On April 4th, Binance Web3 Wallet joined forces with BEVM, a leading Bitcoin Layer2, and its ecosystem project, Satoshi Protocol, to launch an airdrop campaign worth millions.
Users who bridge BTC to the BEVM via Binance Web3 Wallet and borrow at least $10 SAT (USD-stablecoin) will be eligible to share a pool of 500k OSHI and 10.5 million BEVM tokens. The campaign has attracted over 30,000 participants in just 3 days since its launch.
Satoshi Protocol is the first CDP protocol built on BEVM, live on BEVM mainnet on March 28th. In addition to the Binance campaign, there’s a referral program that allows early participants to accumulate points by borrowing the SAT and inviting friends.
Key features of BEVM:
The Bitcoin ecosystem is experiencing a renaissance. Recent advancements like inscriptions and scaling solutions have revitalized the ecosystem. Satoshi Protocol’s team views the upcoming halving and the launch of the Runes protocol as poised to attract a wave of new users.
However, a critical challenge persists the lack of a reliable, fiat-pegged crypto for seamless trading and efficient market pricing. This is where Satoshi Protocol steps in. By enabling users to borrow SAT with their Bitcoin as collateral, Satoshi Protocol offers a reliable liquidity solution within the Bitcoin ecosystem.
Satoshi Protocol MilestonesIn the past month, Satoshi Protocol has built a strong community, with 60,000+ followers on Twitter and 70,000+ members across Telegram and Discord.
Let’s see what they have achieved :
For more details about OSHI and sOSHI, refer to the official documentation: OSHI & sOSHI.
OSHI distribution
The interplay between SAT and OSHI forms the heart of Satoshi Protocol. Here’s the complete picture:
Collateralized BorrowingWhen borrowing 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.
LiquidationA liquidation is triggered if a user’s collateral value dips below 110% (MCR) due to price fluctuations. The user’s BTC collateral is sold at a discount to Stability Pool (NASDAQ:POOL) providers to repay the SAT loan. This mechanism protects the protocol and prevents borrowers from taking on excessive debt.
Maintaining the PegA robust three-pronged system ensures SAT’s value remains consistently pegged to the US dollar:
Redemption: Arbitrage activity helps regulate SAT’s price and keep it within the desired range. If SAT dips below $1, arbitrageurs can buy discounted SAT and redeem them for $1 worth of BTC from the protocol. Conversely, if SAT exceeds $1.1, users can borrow SAT at the MCR (110%), sell them at a premium on decentralized exchanges (DEXs), and pocket the profit.
Over-collateralization: As mentioned earlier, over-collateralization (MCR of 110%) acts as a safety net. The protocol discourages borrowers from defaulting by requiring a higher collateral value and protects itself from price fluctuations.
Stability Pool: This pool serves as a final safety measure. If a user’s collateral ratio falls below the MCR, the Stability Pool provides the necessary liquidity to execute a liquidation event and maintain protocol stability.
By using Binance Wallet to complete tasks like bridge to BEVM, and create positions on Satoshi Protocol, you’ll be eligible to share the rewards.
Duration: 2024/04/04-2024/05/04
Rewards: 10,500,000 BEVM and 500,000 OHSI
Tasks:
How to Participate in this CampaignSTEP 1: Users should go to Campaign Landing Page, and connect Binance Wallet
STEP 2: Withdraw BTC and bridge to BEVM
Users should go to Satoshi Protocol, and Connect Wallet
Binance Wallet Mobile tutorial: Create Position Using Binance Web3 Wallet
Upon completing all those steps, the user becomes qualified for the BEVM and OSHI airdrop!
Bridging the Future: Satoshi Protocol and Binance Wallet’s Airdrop Campaign
Satoshi Protocol represents a glimpse into the future of Bitcoin finance. By leveraging the BEVM and a robust CDP model, it allows users to borrow BTC-backed stablecoin SAT and expand the possibility for Bitcoin Ecosystem.
Binance Wallet launched an airdrop campaign with a total of 10.5M $BEVM, 500K $OSHI for those who bridge BTC to BEVM and create positions on Satoshi Protocol, which is also Binance Wallet’s first integration with a Bitcoin Layer 2 solution. BTCFi is heading west.
To learn about Satoshi Protocol, users can follow:
Website | Web APP | Twitter | Telegram | Discord | Docs | Blog
ContactMarketingHugoSatoshi Protocolmarketing@satoshiprotocol.org
This article was originally published on Chainwire
Source: Cryptocurrency - investing.com
