On April 4th, the BTC Layer 2 stablecoin project Satoshi Protocol announced that it has launched on the Binance Web3 wallet and has started a special airdrop campaign. It is reported that Satoshi Protocol has received support from the BEVM official foundation and has completed a seed round of financing led by Web3port and Waterdrio Capital.
This round of the Binance wallet joint ecosystem activity will continue until May 4th. During the event, users only need to complete the BTC cross-chain and successfully lend USD stablecoin SAT to be eligible for a share of approximately 10.5 million BEVM official tokens and a total of 500,000 project native tokens OHSI airdrop.
In addition to distributing 500,000 OSHI tokens, which is 0.5% of the total supply, to Binance Web3 wallet users, Satoshi Protocol has also launched an invitation referral activity, and the cumulative points will be periodically recorded for future airdrop weight distribution.
How to participate in the Binance wallet airdrop activity:
1. Visit the landing page of the event and connect to the Binance Web3 wallet.
2. Cross-chain BTC to the BEVM mainnet.
3. Deposit BTC in Satoshi Protocol and borrow SAT.
4. Claim the airdrop rewards.
In this event, users can cross-chain BTC to the BEVM mainnet and establish a position with at least 10 SAT to be eligible for the airdrop. OSHI tokens will be airdropped before the second quarter of 2024 and will be distributed evenly among all qualified addresses. Users can go to the designated page of Satoshi Protocol to claim the tokens.
Event details:
– Start time: April 4th, 16:00
– End time: May 4th, 16:00
– Total rewards: 10.5 million $BEVM tokens airdrop, 500,000 OSHI tokens airdrop
– Task 1: Cross-chain BTC to the BEVM mainnet (recommended at least 0.0004 BTC, approximately $25)
– Task 2: Establish a position on Satoshi Protocol and borrow at least $10 worth of USD stablecoin SAT
– Eligibility: Must use an MPC wallet created in the Binance wallet to participate in the activity; non-Binance wallet addresses cannot participate in the airdrop.
BEVM × Binance Web3 wallet joint ecosystem activity:
Since December 2022, when Casey launched the Ordinals protocol, Bitcoin has brought a new narrative. In May and November of last year, two rounds of bull market triggered a comprehensive discussion about the Bitcoin ecosystem. With the gradual entry of the Federal Reserve into an interest rate cut cycle, the formal approval of spot ETFs, and the upcoming halving of mining rewards, the Bitcoin ecosystem may become the biggest certainty alpha opportunity in this bull market.
Compared to smart contract-supporting public chains like Ethereum, Bitcoin’s ecosystem development has been relatively slow. However, with the completion of upgrades such as SegWit and Taproot, it has become possible to build various complex ecosystem projects on the Bitcoin chain. According to statistics from the BitEVM community, there are currently more than 20 BTC Layer 2 projects in the market, covering sidechains, rollups, state channels, and other different technical solutions. In this cycle, it is expected that 3 to 5 leading BTC Layer 2 public chains will emerge, fully expanding the use cases of Bitcoin and reshuffling the entire Web3 ecosystem.
Among the many BTC Layer 2 solutions on the market, BEVM undoubtedly has distinctive technical characteristics. BEVM uses BTC as network gas, with transaction data stored on the BTC mainnet and transaction verification on BTC light nodes. Through the technical solutions of Taproot consensus + Schnorr Signature + MAST + Bitcoin SPV, BEVM has become the most decentralized and secure BTC Layer 2 solution.
BEVM’s overall design concept is to achieve decentralized BTC Layer 2 with multisig aggregation + Bitcoin light nodes without changing the original technical framework of Bitcoin, providing comprehensive smart contract support for the Bitcoin ecosystem. In addition, due to its full compatibility with EVM, applications from the Ethereum ecosystem can easily migrate to the BEVM mainnet.
Due to its technical support for the legitimacy of the Bitcoin mainnet, BEVM has gained support in the Bitcoin community. In addition, on March 25th, BEVM announced the completion of a seed round and part of the Series A financing, with the participation of nearly 20 institutions including RockTree Capital and Waterdrip Capital, with a post-investment valuation of $200 million.
On April 4th, as the first BTC Layer 2 project to cooperate with the Binance Web3 wallet, BEVM announced the joint ecosystem airdrop campaign, with Satoshi Protocol, as the first CDP project in the BEVM ecosystem, participating in it.
