others to lend SAT to obtain points. And finally, the airdrop of the native token OSHI will be obtained based on the points and certain rules.

What is Satoshi Protocol

Satoshi Protocol is the first CDP (Collateralized Debt) in the BEVM ecosystem Position ) protocol, which aims to provide liquidity for BTC and expand the application scenarios of BTCFi through the SAT US dollar stable currency.

Users can use BTC as collateral to lend SAT, a stablecoin anchored at US$1, for free use. This move is expected to unlock the potential trillions of dollars of liquidity in the Bitcoin ecosystem, providing users with a way to further obtain liquidity while holding Bitcoin.

The operation of stable currency SAT consists of over-collateralization, liquidation mechanism and arbitrage mechanism. When a user lends 100 SAT, he must lock BTC with a total value higher than 110% of the loan amount as collateral, that is, BTC with a total value of 110 SAT. If the price of BTC fluctuates, the protocol will maintain the price stability of SAT by triggering a liquidation mechanism.

Picture: Satoshi Protocol official website

On February 28, Satoshi Protocol launched the BEVM Canary test network and launched the 20-day Genesis Spark NFT and related OAT (on-chain achievement token) activity. A total of more than 100,000 addresses participated in the event, the NFT minting amount exceeded 80,000, and the limited 25,000 OATs were all distributed within 5 days of going online. As of now, Satoshi Protocol has more than 60,000 Twitter followers, and the total number of Telegram and Discord communities exceeds 70,000.

On March 26, Satoshi Protocol announced that it had received a seed round of financing led by Web3Port Foundation and Waterdrop Capital, which also indicated that the project has officially entered the next stage of development.

OSHI Token Economics

In addition to the stable currency SAT, Satoshi Protocol will also Contains native token OSHI. OSHI will focus on ensuring profit sharing for protocol participants and play a certain ecological governance role. After launching on the mainnet, OSHI will carry out several weeks of pre-mining activities. The specific activity time and rules have not yet been disclosed by the project team.

The total supply of OSHI is capped at 100,000,000, and tokens are unlocked linearly to support the long-term sustainable development of Satoshi Protocol. Holding and staking OSHI will allow you to participate in the distribution of protocol income.

The initial distribution rules of OSHI tokens are as follows:

· Investors account for 15%, and the initial There is a 6-month lock-up period, and it will be unlocked linearly within 24 months;

· The advisory team accounts for 2%, there will be a 12-month lock-up period in the beginning, and it will be unlocked within 30 months. Linear unlocking;

·The project team accounts for 15%, there is an initial lock-up period of 12 months, and will be linearly unlocked within 30 months;

·Reserves account for 21% , the linear unlocking cycle is 60 months;

· Ecological incentives account for 45%, and the linear unlocking cycle is 60 months;

· The public sale portion accounts for 2%.

Picture: OSHI token distribution and unlocking plan

How to participate in the Referral Program

Satoshi Protocol will set up a points Leaderboard and invitation activities after the mainnet is launched. Users can obtain Position Points by lending SAT during the event, or referral points by inviting others to lend SAT. Users will be ranked on the Leaderboard based on the sum of both types of points.

However, it is worth noting that Points are not directly equivalent to OSHI tokens, but refer to the opportunity to obtain a corresponding proportion of OSHI airdrops in the future based on the number of points held.

Picture: Satoshi Protocol Leaderboard

Lend SAT to get Position Points

After users lend SAT to establish a position, they can obtain Position Points (accumulated position points). However, only SAT that is still in loan status at the snapshot time point can obtain corresponding points. If the user's position is liquidated or closed at the snapshot time point, resulting in the loan amount of SAT being 0, the points will not be included in the point reward. .

The calculation of Position Points comes from the amount of SAT lent after the position is created. The accumulation rules are as follows

Position Points = Borrowed SAT * 5

Assuming that a user deposits 1 BTC and lends 5,000 SAT, the user’s Position Points should be

5,000 * 5 = 25,000 Points

However, assuming that at the snapshot time point, the actual SAT lent by an address is 0, then the address will not accumulate any Position Points. The specific time of the event snapshot is subject to the project announcement.

