Original source: Satoshi Protocol
Following the announcement of the completion of the seed round of financing on February 25, the highly anticipated Bitcoin Layer 2 project BEVM officially launched its mainnet on the 28th. At the same time, Satoshi Protocol, the first stablecoin lending project on BEVM, also announced its official launch of the mainnet and opened the use of BTC as collateral assets to lend SAT stablecoins for use in the BEVM ecosystem.
In addition, Satoshi Protocol has also started a points-based invitation program (Referral Program). Users who have lent SAT to create positions can invite others to lend SAT to obtain points, and ultimately receive an airdrop of the native token OSHI based on the points according to certain rules.
What is Satoshi Protocol
Satoshi Protocol is the first CDP (Collateralized Debt Position) protocol in the BEVM ecosystem, aiming to provide liquidity for BTC and expand the application scenarios of BTCFi through the SAT USD stable currency.
Users can use BTC as collateral to lend SAT, a stablecoin anchored to 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 the stablecoin SAT consists of overcollateralization, liquidation mechanism, and arbitrage mechanism. When a user lends 100 SAT, he must lock in 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 BTC price fluctuates, the protocol will maintain the price stability of SAT by triggering the liquidation mechanism.
Picture: Satoshi Protocol official website
On February 28, Satoshi Protocol launched the BEVM Canary testnet and launched a 20-day Genesis Spark NFT and related OAT (on-chain achievement token) activities. 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 seed round financing led by Web3Port Foundation and Waterdrop Capital, which also indicated that the project had officially entered the next stage of development.
OSHI Token Economics
In addition to the stablecoin SAT, the Satoshi Protocol will also include the 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%, with an initial lock-up period of 6 months, and will be unlocked linearly within 24 months;
· The advisory team accounts for 2%, with an initial lock-up period of 12 months and will be unlocked linearly within 30 months;
· The project team accounts for 15%, with an initial lock-up period of 12 months, and will be unlocked linearly within 30 months;
· Reserve accounts for 21%, linear unlocking period is 60 months;
· Ecological incentives account for 45%, and the linear unlocking period is 60 months;
· The public offering portion accounts for 2%.
Figure: OSHI token distribution and unlocking plan
How to participate in the Referral Program
Satoshi Protocol will set up 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.
图：Satoshi Protocol Leaderboard
Loan SAT to earn Position Points
After users lend SAT to establish a position, they can obtain Position Points (position accumulated points). However, only SAT that is still in a loaned state 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 score will not be counted into 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 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.
Invite others to earn Referral Points
Compared with users borrowing SATs themselves to obtain Position Points, obtaining Referral Points by inviting others may be a 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, regardless of whether the position exists or is liquidated, the accumulated Points will not disappear.
example:
Assume Alice invites Bob to open a position in Satoshi Protocol, and Bob lends 1,000 SAT. Alice will immediately receive 1,000 Referral Points. Bob himself will receive 1,000 * 5 = 5,000 Points for opening a position, and an additional 150 Points as a reward.
Precautions:
· Points are not directly equivalent to OSHI tokens, but will be exchanged for OSHI airdrops in proportion in the future;
· The inviter must successfully create a position (lend SAT) to generate his own invitation link;
· The inviter cannot fill in his own invitation link;
· Once a position is successfully created, the recommender address filled in cannot be changed;
· OAT and NFT obtained from previous activities will not be immediately counted into points, so they have nothing to do with the current Points calculation method. After the final snapshot, NFT and OAT will affect the final points of the Leaderboard.
Satoshi Protocol Interaction Guide
1. Cross-chain BTC from the Bitcoin network to the 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 transferred → Click Transfer → Complete the transfer (cross-chain process)
5. Complete the cross-chain, the cross-chain process will take about 30 minutes
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 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 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
4. Check the invitation points Leaderboard
Users can earn points by lending SAT or inviting others to lend SAT. Each address will be displayed on the Leaderboard in real time. 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 ecological 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 assets that can be lent. 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 in the on-chain income strategy launched by Satoshi Protocol.
OSHI Token Airdrop
With the launch of the Referral campaign, OSHI tokens will be distributed fairly to all users participating in the protocol. Satoshi Protocol also plans to launch OSHI’s pre-mining activities in the second quarter of 2024. Please wait for official disclosure of specific activity details.
Conclusion
With the continuous participation of the community, Satoshi Protocol grew rapidly within a month, completing the testnet activity and obtaining more than 100,000 addresses to participate. At the same time, the project completed code audits by two security solution companies and continued to establish a cooperative relationship with the BEVM ecological project.
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.
This article is from a submission and does not represent the views of BlockBeats.