Satoshi Protocol aims to provide liquidity for BTC and expand the use cases of BTCFi through the USD stablecoin SAT. Users can use BTC as collateral and borrow the stablecoin SAT, which is pegged to 1 USD, for free use. This move is expected to unlock the potential trillion-dollar liquidity in the Bitcoin ecosystem and provide users with a way to increase capital efficiency while holding Bitcoin.
The project includes two tokens: SAT and OSHI. SAT is an over-collateralized stablecoin with BTC as the reserve asset, and it maintains price stability through a combination of liquidation and arbitrage mechanisms. OSHI is the functional token of the protocol, used to incentivize ecosystem development and user participation. Users who pledge OSHI can share 97.5% of the protocol’s revenue. For more details, please refer to the official documentation.
On March 28th, Satoshi Protocol officially launched on the BEVM mainnet and started a referral invitation activity to reward early participants and community builders. Users can earn points in the activity by borrowing SAT and inviting others to participate, and based on the number of points held, they can receive OSHI token rewards when the event ends.
In the BEVM × Binance Web3 wallet joint ecosystem activity, Satoshi Protocol will airdrop 0.5% of the total supply of OSHI tokens. The following article will explain in detail how to participate in the activity and receive token airdrops.
Binance Web3 wallet is a self-custody wallet launched by Binance and integrated into the Binance exchange application.
As the largest exchange in terms of user volume and trading volume, Binance has long dominated over 50% of the market share. In addition to its core exchange business, Binance continues to expand its DeFi ecosystem, and the Binance Web3 wallet is an MPC wallet product that balances asset security and ease of use. Currently, the Binance Web3 wallet supports the deposit and withdrawal of assets on 20+ public chains, and BEVM is the first Bitcoin Layer 2 project supported.
To participate in this event, users need to download the Binance Web3 wallet. Only by using the Binance Web3 wallet for interaction can users be eligible for the airdrop.
After connecting to the Binance Web3 wallet, switch to the BEVM mainnet to start the tasks.
To complete the tasks, users need to cross-chain a certain amount of BTC to the BEVM mainnet for interaction. It is recommended to cross-chain at least 0.0004 BTC at a time. There are two ways to cross-chain BTC to the BEVM:
One way is to use the official BEVM bridge for cross-chain transactions, which takes about 30 minutes for transaction confirmation. Another way is to use OmniBTC to cross-chain from the BNB Chain to BEVM, which has relatively lower network fees.
To create a position on Satoshi Protocol:
1. Go to the Position page of the Satoshi Protocol web app.
2. Click on “Connect Binance Web3 wallet” and choose “Create Position”.
3. Deposit BTC and borrow SAT, ensuring that the collateral ratio is above 110% and at least 10 SAT is borrowed.
4. Enter the referral address (additional 150 referral points can be obtained).
Referral Address: 0xb69058a93fC3B0F098F8D43895452745D9535d39
5. Click “Approve” and then “Create Position”.
Once you have completed the above steps, you will be eligible to participate in the airdrop of OSHI tokens in this round. After the event ends, the 500,000 OSHI tokens will be evenly distributed to all addresses that have completed the tasks and meet the requirements. You can go to the official airdrop confirmation page to check the amount of OSHI airdrop you can claim and claim the corresponding rewards when the airdrop occurs. The airdrop confirmation page is expected to go live on April 10th.
As a leading cryptocurrency, the development of the Bitcoin ecosystem has always been a focus of attention. Since 2023, with the launch of the Ordinals protocol, the booming bull market, and the approaching halving of Bitcoin, the Bitcoin ecosystem has shown vigorous development.
BEVM, as a BTC Layer 2 solution with compatibility and security, is undoubtedly one of the projects worth paying attention to in this bull market. Satoshi Protocol, as the first CDP project in the BEVM ecosystem, is dedicated to providing liquidity for BTC and unlocking the potential trillion-dollar value in the Bitcoin ecosystem.
This joint ecosystem activity of BEVM × Binance Web3 wallet × Satoshi Protocol not only provides users with the opportunity to participate in high-quality projects but also contributes to the prosperous development of the Bitcoin ecosystem.
This article is provided by the official source and does not represent the position or investment advice of our site. Readers must conduct their own careful evaluation.