Inviting others to obtain Referral Points

Relative to the user lending SAT to obtain Position Points In other words, obtaining Referral Points by inviting others may be the more important means of obtaining points. After a user establishes a position, he or she can become a recommender by sharing the invitation link. The inviter will accumulate Referral Points based on the number of SATs lent by the invited user.

Once Referral Points are obtained, the accumulated Points will not disappear regardless of whether the position exists or is liquidated.

Example:

Suppose Alice invites Bob to create a position in Satoshi Protocol, and Bob lends 1,000 SAT, Alice will immediately receive 1,000 Referral Points. Bob himself gets 1,000 * 5 = 5,000 Points for creating the position, and gets an additional 150 Points.

Note:

· Points are not directly equivalent to OSHI tokens, but will be In the future, it will be exchanged for OSHI airdrops on a proportional basis;

· The inviter must successfully create a position (lending SAT) to generate his own invitation link;

· The inviter cannot fill in his own invitation link ;

·Once a position is successfully created, the recommended address cannot be changed;

·The OAT and NFT obtained from previous activities will not be immediately included in the points, so they are different from the current It doesn't matter how Points are calculated. After the final snapshot, NFT and OAT will affect the final points of the Leaderboard.

Satoshi Protocol Interactive Guide

1. Cross-chain BTC from Bitcoin network to BEVM

1. Install UniSat wallet plug-in → Deposit BTC to the address

2. Go to BEVM Bridge

3. Connect MetaMask wallet and UniSat wallet

4. Enter the amount of BTC to be cross-chain → click Transfer → complete the cross-chain (cross-chain process)

5. Complete the cross-chain, the cross-chain process will take about 30 minutes

BEVM Bridge cross-chain video tutorial: https://youtu.be/93XwLmqxP0Q?si=G3NZh7f8yVrXaC8w

2. Deposit BTC and lend SAT

1. Connect the wallet and switch to the BEVM network

2. After going to Satoshi Protocol App, select Position in the navigation bar and click Create Position

3. Deposit BTC and lend out SAT—make sure the Collateral Ratio is higher than 110% And lend at least 10 SAT

4. Enter the inviter's address (you can get an additional 150 Referral Points)

5. Click Approve, then click Create Position

6. Successfully borrowed SAT

3. Deposit SAT into Stability Pool

1. Go to Stability Pool in the navigation bar

2. Enter the amount of SAT to be deposited

3. Click Deposit

Create Postition video tutorial ：https://youtu.be/93XwLmqxP0Q?si=Od5nUzX71gx5wWQd

4. View the invitation points Leaderboard

Users can lend SAT or invite others to lend it. SAT earns points, and each address will be displayed on the Leaderboard in real time. Subsequently, the proportion of OSHI airdrops will be determined based on the number of points held by each address.

1.Total points = Position Points + Referral Points

2.Genesis Spark NFT and OAT are not yet included in the Leaderboard score calculation

Satoshi Protocol development plan

BEVM ecosystem project cooperation

As the first stablecoin in the BEVM ecosystem, Satoshi Protocol has actively cooperated with DEX to deepen SAT liquidity. The joint lending agreement supports SAT as collateral or a loanable asset. In the short term, we will also see derivatives platforms and Satoshi Protocol cooperate to launch more trading pairs that can use SAT.

Expanding SAT usage scenarios

Satoshi Protocol will first focus on expanding usage scenarios in the DeFi field, and is committed to expanding the SAT stablecoin to every corner of the BTC ecosystem, so that SAT not only has sufficient liquidity, but can also be integrated into various DeFi protocols as collateral, reserve assets, and even the on-chain income strategy launched by Satoshi Protocol.

OSHI token airdrop

With the launch of the Referral event, OSHI tokens will be fairly distributed to all users participating in the protocol. Satoshi Protocol also expects to launch OSHI Pre-mining activities in the second quarter of 2024. Please wait for official disclosure for specific event details.

Conclusion

With the continued participation of the community, Satoshi Protocol has grown rapidly within a month, completed the testnet activity, and obtained more than 100,000 addresses to participate. At the same time, the project has completed code audits by two security solution companies and continues to establish cooperative relationships with BEVM ecological projects.

As the first stablecoin project in the BEVM ecosystem, Satoshi Protocol is expected to unlock the huge liquidity of Bitcoin and become the infrastructure in BTCFi. Let us wait and see.